Believes, thinks, or calculates something; to consider or make an estimate about something.
From Old English 'recenian' meaning to explain or recount. Originally meant to count or enumerate, then evolved to mean to think or believe, especially in dialect English.
This word is more common in British and rural American English, where it survives as an old-fashioned way of expressing opinion—similar to how 'I reckon' was how your great-great-grandparents would have said 'I think.'
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