This phrase is frequently used in a non-literal sense to imply a bribe or exchange for secrets. To get the inside scoop, I had to cross his palm with silver.
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Historical Roots
The phrase originates from older times when silver coins were common currency. In historical novels, you'll often find characters crossing palms with silver.
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Archaic Connotation
The idiom is considered old-fashioned and can lend a period feel to the language. He crossed the mystic's palm with silver, as was done in ancient tales.