GNU Collaborative International Dictionary of English

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Found one definition

1.       
   Œ (ē), A diphthong, employed in the Latin language, and thence in the English language, as the representative of the Greek diphthong οι.  In many words in common use, e alone stands instead of œ.  Classicists prefer to write the diphthong oe separate in Latin words.
   
   [1913 Webster]