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This tradition dates all the way back to the Victorian era, where these old, new, borrowed, and blue items were procured to bring good fortune to the bride, especially when they were all worn together during the ceremony.
The “something old” was worn to connect the bride to her past and her family, with the “something new” signifying that she was about to start her own new family.
Unlike the old, the “something borrowed” was supposed to be taken from a happily married couple so that couple's good fortune could be passed on to the bride.
The “something blue” was associated with faithfulness and loyalty in the relationship, akin to the phrase, “true blue.”
However, the part of the rhyme that most people leave off is “a sixpence (or a penny) in my shoe,” which encouraged the bride to tuck in a sixpence coin for good luck.