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Floyd and its variant Lloyd is Welsh in origin, from llwyd (gray, i.e. gray haired, wise). It may seem odd that an “F” would be a variant of an apparent “L”; however, the Welsh sound spelled “ll” is pronounced ɬ, which is a voiceless fricative like the English pronunciation of “F”, f. So, Floyd in English sounds more similar to the original Welsh llwyd than Lloyd, which is spelled more similar.
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Sources
Floyd A. Reed, December 21, 2019 – December 28, 2019