/ · 1894 Brewer’s · F · Foolscap
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A corruption of the Italian foglio-capo (folio-sized sheet). The error must have been very ancient, as the water-mark of this sort of paper from the thirteenth to the seventeenth century was a fool’s head, with cap and bells.
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.