Anyone know the origin of the name.

I was talking to my wife about comedy theory.

Her view was jokes and practical don't go together.

Harris

Back in the 13th century, Jesters had to study under humor masters.

When they had finished their practicum, they were able proudly wear the hat of a practical joke master.

Throughout the years to come, specific type of humor came to be known as practical jokes.

source: 17th century work-Laughter through the ages. by Sirrah

A knowledgeable friend reminded me to add:

The Jester's practical joke had to be documented by 3 masters, prior to be given the hat of a humor master.

Harris

Yes, I seem to heave read that somewhere before in my studies. I believe that is why the Jester had has the three points.