Many people believe leprechauns are simply a dwindled folk memory of the tall and graceful Tuatha de Danann, an elvish folk said to have ruled Ireland by magic in ancient times, before the arrival of the Sons of Mil. This is not so. Leprechauns are a separate race, almost as ancient and proud in their own way as the Tuatha, and they take great offence at being mistaken for anything other than what they are.
Others say Leprechauns are just a load of old cobblers. Which is true enough because a thousand years is a sprightly age for a leprechaun, and they are famous for their shoemaking; but they have many other talents besides.