Toggle Mirror Display (OSX)

When using a separate display like a projector, I often switch between screen mirroring (my screen matches the secondary display screen) and not mirroring. Especially during a presentation that uses both slides and live-coding in the terminal.

Instead of navigating through 'System Preferences' > 'Displays' > 'Arrangement', and checking or unchecking the 'Mirror Displays' checkbox, I can toggle between the two with ⌘ + F1.