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From on the online etymology dictionary: Fun 1685, v., "to cheat, hoax," probably a variant of M.E. fon "befool" (c.1400), later "trick, hoax, practical joke," of uncertain origin. Stigmatized by Johnson as "a low cant word." Older sense is preserved in phrase to make fun of and funny money "counterfeit bills" (1938, though this may be more for the sake of the rhyme); sense of "amusement" is 1727.
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