Origin and history of halter

Old English helfe, hielfe "handle of an axe" or other tool or weapon, from Proto-Germanic *halbma- (source also of Old Saxon helvi, Middle Dutch helf, Old High German halb "handle of an axe," Old High German helmo "tiller"); related to halter and helm (n.1), from PIE *kelp- "to hold, grasp." In Middle English, to holden the axe bi the helve (c. 1200) meant "to take something by the right end."

"person fond of making jokes," 1550s, probably a shortening of waghalter "gallows bird," person destined to swing in a noose or halter, applied humorously to mischievous children, from wag (v.) + halter. Or possibly directly from wag (v.); compare wagger "one who stirs up or agitates" (late 14c.). Related: Waggery "acts and words of a wag, mischievous merriment" (1590s).

A Wag is one that never in its life saw a beautiful object ; but sees, what it does see, in the most low, and most inconsiderable light it can be placed. There is a certain ability necessary to behold what is amiable and worthy of our approbation, which little minds want, and attempt to hide by a general disregard to every thing they behold above what they are able to relish. [Steele, "Tatler" no. 184, June 13, 1710]