Penis piercings – Yay or Nay?

I do not have one and I certainly don't want one. Not because of the pain or because of the main act of piercing my penis, but because it is not hygienic and it does carry a lot of bacteria.
Also, I don't think that it's safe for a woman's vagina. What if the piercing falls off in her vagina?
I am not an owner of one, so maybe I am wrong, but this is possible.