Note to King Lear, 3.2.40: "Marry, here's grace and a cod-piece—that's a wise / man and a fool."

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King Lear,
Act 3, Scene 2, line 40

here's grace and a cod-piece—that's a wise man and a fool.: The supposedly wise King is symbolized by royal grace, the fool by his codpiece (here slang for "penis"). The Fool speaks ironically: the King, as he has pointed out, is now the foolish one.
Cod-piece
Codpiece
Source:
blog.inkyfool.com