Exactly correct, accurate, or precisely what was needed or expected.
This American phrase from the early 20th century likely originated from carnival games where players had to hit a specific target to win money or prizes. The connection between accuracy and monetary reward created a natural metaphor for precision in any context, not just games of skill.
What makes this phrase particularly American is its connection to the cultural importance of both accuracy and financial success. Unlike older phrases that might reference craftsmanship or hunting, this one reflects a society where monetary reward was increasingly seen as the measure of being 'right' about something.
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