The pet names Elspey and Elespy for Elizabeth/Elspeth [q.v.] have been found by a correspondent [MT] on memorial inscriptions and in parish records in the parishes of Saddell and Skipness, Argyllshire, Scotland. We think this is probably where the old character for "th", the "thorn", has been transcribed as a letter "y".
[Compare with the use of "ye" for "the" in folksy inscriptions.]

The spelling Elespy, where the second "e" appears early in the name, is possibly due to a local spelling variation but might be a phonetic representation of the local accent.