This word has two meanings.
- The most current in an interminably long sequence, adjective
- One sixteenth, noun
The word formed in the nineteenth century from the word "sixteenth" via the process of aphesis. Aphesis is when the initial Phoneme gets dropped over time (as in "cute" from "acute").
The word steenth is most often used in the context of the Wall Street to project the future value of an option on the stock market, prior to decimalization although you will encounter the first usage should an author ache to be archaic.
- After the steenth buzz of his alarm, the man awoke from his slumber.
- If the stock does not gain at least three steenths by the next week, you should sell.