Etymology
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toaster (n.)

1580s, agent noun from toast (v.1). Electrical type is from 1913. In reference to a person who proposes or pledges a drinking toast, from 1704 (from toast (v.2)). Toaster-oven attested from 1957.

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Definitions of toaster

toaster (n.)
someone who proposes a toast; someone who drinks to the health of success of someone or some venture;
Synonyms: wassailer
toaster (n.)
a kitchen appliance (usually electric) for toasting bread;
From wordnet.princeton.edu