bullet-hole (n.)

1550s, "cannonball" (a sense now obsolete), from French boulette "cannonball, small ball," diminutive of boule "a ball" (13c.), from Latin bulla "round thing, knob" (see bull (n.2)). The meaning "small ball," specifically a metal projectile meant to be discharged from a firearm, is from 1570s. Earliest version of the figurative phrase bite the bullet "do something difficult or unpleasant after delay or hesitation" is from 1891, probably with a sense of giving someone a soft lead bullet to clench in the teeth during a painful operation.

Beggars' bullets—stones thrown by a mob, who then get fired upon, as matter of course. [John Bee, "Slang," 1823]

Old English hol (adj.) "hollow, concave;" as a noun, "hollow place; cave; orifice; perforation," from Proto-Germanic *hulan (source also of Old Saxon, Old Frisian, Old High German hol, Middle Dutch hool, Old Norse holr, German hohl "hollow," Gothic us-hulon "to hollow out"), from PIE root *kel- (1) "to cover, conceal, save." As an adjective, it has been displaced by hollow, which in Old English was only a noun, meaning "excavated habitation of certain wild animals."

As a contemptuous word for "small dingy lodging or abode" it is attested from 1610s. Meaning "a fix, scrape, mess" is from 1760. Obscene slang use for "vulva" is implied from mid-14c. Golfing hole-in-one is from 1914; as a verbal phrase from 1913. To need (something) like a hole in the head, applied to something useless or detrimental, first recorded 1944 in entertainment publications, probably a translation of a Yiddish expression such as ich darf es vi a loch in kop.