It may have originated in the courts and applied to the jesters, but was in common use up to quite recently (last 50 years or so) and the meaning, given in some of the more extensive dictionaries, such as the full Oxford English is 'simpleton'. We're the lucky generation, insofar as it has (almost) disappeared from common use. You hear it come up occasionally, as in the recent ITV series in the UK, 'Micawber'. In that programme, it came up in the same breath as 'dullard', another wonderful old fashioned English insult. These days, we are far less colourful in our insults!