The phrase money for old rope has two possible origins. 1) Rope made from hemp had a limited lifetime. When it wore out it was picked apart and recycled. It was used for caulking. Rope fibres (known as oakum) were hammered into the seams between planks of a ship and hot pitch was poured over it. This was done to waterproof the ship. Of course you got money for the old rope. The phrase came to mean money for anything (seemingly) worthless. 2) After a public hanging the hangman cut the rope into small sections and sold them as keepsakes. At one time, this, together with a payment from the ‘hangee’ for doing a quick job and reducing the suffering, was the main source of the hangman’s income.
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