Want to hear about an unusual way to clear a debt? Well, it was the invention of the safety pin which enabled its inventor, Walter Hunt to pay off a debt of $15!
Hunt was an American mechanic who was fiddling with a piece of wire for three hours while he was lost in thought. The result was the invention of the most commonly used household tool, the safety pin. Although pins were in use long before that, Hunt’s pin prevented users from pricking themselves. His pin consisted of a length of wire coiled into a spring at the centre, with a sharp point at one end and a clasp at the other.
Hunt patented the safety pin in April 1849 and sold the rights to W. R. Grace and Company for $400. He cleared the debt of $15 using this money. Little did he know about the popularity his safety pin would gain in the time to come!