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it's

/ɪts/

Contraction of “it is” or “it has”

From O.English, from Proto-Germanic and Proto-Indo-European it (this).

verb
it
Proto-Indo-European
*ḱe
Demonstrative meaning “here” or “this”
Proto-Germanic
*hit
Demonstrative pronoun meaning “this” or “this one”
Old English
hit
Neuter nominative and accusative pronoun
Middle English
it, hit
Pronoun increasingly used for a previously mentioned thing or animal
Modern English
it
Unstressed h- was lost; combines with ’s as a contraction
Modern English
it's
Short for “it is,” “it has,” and occasionally “it was” in informal writing
Modern English
it's

Before English speakers had a handy little word for an unnamed thing, Old English used hit—a neuter pronoun meaning roughly “this one.” Its deepest ancestor, reconstructed as PIE *ḱe, pointed toward something nearby: “here,” “this,” the linguistic equivalent of tapping an object on the table. The initial h eventually disappeared in weak, unstressed speech, leaving it; by the time English reached its modern form, ’s could compress “it is” or “it has” into the brisk little package it's. That apostrophe matters: it's means “it is” or “it has,” while its—without the apostrophe—owns things, a distinction that has been tripping up writers for centuries even though the two forms sound identical.

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