Used to evoke a classic, old-fashioned tone or to mimic historical speech. 'Twas a pleasure to meet thee, good sir.
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Not Modern
'Twas is not commonly used in everyday language today; it appears more in historical or poetic contexts. At the fair, 'twas as though we'd stepped back in time.
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Christmas Reference
Often associated with Christmas tales, especially the famous poem 'A Visit from St. Nicholas'. 'Twas the night before Christmas, when all through the house...