The DICT Development Group

  V \V\ (v[=e]).
     1. V, the twenty-second letter of the English alphabet, is a
        vocal consonant. V and U are only varieties of the same
        character, U being the cursive form, while V is better
        adapted for engraving, as in stone. The two letters were
        formerly used indiscriminately, and till a comparatively
        recent date words containing them were often classed
        together in dictionaries and other books of reference (see
        U). The letter V is from the Latin alphabet, where it
        was used both as a consonant (about like English w) and as
        a vowel. The Latin derives it from a form (V) of the Greek
        vowel [Upsilon] (see Y), this Greek letter being either
        from the same Semitic letter as the digamma F (see F),
        or else added by the Greeks to the alphabet which they
        took from the Semitic. Etymologically v is most nearly
        related to u, w, f, b, p; as in vine, wine; avoirdupois,
        habit, have; safe, save; trover, troubadour, trope. See U,
        F, etc.
        [1913 Webster] See Guide to Pronunciation, [sect] 265;
        also [sect][sect] 155, 169, 178-179, etc.
        [1913 Webster]
  
     2. As a numeral, V stands for five, in English and Latin.
        [1913 Webster]