It is a contraction of two words.
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Mister Micawber
....just as you should not use "I've", "you've", "don't" etc, in formal writing.
Mister MicawberBut contractions are just ways of transcribing native pronunciation. Why grade them?
Mister Micawber
Well, if dictionary entries reflect acceptability, how do you account for 15 OneLook entries for "ain't"?