HAD, preterit tense and participle passive of have; contracted from Sax.haefd, that is, haved; as, I had; I have had In the phrase, 'I had better go, ' it is supposed that had is used for would; 'I'd better go.' The sense of the phrase is, 'it would be better for me to go.'
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Webster's Dictionary 1828
American Dictionary of the English Language, Noah Webster, 1828.