Davis Tutt thought he had the leverage.

On July 21, 1865, the former Confederate soldier walked into the town square of Springfield, Missouri, wearing a gold pocket watch that didn't belong to him, collected the night before as collateral on a gambling debt the other man disputed. In a frontier economy with no credit bureau, no collection agency, and no court two gamblers were going to trust, public humiliation was the only enforcement tool available. Tutt miscalculated.

Wild Bill Hickok crossed the square to meet him, and a single shot ended the confrontation that historians now consider the first recorded quick-draw gunfight in American history. The jury acquitted Hickok on the grounds that wearing a man's watch in public was justifiable provocation. A Harper's Magazine correspondent arrived a few weeks later, and the myth of the American West was born.

From bsnsHistory, the daily podcast about the moments when business quietly reshaped the world.

Written and hosted by Ron Trucks. Research and editing by Rodney Russ. Sound design by Angela Cahoy. Music by Cody Martin and Soundstripe.

For more daily business stories, visit www.bsnsDAILYpodcasts.com