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From The Collaborative International Dictionary of English v.0.48:
Jubilee \Ju"bi*lee\, n. [F. jubil['e], L. jubilaeus, Gr. ?, fr. Heb. y[=o]bel the blast of a trumpet, also the grand sabbatical year, which was announced by sound of trumpet.] [1913 Webster] 1. (Jewish Hist.) Every fiftieth year, being the year following the completion of each seventh sabbath of years, at which time all the slaves of Hebrew blood were liberated, and all lands which had been alienated during the whole period reverted to their former owners. [In this sense spelled also, in some English Bibles, jubile.] --Lev. xxv. 8-17. [1913 Webster] 2. The joyful commemoration held on the fiftieth anniversary of any event; as, the jubilee of Queen Victoria's reign; the jubilee of the American Board of Missions. [1913 Webster] 3. (R. C. Ch.) A church solemnity or ceremony celebrated at Rome, at stated intervals, originally of one hundred years, but latterly of twenty-five; a plenary and extraordinary indulgence granted by the sovereign pontiff to the universal church. One invariable condition of granting this indulgence is the confession of sins and receiving of the eucharist. [1913 Webster] 4. A season of general joy. [1913 Webster] The town was all a jubilee of feasts. --Dryden. [1913 Webster] 5. A state of joy or exultation. [R.] "In the jubilee of his spirits." --Sir W. Scott. [1913 Webster]