Pygg
Pygg is a type of orange clay, once widely used for making pottery in the form of jars, cookware and other household items because it was economical. A piggy bank was originally a "pygg jar". Later, the word "pygg" became less common, and its sound was reinterpreted as "pig"; only then did piggy banks actually begin to be made in the shape of a pig. The original pronunciation of "pygg" was probably closer to "pug", but over time the pronunciation changed due to the Great Vowel Shift and became a homonym of "pig".
External links http://inventors.about.com/library/inventors/blpiggybank.htm http://www.straightdope.com/mailbag/mpiggy.html
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