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These words are from Shakespeare's "Hamlet, Prince of Denmark" Act 3, Scene 1.

Ophelia says this to Hamlet, immediately after his 'To be or not to be' soliloquy.

Hamlet had spoken to Ophelia with sweet rich words. But she thinks he is being unkind, so all his good words are to no avail, and therefore, all his 'rich' sweet-talk turns out, in Ophelia's view, to be empty and poor. They waxed poor. The moon goes through its phases. It waxes and wanes. Similarly, the assumed value of words can pass from being 'rich' to distressingly poor as more information becomes apparently evident.

Moving on from the words as seen in the context of the play, the saying means that even expensive gifts are of no value, they are inferior and contemptible if they have been given by someone who turns out to be harsh or cruel in some way.

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Q: What does 'Rich gifts wax poor when givers prove unkind' mean?
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