Etymology
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mag (adj.)

1969 in reference to car wheels, "made of magnesium alloy." As an abbreviation of magazine, it dates from 1801.

Mag

common pet form of the fem. proper name Margaret, attested since Middle English. Compare magpie. Mag's tales "far-fetched stories, nonsense" is from early 15c.

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Definitions of mag

mag (n.)
a periodic publication containing pictures and stories and articles of interest to those who purchase it or subscribe to it;
Synonyms: magazine
From wordnet.princeton.edu