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From The Collaborative International Dictionary of English v.0.48:
Eyelet \Eye"let`\ ([imac]"l[e^]t), n. [F. [oe]illet, dim. of [oe]il eye, fr. L. oculus. See Eye, and cf. Oillet.] 1. A small hole or perforation to receive a cord or fastener, as in garments, sails, etc. [1913 Webster] 2. A metal ring or grommet, or short metallic tube, the ends of which can be bent outward and over to fasten it in place; -- used to line an eyelet hole. [1913 Webster] Eyelet hole, a hole made for an eyelet. Eyelet punch, a machine for punching eyelet holes and fastening eyelets, as in paper or cloth. Eyelet ring. See Eyelet, 2. [1913 Webster]