Webster’s Third New International Dictionary, Unabridged, and its 1993 addenda, includes approximately 470,000 words.
It is calculated that 171,146 of those words are in common use. (Words that are in uncommon use are things like lunting, or walking while smoking a pipe, a word that you’ll now want to use although are unlikely to find an opportunity to do so.)
Shakespeare used more than 20,000 words, invented some 1,700 (including bedroom, critic, fashionable, gossip, kissing, lonely, rant, undress and worthless, which themselves could be worked into some clever poem). The Folger Shakespeare Library has it that he wrote “at least 38 plays and over 150 short and long poems.”
Let’s say that back in Shakespeare’s day there were a total 400,000 words. This means that he used 5% of all of the available words in the English language to write what are widely considered some of the best works in the English language.
While you consider that, you might go lunting.