Origin

The bottom component is a cloth radical, which makes sense because this character refers to physical offerings and textiles used in Shinto rituals. The top component is a sound hint that tells you roughly how to pronounce the character, but doesn't contribute a separate meaning. Over time, the character came to mean both the cloth offerings themselves and, by extension, money or gifts made with cloth or rope. The humble uses of the word developed from the idea of offering something simple or worn.