As a noun, it can mean a first or unfinished version of a piece of writing, a plan for something, or a current of air in a closed space. As a verb, it means to write or prepare a rough version, or to select people for a special duty, such as military service.
Variant of 'draught', from Old English 'dragan' meaning 'to draw, pull'. The idea of 'drawing out' became 'drawing up' a document or pulling people into service. Over time, spellings split: 'draft' became standard in American English, while 'draught' survives in some British uses.
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