E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
Five Wits.
(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.)
1
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,
And Memory.
Stephen Hawes: The Passe-tyme of Plesure (1315).
Notwithstanding this quotation, probably the Five Wits mean the wits of the five senses.