Various dictionaries have different things to say.
What price [fame/success/victory etc.]?
something that you say which means it is possible that the fame, success etc. that has been achieved was not worth all the suffering it has caused
What price victory when so many people have died to make it possible?
(Cambridge Idioms Dictionary, 2nd ed.)
price [...]
what price (something)? what are the chances of (something) happening now?
(Collins English Dictionary – Complete and Unabridged)
What price something?
What is the value of something?; What good is something? (Said when the value of the thing referred to is being diminished or ignored.)
Jane's best friend told us all about Jane's personal problems. What price friendship? Jack simply declared himself president of the political society. What price democracy?
(McGraw-Hill Dictionary of American Idioms and Phrasal Verbs)
what price ——? used to ask what has become of something or to suggest that something has or would become worthless : what price justice if he were allowed to go free?
(New Oxford American Dictionary 2nd edition, from OS X)
Apart from Collins's strange definition, it seems that the general meaning of "what price X?" is "what's the value of X?" (not "what's the price of X", in the modern sense of price).
As for how it came to be, my wild speculation of the day is that it could have been used grammatically in an anaphoric expression, eg What price is freedom to us if we tolerate this tyranny? What price justice? etc.
Best of my knowledge, the "wot wot" verbal tic is specifically British, Georgian and definitely an upper-class marker.
Indeed, one of the most famous adept of this "wot wot" verbal tic, was George III (the one of the American Independence), as seen in the film "The Madness of King George" (recommended).
I did not count them but the script puts tens of these "wot wot" in the mouth of actor Nigel Hawthorne. And they seem to apply indifferently to both insignificant everyday life events and to important political matters.
This trait contributes to depicting a King in constant need of approbation from his entourage, often assailed by doubts that he is fit for the task laid on his shoulders, at times prone to hiding behind authoritarianism but actually unsure of being genuinely perceived as the first really English king of the Hanover dynasty.
Significantly enough, he is, best of my recollections, the only character in the film afflicted with this verbal tic. This is by no means sufficient to conjecture that he might have started the trend. However, if the film is to be trusted on the subject, he must certainly have amplified it. Even more so considering the length of his reign (as there is apparently a rule about mad kings in both France and England that they should enjoy a long reign ;-) )
In some of today's British upper-class circles, you can still hear it in the form of a single "what ?", added at the end of a short colloquial sentence as a short way of asking "what do you say ?" in the context of an invitation.
An example usage would be: "Let's go for a walk, what ? [what do you say]" or "a storm is brewing, what ? [what do you think]". Since it is perceived as old fashioned and slightly snob, it is gently mocked in plays, shows and popular culture and has also now become a cliché.
Either around the time of "King George" and the "red coats", or may be later (but that would not be "wot wot" but "what") this stereotype might have been extended in the United States to the whole British people (conjecture again I'm afraid).
As an aside, there are in English, many other regional verbal tics whereby people interject a word at the end of a sentence in order to ask for approbation.
- In Canada for instance, they say
"eh?" a lot. It's like sending an
invitation for "empathic
approbation", and it has also become
a stereotype. "The Canucks can't
loose that one, eh?"
- In Singapore it's "one" or "lah".
"It's gonna rain again, lah. I'd
better stay at home, one". In this
case it means something like "Don't
you think ?" or close to "I'm pretty
sure about that."
- In the US, you can sometimes hear
some people frequently interjecting
"like" at the end of sentences and
even sometimes in the middle. In this
case I think the semantic need is one
similar to the more common "you
know": asking for permission no to
elaborate. I have no idea however, how it came to be "like".
Best Answer
"Hard cheese" is like when someone says "That's not good." "hard cheese" has the meaning of something unpleasant that has happened to you, hence the bad luck, because in order for bad things to happen to you, you would need bad luck (or so the reasoning goes).
Phrase Finder gives its origin:
Hope that helps.