I'll powder your jacket for you. A corruption of poudrer (to dust). (See Dust.)
Lo! in powdur [dust] ye schall slepe, For out of powdur fyrst ye came.
Quoted by Halliwell under “Poudre.”
Not worth powder and shot. “Le jeu ne vaut pas la chandelle.” The thing shot won't pay the cost of powder and shot.
Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894