'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.
'Ye' as in 'Ye Olde Shoppe' is the most well-known example and the point is actually about how it is pronounced. 'Ye,' except when it is the second person plural pronoun, means 'the' and is pronounced as we pronounce 'the'.
by par2 September 21, 2017
Get the Yemug. 
Me on Whisper: The Internet ruined the Shrek movies
Guy on Whisper replying: Shrek ruined Shrek
Me: Which one? 2nd? 3rd? 4th?
Guy: Yes
Guy on Whisper replying: Shrek ruined Shrek
Me: Which one? 2nd? 3rd? 4th?
Guy: Yes
by frabrizio May 8, 2018
Get the yesmug. by DATBOOMGUY January 30, 2021
Get the Yesmug. 