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The Collaborative International Dictionary of English v.0.48 (gcide)

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]