Webster's English Dictionary

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eyelet

eye.let \'i--l*t\ n [ME oilet, fr. MF oillet, dim. of oil eye, fr. L 
   oculus] 1a: a small hole designed to receive a cord or used for decoration 
   (as in e mbroidery) 1b: a small typically metal ring to reinforce an eyelet 
   : GROMMET  2: PEEPHOLE, LOOPHOLE