From the stereotype of Jews as scheming merchants. Compare gyp (“swindle”) (which is probably from gypsy (“Roma”)), and welsh (“swindle by defaulting on a debt”), from Welsh.
jew (third-person singular simple present jews, present participle jewing, simple past and past participle jewed)
- (offensive) To bargain, to attempt to gain an unfair price in a business deal; to defraud.
From Arabic أَوْ (ʾaw).