Sometimes, you just no longer need an item you have, or you may find you already created one another day and forgot, or whatever. You cannot recycle something you don't own. The item doesn't have to be in the same room as you, although you will need to specify the dbref of the object if this is the case.
@rec <item>
Once recycled there is no way of retrieving the item, it would have to be remade, it cannot be restored from backup, nor does it ask for confirmation of item to be recycled, it just does it. So, do be warned, while recycling is encouraged, only sympathy can be offered if you recycled something by mistake.