A more thorough explanation:

Definition: A historical term meaning the payment made by members of a guild to join or maintain membership at a reduced rate.

Example: In medieval times, a blacksmith who wanted to join the local guild would have to pay a CHEAPGILD fee to become a member. This fee was often lower than the regular membership fee and allowed for more people to join the guild.

Explanation: The example illustrates how CHEAPGILD was used in medieval times to allow more people to join guilds. By paying a reduced fee, individuals who may not have been able to afford the regular membership fee could still become members and benefit from the resources and support of the guild.