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Shoe the Wild Colt

(To). To exact a fine called “footing” from a newcomer, who is called the “colt.” Colt is a common synonym for a greenhorn, or a youth not broken in. Thus Shakespeare says - “Ay, that's a colt indeed, for he doth nothing but talk of his horse.” (Merchant of Venice, i.2.)

Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894
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