blue-nose (n.)

"of the color of the clear sky," c. 1300, bleu, blwe, etc., "sky-colored," also "livid, lead-colored," from Old French blo, bleu "pale, pallid, wan, light-colored; blond; discolored; blue, blue-gray," from Frankish *blao or some other Germanic source, from Proto-Germanic *blæwaz (source also of Old English blaw, Old Saxon and Old High German blao, Danish blaa, Swedish blå, Old Frisian blau, Middle Dutch bla, Dutch blauw, German blau "blue").

This is from PIE *bhle-was "light-colored, blue, blond, yellow," from root *bhel- (1) "to shine, flash, burn," also "shining white" and forming words for bright colors. The same PIE root yielded Latin flavus "yellow," Old Spanish blavo "yellowish-gray," Greek phalos "white," Welsh blawr "gray," showing the slipperiness of definition in Indo-European color-words. Many Indo-European languages seem to have had a word to describe the color of the sea, encompassing blue and green and gray; such as Irish glass (from PIE root *ghel- (2) "to shine,"); Old English hæwen "blue, gray," related to har (see hoar); Serbo-Croatian sinji "gray-blue, sea-green;" Lithuanian šyvas, Russian sivyj "gray."

The exact color to which the Gmc. term applies varies in the older dialects; M.H.G. bla is also 'yellow,' whereas the Scandinavian words may refer esp. to a deep, swarthy black, e.g. O.N. blamaðr, N.Icel. blamaður 'Negro' [Buck] 

The present spelling in English is since 16c., common from c. 1700. The sense "lead-colored, blackish-blue, darkened as if by bruising" is perhaps by way of the Old Norse cognate bla "livid, lead-colored." It is the meaning in black and blue, and blue in the face "livid with effort" (1864, earlier black and blue in the face, 1829).

The color of constancy since Chaucer at least, but apparently for no deeper reason than the rhyme in true blue (c. 1500). The figurative meaning "sad, sorrowful, afflicted with low spirits" is from c. 1400, perhaps from the "livid" sense and implying a bruised heart or feelings. Of women, "learned, pedantic," by 1788 (see bluestocking). In some phrases, such as blue murder, it appears to be merely intensive.

Few words enter more largely into the composition of slang, and colloquialisms bordering on slang, than does the word BLUE. Expressive alike of the utmost contempt, as of all that men hold dearest and love best, its manifold combinations, in ever varying shades of meaning, greet the philologist at every turn. [John S. Farmer, "Slang and Its Analogues Past and Present," 1890, p.252] 

Blue pencil as an editor's characteristic tool to mark corrections in copy is from 1885; also as a verb from 1885. The fabulous story of Blue-beard, who kept his murdered wives in a locked room, is in English from 1798. For blue ribbon see cordon bleu under cordon. Blue whale is attested from 1851, so called for its color. Blue cheese is from 1862. Blue water "the open ocean" is from 1822. Blue streak, of something resembling a bolt of lightning (for quickness, intensity, etc.) is from 1830, Kentucky slang. Delaware has been the Blue Hen State at least since 1830, supposedly from a nickname of its regiments in the Revolutionary War.

Middle English nose, from Old English nosu "the nose of the human head, the special organ of breathing and smelling," from Proto-Germanic *nuso- (source also of Old Norse nös, Old Frisian nose, Dutch neus, Old High German nasa, German Nase), from PIE root *nas- "nose."

Used of beaks or snouts of animals from mid-13c.; of any prominent or projecting part supposed to resemble a nose from late 14c. (nose cone in the space rocket sense is from 1949). Meaning "sense of smell" is from mid-14c. Meaning "odor, scent" is from 1894. In Middle English, to have one's spirit in one's nose was to "be impetuous or easily angered" (c. 1400).

Kiv, It could bee no other then his owne manne, that had thrust his nose so farre out of ioynte. ["Barnabe Riche His Farewell to Military Profession," 1581]

To pay through the nose "pay excessively" (1670s) seems to suggest bleeding. Many extended meanings are from the horse-racing sense of "length of a horse's nose," as a measure of distance between two finishers (1908). To turn up one's nose "show disdain, express scorn or contempt" is from 1818 (earlier hold up one's nose, 1570s); a similar notion is expressed in look down one's nose (1907). To say something is under (one's) nose "in plain view, directly in front of one" is from mid-15c. To be as plain as the nose on one's face "very easy to be seen or understood" is from 1590s.