Plural of gavel (wooden hammers used by judges and auctioneers) or third-person singular present tense of the verb gavel.
From Old English or Middle English gavel, possibly related to 'gafol' (tribute or payment). The tool became standard in English courts and auctions by the medieval period.
Gavels are weird status symbols—a piece of wood costs almost nothing, but when a judge picks one up, it suddenly represents the entire weight of justice and law.
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