"to drive (cattle, etc.) by poking and prodding," c.1382, from O.Fr. ponchonner "to punch, prick, stamp," from ponchon "pointed tool, piercing weapon" (see punch (n.1)). Meaning "to stab, puncture" is from c.1440. Specific meaning of "to hit with the fist" first recorded 1530, probably influenced by punish. To punch a ticket, etc., is c.1440, probably from a shortening of puncheon "pointed tool," from O.Fr. ponchon.
Delighted, as in We were pleased as Punch when they asked us to be god-parents. This term alludes to the character Punch in Punch and Judy shows, who is always very happy when his evil deeds succeed. [Mid-1800s]