The song's lyric comes from an email exchange Jack White has with the artist Robert Jones, who was doing design work on the "Love Interruption" single. The two were discussing the auctions Jones frequented, and he told the story of a guy who is usually the high bidder on anything related to guns and ammo. One day, Jones was wearing a T-shirt that a friend of his designed of a machine gun with a rainbow for a clip, and this guy flipped for it.
This is one of the first songs White recorded as a solo artist. It didn't make the tracklist for his debut album Blunderbuss, but he used it as the B-side of the 7-inch "Love Interruption" single. The song also appeared on his album Jack White Acoustic Recordings 1998-2016.