Definitions by par2
'Ye' in 'Ye Olde ....' is a representation of 'the' and is pronounced 'the' and always has been. The 'y' that is used in print replaces the archaic 'thorn' character, which looked somewhat similar and stood for what we now write as 'th'. In fact the 'e' in our 'the' was written in those days as a superscript following the 'thorn' character.