Timepiece refers to a physical device that measures time, not the concept of time itself. The wall timepiece in the classroom is quite old.
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Common Usage
Timepiece is often used to talk about watches and clocks with a sense of craftsmanship or elegance. His wrist timepiece is more than just a watch; it's a work of art.
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Historical Value
To indicate historical and sentimental value, 'timepiece' is preferable over 'watch' or 'clock'. This timepiece has been in my family for generations.