An analysis of the letters occurring in the words listed in the main entries of the Concise Oxford Dictionary shows "E" to be the most common, followed by "A" and "R".

By the way, there is a special branch of linguistics that studies the frequency of letters and words occurring in a language – lexicostatistics. Its results are used in different spheres, for example, in cryptology for decoding various encrypted messages. One can also use this data while playing different game puzzles when one has to guess a word.

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More Info: www.oxforddictionaries.com