The phrase can be used figuratively to imply someone is unpopular or targeted by many. After the scandal, it was like there was a price on his head in the industry.
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Serious Contexts
The phrase is serious and usually relates to crime or severe disapproval. A price on her head was declared after she betrayed the organization.
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Historical Use
The phrase is found in historical contexts involving pirates or outlaws. In the Wild West, outlaws often had a price on their heads.