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This seems to be a German pet form of Elizabeth. It is listed as such at the following website about names in Hamburg, Germany from the 1400s:

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http://www.ellipsis.cx/~liana/names/german/hamburg.html

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Ilsabe is also listed as a form of Elisabeth in Knaurs Vornamen Buch by Margit Eberhard-Wabnitz & Horst Leisering.