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Before Bonds recorded this, it was an instrumental by The Church Street Five called "A Night With Daddy G." Bond's manager added lyrics to it and had him record it.
Bond's real name is Gary Anderson. His manager changed it so he could use the line "Buy U.S. Bonds." When this song came out, Gary's stage name was just "U.S. Bonds." Pretty clever, but too many people, including lots of DJs, got it wrong and thought it was the name of a group. So he had to make it Gary (U.S.) Bonds on his next record to eliminate the confusion. (thanks, Selrahc - Mumbai, India)
Bonds sued Chubby Checker in 1962, claiming he stole this for his song "Dancin' Party." It was settled out of court.
This is often covered by Bruce Springsteen, who is a big fan of Bonds. In 1981, Springsteen produced a successful comeback album for Bonds.
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