Spinning a tape or recording backward to return to an earlier point; also means going back over something to review it.
From Middle English 'winden' meaning 'to wind' or 'turn,' with the prefix 're-' meaning 'again.' The word became common with cassette tapes and VCRs in the 20th century.
Rewinding is one of those words becoming almost meaningless—younger people who've only used digital devices won't understand the word because you can't 'rewind' a digital file. The metaphor of physically spinning backward is already disappearing from language.
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