The Collaborative International Dictionary of English v.0.48:

Pygmy \Pyg"my\, n.; pl. Pygmies. [L. pygmaeus, Gr. ?, fr. ?
   the fist, a measure of length, the distance from the elbow to
   the knuckles, about 131 inches. Cf. Pugnacious, Fist.]
   [Written also pigmy.]
   1. (Class. Myth.) One of a fabulous race of dwarfs who waged
      war with the cranes, and were destroyed.
      [1913 Webster]

   2. Hence, a short, insignificant person; a dwarf.
      [1913 Webster]

   3. One of a race of Central African Negritos found chiefly in
      the great forests of the equatorial belt. They are the
      shortest of known races, the adults ranging from less than
      four to about five feet in stature. They are timid and
      shy, dwelling in the recesses of the forests, though often
      on good terms with neighboring Negroes.
      [Webster 1913 Suppl.]

            Pygmies are pygmies still, though perched on Alps.
            And pyramids are pyramids in vales.   --Young.
      [1913 Webster]