Songfacts®:

• This was written by Big Kenny (Kenny Alphin) of the Country music duo Big & Rich. The lyrics tell of a man who is upbeat despite being down to his last dollar. Big Kenny wrote this at a time when he was struggling financially himself. He was in Las Vegas on New Years Eve of 2002, about to open the "Alabama Farewell Tour," with only $200 to his name. Kenny decided the only way he'd be able to keep up with his rent and other overheads was to make it big on a black jack table. At first he won close to $1,000, but eventually he lost everything except $21. He generously left the dealer with a $20.00 tip, leaving him with one dollar to his name. Kenny said in the song's publicity materials: "That night as I looked down at the sole breaking off of my shoe it hit me like a ton of bricks. But with that realization came the freedom of knowing that I also had nothing to lose."
• Big Kenny added in the publicity materials: "I'll never forget the day I played him (Tim McGraw) the song. We were at Blackbird Studio and Tim was making a new album. As we sat together in my truck, I played him a couple of the songs that I was recording. The second song I played was 'Last Dollar.' He looked over at me and said, 'Are you gonna' let me record that?' About 6 months ago, Tim called me again to come by his home and he played me 'Last Dollar.' When I heard the kids at the end of the song, I nearly lost it. That moment of reflection in Las Vegas all that time ago gave me the hope to keep going and now 5 years later, that hope is a hit song for my friend Tim McGraw."
• Tim McGraw's daughters sing along with him at the end of this song. CMT News asked the Country star how this came about. He replied: "That was a lot of fun. My girls and [co-producer] Byron Gallimore's girls are singing on there. It was just a wild idea at the end of doing the song. It sounded like it would be fun. And the song is such a lighthearted, fun song, anyway. They really liked it. They were going around singing it. Big Kenny wrote it, and when Big Kenny gave me the CD of it and I was listening to it over and over and over, the girls were just singing it every time they heard it. They'd tell me to play the demo. I think they liked Big Kenny better than they do me. But I just thought it was cute, and they did a great job on it."
• This was McGraw's first Country #1 since "Back When" in 2004.