"Verity" vs. "veracity"

Verity and veracity have similar spellings and meanings. Why?

What exactly is the difference between them that warrants the need for these two separate words?

Solution 1:

I think Verity would be used in reference to truth, in and of itself, and Veracity would be used to refer to truthfulness, as in a person. It is a pretty subtle difference, IMHO.

Solution 2:

Verity is pretty much archaic and not suitable for using in today's English, unless the context is supposed to sound old.

Solution 3:

Verity is used for somehing which is a truth, on its own, Veracity is used for something which is true at the moment but may not always be true. " before saying something please check the veracity of the fact. "