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I always thought it was for those ancient precursors of bitcoin, a completely anonymous way of paying for things.
Edited: Added: When I was growing up, a long time ago and far away from Levi's jeans, most men's pants/trousers had those little pockets. I'm pretty sure many would not have been big enough for a pocket watch.
I thought it was for zippos!
Can someone please put the answer in a single sentence? Can't watch the video right now...
Originally put there for the cowboys with watches.