This was invented by Bob Driebeek in the late 1930s or early 1940s according to Genii, Vol. 56 No. 1, Nov. 1992, p. 57. The first published mention of Driebeek using it discovered so far is a report from an Amsterdam lecture that was published in Triks, Vol. 15 No. 8, May 1958.

An early reference for using a slit in the necktie to use it as a hiding place for a coin was included as “The Tie Hold-Out” in Eddie Joseph's Coin and Money Magic, 1942, p. 42.