Boyd’s Bible Dictionary:

(well). Cistern or well (Gen. 37:20); grave (Psa. 28:1); game-trap (Ezek. 19:8); device (Psa. 119:85; Prov. 26:27).

Concise Bible Dictionary:

There are several Hebrew words translated “pit.” The principal are:
1. sheol, “the grave, hades, hell” (Num. 16:30,33; Job 17:16).
2. shachath, “a pit, a pitfall to entrap animals,” place of doom and corruption (Job 33:18,24,28,30; Psa. 9:15; Psa. 30:9; Psa. 35:7; Ezek. 28:8; etc.).
3. bor, beer, “pit or well dug for water,” but which could be used for a dungeon (Gen. 37:20-29; Psa. 28:1; Psa. 40:2; Psa. 88:4,6; Ezek. 26:20; Zech. 9:11, etc.). See BOTTOMLESS PIT.

From Manners and Customs of the Bible:

Psalm 88:4. I am counted with them that go down into the pit.
There are several Hebrew words which are rendered in our version by the word “pit.” The ordinary method of burial being in a grave dug in the earth, or hewn out of the rock, the phrase “go down into the pit” became synonymous with death and the grave. Solomon represents those who are trying to entice the innocent youth into ways of wickedness as saying, “Let us swallow them up alive as the grave; and whole, as those that go down into the pit” (Prov. 1:12). Hezekiah on his song of thanksgiving for the recovery of his health, says, “For the grave cannot praise thee, death cannot celebrate thee; they that go down into the pit cannot hope for thy truth” (Isa. 38:18). In these two passages the parallel members of the sentence explain each other. The phrase referred to is of frequent occurrence in Scripture. See, for example, Job 17:16; 33:24; Psalm 28:1; 30:3; 143:7; Ezekiel 26:20; 28:8; 31:14; 32:18.

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