"to soak in a liquid," late 14c., of uncertain origin, originally in reference to barley or malt, probably cognate with O.N. steypa "to pour out, throw" (or an unrecorded O.E. cognate), from P.Gmc. *staupijanan. Related: Steeped; steeping.
mod. [of a price] high; expensive. : Their prices are pretty steep, but their goods are of high quality.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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