Pictograph of a person (元) wearing a hat (冃). 元 also represents the sound. The 寸 (hand) component was added later to possibly indicate the hat is being held and put onto the head.

Evolution

Oracle script

(~1250-1000 BC)

Seal script

Shuowen (~100 AD)

Clerical script

Eastern Han dynasty (25-220 AD)

Regular script

Modern

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