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The origin can be traced back to 1585 as 'a kind of sport or play with an osier shell thrown into the water and making circles until it sinks, it is called duck and drake and a half penny cake'. The phrase is used again, in other ways, in 1614 and 1626. In modern terms it means to behave recklessly and squander one's wealth

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Q: Definition and origin of play ducks and drakes?
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