E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
(1) Common sense, (2) imagination, (3) fantasy, (4) estimation, and (5) memory. Common sense is the outcome of the five senses; imagination is the wit of the mind; fantasy is imagination united with judgment; estimation estimates the absolute, such as time, space, locality, and so on; and memory is the wit of recalling past events. (See SEVEN WITS.)
Four of his five wits went halting off.
Shakespeare: Much Ado, etc., i. 1.
These are the five witts removyng inwardly:
First, Common witte, and then Ymagination,
Fantasy, and Estimation truely,
Stephen Hawes: The Passe-tyme of Plesure (1315).
Notwithstanding this quotation, probably the Five Wits mean the wits of the five senses.