What's the possibility that this is a reference to King Cnut (also spelled Knut) the Great since he was the King of England almost a thousand years ago? A picture of the Coin of Cnut the Great from the British Museum is located here.

Re: Etymology - King Knut Edit

Quite possible that this is where JKR found the word but how is Cnut/Knut pronounced?

It is pronounced Ka-noot. Canute is another alternate spelling of his name. Mr Norrell 17:36, January 29, 2012 (UTC)