Etymology
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replace (v.)

1590s, "to restore to a previous place or position," from re- "back, again" + place (v.). Meaning "to take the place of" is recorded from 1753; that of "to fill the place of (with something else)" is from 1765. Related: Replaced; replacing.

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Definitions of replace

replace (v.)
substitute a person or thing for (another that is broken or inefficient or lost or no longer working or yielding what is expected);
He replaced the old razor blade
We need to replace the secretary that left a month ago
This antique vase can never be replaced
the insurance will replace the lost income
replace (v.)
take the place or move into the position of;
Mary replaced Susan as the team's captain and the highest-ranked player in the school
Smith replaced Miller as CEO after Miller left
Synonyms: supplant / supersede / supervene upon
replace (v.)
put something back where it belongs;
replace the book on the shelf after you have finished reading it
Synonyms: put back
replace (v.)
put in the place of another; switch seemingly equivalent items;
the con artist replaced the original with a fake Rembrandt
From wordnet.princeton.edu