American pharmacist John Stith Pemberton invented the drink in the late 19th century as a purported over-the-counter medicine.

However, shortly before his death in 1888, Pemberton sold his rights to the drink to the American businessman and fellow pharmacist, Asa Griggs Candler for a sum of $1,750. The amount might have seemed large to him at the time given that he was nearly bankrupt and in poor health, but little did he know, the company that he founded would one day become iconic and worth billions of dollars.