'River Fal's mouth'. Earlier, the place that is now known as Falmouth was comprised of two settlements: Smythwyk (1370) from OE smith and wic, 'smith's workshop/dwelling' and Pennicomequicke (1646), 'get-rich-quick'. It has long been believed that Falmouth was established in the 17th century but this is belied by reference to a villa, 'settlement', here in 1478 and the surname of William Falemouth, recorded 1403.