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I read a sentence containing the word thy, but I cannot find the meaning of that word. Is it older English, or is it still used in contemporary English today?
Thee, thou, and thine (or thy) are Early Modern English second person singular pronouns. Thou is the subject form (nominative), thee is the object form, and thy/thine is the possessive form. Before they all merged into the catch-all form you, English second person pronouns distinguished between nominative and objective, as well as between singular and plural (or formal): thou - singular ...
"Thy" would be less common, but I doubt that it has died out entirely. However, I can't imagine a typical Yorkshireman who would use "thee" and "thou" being sufficiently delicate as to use the word "thine".
Thy and thine are archaic forms corresponding to your and yours respectively. Use thy where you would use your (but see note at end of answer) and thine where you would use yours.
word choice - Which one should I use thy/thine - English Language ...
Where he sayth, The kings and princes shal giue thée milke, and shall be thy nursses, they shall doo honour and reuerence vnto thée with their faces flat vppon the earth: kings shall walke in thy lyght, and shall buylde thy walles, they shall bring vnto thée golde and siluer, and shall serue thée, thou shalte sucke the milke of nations, and ...
6 I'm not sure of the explanation for "thy whole body". The KJV (at least, the version indexed at the website that you linked to) uses both my, thy, a and mine, thine, an before words starting with /h/. Here are some examples of thy heart and my heart. Likewise, we find both thy head and thine head, a house and an house.
pronunciation - Why "thine heart" but "thy whole heart"? - English ...
21 What is the meaning of "thou thee" from the quotation below referenced in this Quora answer? (Attributed to the attorney-general at Sir Walter Raleigh’s trial.) All that he did was at thy instigation, thou viper; for I thou thee, thou traitor.
Thank thou would be grammatical if you were ordering someone to give thanks, which is of course completely the wrong usage case. Thank thou thy parents for giving thee life!
Note: I favour the OP's title Why does the Our Father use “thy”? rather than the edited version If “thy” is an informal pronoun, then why does The Lord's Prayer use it to refer to God? Also, my suggested edit to the OQ, adding the tag grammatical-number remains apropos and should not have been rejected.
formality - If "thy" is an informal pronoun, then why does The Lord's ...