As well as being the work of a tirelessly creative mind it was also Prince's way of getting a dig in at his record label (Warner Brothers) who he made it well known he was quite unhappy with. Disgruntled with his contract and wanting to get out of it, he was further aggravated when he discovered that he could not do so. However when he realized he could contractually change his name, this he did as a sort of revenge act. Prince used that symbol, which was a combination the symbols for female (♀) and for male (♂), up until he finally got out of his Warner contract seven years later.
However the change from word to unheard of (and unpronounceable) symbol presented a headache for his label and a problem for many at the time including radio DJs, record store clerks, and journalists who did not have this unique character on their keyboard in their computer. Hence his label's publicity department sent out floppy disks (like the one pictured below) with a custom font of the unique symbol attached. However most journalists ignored using it altogether as it was troublesome for use in most computers at the time. Instead they called it "Love Symbol" or "Love Symbol #2" - as in the 1992 album that the symbol first appeared on.