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IOU

Informal document acknowledging debt.[1]

The term is an abbreviation of the phrase "I owe you."[1]

The Wrecker: In late 1871,[2] Bret Maverick played a marathon poker game at the Hotel Bossert in San Francisco with the controlling members of the Ring: Longhurst, Campbell, Willimen and Merchison. After four days of play, Bret held IOUs from members of the Ring for a combined amount of $9,000. Believing he held the winning hand, Bret proposed that — if he won the hand — he would tear up all the IOUs in exchange for his membership into the Ring. Bret won with a pair of aces, tore up the IOUs, and began his short career in the Ring the next morning.[3]