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From The Collaborative International Dictionary of English v.0.48:
Wastel \Was"tel\, n. [OF. wastel, gastel, F. g[^a]teau, LL. wastellus, fr. MHG. wastel a kind of bread; cf. OHG. & AS. wist food.] A kind of white and fine bread or cake; -- called also wastel bread, and wastel cake. [Obs.] [1913 Webster] Roasted flesh or milk and wasted bread. --Chaucer. [1913 Webster] The simnel bread and wastel cakes, which were only used at the tables of the highest nobility. --Sir W. Scott. [1913 Webster]