"parchment from which earlier writing has been removed to clear it for new writing," 1660s, from Latin palimpsestus, from Greek palimpsestos "scraped again," from palin "again, back" (from PIE *kwle-i-, suffixed form of root *kwel- (1) "revolve, move round'" PIE *kw- becomes Greek p- before some vowels) + verbal adjective of psēn "to rub smooth," which is of uncertain origin. Related: Palimpsestic.
also *kwelə-, Proto-Indo-European root meaning "revolve, move round; sojourn, dwell."
It forms all or part of: accolade; ancillary; atelo-; bazaar; bicycle; bucolic; chakra; chukker; collar; collet; colonial; colony; cult; cultivate; culture; cyclamen; cycle; cyclo-; cyclone; cyclops; decollete; encyclical; encyclopedia; entelechy; epicycle; hauberk; hawse; inquiline; Kultur; lapidocolous; nidicolous; palimpsest; palindrome; palinode; pole (n.2) "ends of Earth's axis;" pulley; rickshaw; talisman; teleology; telic; telophase; telos; torticollis; wheel.
It is the hypothetical source of/evidence for its existence is provided by: Sanskrit cakram "circle, wheel," carati "he moves, wanders;" Avestan caraiti "applies himself," c'axra "chariot, wagon;" Greek kyklos "circle, wheel, any circular body, circular motion, cycle of events,"polos "a round axis" (PIE *kw- becomes Greek p- before some vowels), polein "move around;" Latin colere "to frequent, dwell in, to cultivate, move around," cultus "tended, cultivated," hence also "polished," colonus "husbandman, tenant farmer, settler, colonist;" Lithuanian kelias "a road, a way;" Old Norse hvel, Old English hweol "wheel;" Old Church Slavonic kolo, Old Russian kolo, Polish koło, Russian koleso "a wheel."