[Surname] Price
I've been looking in to it a bit more, to expand on the BtSurname definiton of "Son of Rhys" and apparently Ap Rhys or Ab Rhys means the same (I guess its Latin?). If said fast and the "a" sound is dropped it sounds like PREES so I guess it just evolved from there. Cool huh?
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That's pretty much how it came about. Rhys is an old Welsh male name, said to mean "lord". Other Welsh names that have developed in this way are Pritchard, Probert, Probin, Parry (Ap Harry) and Pugh (Ap Hugh). There's also Bevan, Bowen and Bedward; Ab is used when the name begins with a vowel.