Old English weorþ "significant, valuable, of value; valued, appreciated, highly thought-of, deserving, meriting; honorable, noble, of high rank; suitable for, proper, fit, capable," from Proto-Germanic *wertha- "toward, opposite," hence "equivalent, worth" (source also of Old Frisian werth, Old Norse verðr, Dutch waard, Old High German werd, German wert, Gothic wairþs "worth, worthy"), which is of uncertain origin. Perhaps a derivative of PIE *wert- "to turn, wind," from root *wer- (2) "to turn, bend." Old Church Slavonic vredu, Lithuanian vertas "worth" are considered to be Germanic loan-words. From c. 1200 as "equivalent to, of the value of, valued at; having importance equal to; equal in power to."
word-forming element meaning "quality, condition; act, power, skill; office, position; relation between," Middle English -schipe, from Old English -sciepe, Anglian -scip "state, condition of being," from Proto-Germanic *-skepi- (cognates: Old Norse -skapr, Danish -skab, Old Frisian -skip, Dutch -schap, German -schaft), from *skap- "to create, ordain, appoint," from PIE root *(s)kep-, forming words meaning "to cut, scrape, hack" (see shape (v.)). It often forms abstracts to go with corresponding concretes (friend/friendship, etc.).