For most of us, a license plate number is a random forgettable

jumble of letters and digits. It serves no purpose other than identifying our

vehicles to cops and DMV employees.

But in the state of Delaware,

the right license plate number a brand new Porsche?

No.

Would you trade your license plate for a million dollars?

No. Two million dollars?

Maybe. For the Freakonomics radio network this is the economics of everyday things.

I'm Zachary Crockit. Today, Delaware license plates.

U.S. states began issuing license plates in the early 1900s.

They were a way to keep track of a growing fleet of automobiles and Delaware was among

the first to mandate them. The Blue Hen State distributed black porcelain plates in numerical order. Numbers 1, 2, and 3 were reserved for Delaware's

governor, lieutenant governor, and secretary of state. And many of the next low digit tags went to politicians and prominent families.

Number four, for instance, it went to the Commissioner of the Delaware State Highway Department.

The former mayor of Wilmington got number 40, his sister got number 30, and his chauffeur got number 60. Over time, license plates have become a status symbol in Delaware society.

But what if you didn't happen to be a member of the Delaware elite at the turn of the last century.

Well, luckily for you, this is America,

where there are very few status symbols that cannot be bought.

Delaware allows its residents to transfer their license plate numbers to other

drivers and this has created a market for the most desirable tags.

These days when someone wants to buy or sell a license plate they turn to

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