The spelling "wast cheap" may seem odd at first glance, but it is actually an archaic form of the phrase "was cheap". In this form, "wast" is the second person singular past tense of the verb "to be" and "cheap" means inexpensive. The pronunciation would be /wɑst tʃiːp/ with the "a" in "wast" sounding like the "a" in "father" and the "ee" in "cheap" sounding like the "ee" in "bee". While rarely used today, this spelling and pronunciation can be found in older literature and historical documents.