1736 Canting Dictionary / P / PIT [place]
the Hole under the Gallows, into which those that pay not the Fee, (viz. 6s. 8d.) are cast and buried.
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Entry taken from 1736 Canting Dictionary, by Nathan Bailey.
Pit in the 1811 Vulgar Tongue
Also see examples in Canting Songs and Slang Rhymes collected by John S. Farmer (1896).