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No, Theobald is a legitimate name. According to my quick Google search, the name Theobald is of Germanic origin, composed of the elements "theod," meaning "people," and "bald," meaning "bold" or "brave." It was a popular name during the Dark Ages and was introduced to England by the Normans after the Norman Invasion of 1066.
Also, the name Theobald has various spelling variations and translations in different languages, including Thibaut, Thibault, Thibald, Diepold, Theobalt, and Tebaldo. The meaning of Theobald can be interpreted as "bold people" or "people's prince," depending on the cultural context.
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I'm not implying it's not a legitimate name, I've seen it before. I'm just saying it's unfortunate-sounding LOL.
But that aside, as a Japanese/English speaker, when we choose foreign names, we prefer to use the more stylish rendition (and there is a list of popular preferences).
So for example ジーク/jiiku can translate to Zeke, but for most historicals, we prefer Sieg. For Theobald it's テオルバルド teorubarudo. I think the fantranslator or whoever could choose Theobald decided on it literally (and it isn't wrong), but it's not beautiful. Since the more popular rendition is Theobalt. Rarely does the name transliterate to what (we) think it sounds like. So a different example is ヤヌ Yanu. It translates out to Janus.
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I guess I just don't care about little details like that as long as the meaning is interesting
and or relevant to the character. I have never considered "bald" in Theobald to actually refer to a person's hair (or lack thereof), mainly because historical names from other languages often have unexpected English spellings. Also, I'm not bothered by this one as it is obviously a name that was more common in the past and this is a story set in a past era.
For an example of what I mean about meanings and a character's relevance to them, if Theobald was named Kennedy, it might raise some eyebrows in my mind because it means "helmeted head; chief with helmet." In Scottish origins, it has the meanings of "ugly head; misshapen head." Personally, I think that's far more concerning than your take on a Germanic name with an "a" instead of an "o." Just saying.
I get what you're trying to say, but I find the variations in spelling very interesting when translating. I know a Chinese woman whose "English name" is Karen, yet her name in her native tongue sounds (and looks) nothing like it. I wouldn't say Karen is a beautiful name, especially with all of the horrible modern connotations with it, but it's still a name that is in use and it is the correct translation for her birth name.
In essence, I find no fault with the translator's decision and I am not going to fault them just because a few people are upset or disgruntled by a reasonable and normal name. Not everything has to be beautiful. It just should be done correctly (in my opinion). If there is an official English translation of a novel for this manga and the name of the character is Theobold or Theobalt, then they should translate this manga with either of those names. If there is no such thing, then oh well.
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Right...like I said, it's not technically wrong. I've only stated my preference. The fantranslator most likely isn't native (based on the entirety of the translations), so that's why they chose a direct or general transliteration, and since they're the ones who chose it, then it's whatever. If it ever gets an official, then the publisher might consult with the author.
All I'm saying is that, this is a Japanese manga, and Japanese creators/consumers tend to have a preference for how they like anglicized letters and Theobalt is the more popular choice because to us "bald" is not a beautiful sound either. But there are always exceptions with some quirkier authors.
Sure, meaning should be important, but real talk, most creators I know from my home country really don't think about that stuff. They just literally have a list of popular foreign names to go by. If it sounds or looks cool enough that's what they'll go for. Aesthetics is important to us...which is why kind of everything we make pushes for aesthetics. Y'know? It's just a way of life.
Anyway I wasn't expecting such a huge block of text over something so trivial.
It really should be Theobold or Theobalt instead of Theo...bald. What an unfortunate anglicized iteration.