The plaque was originally made by Sir Francis Drake, who claimed the entire hill as property of the Queen of England back in 1579.

However, a war with Spain caused England to abandon the fort, giving it away to the nearest non-English person found, who just happened to be Cornelius Coot.

Scrooge finds out that the hill his Money Bin stands on was never actually part of the United States of America, so he jumps at the chance to claim sovereignty and collect tax refunds from Duckburg.

Scrooge does not seem to care, but he "accidentally" destroys the deed that Coot signed, and irritably informs his nephews that he melted down Drake's plaque to make his crown, with materials being expensive.

Scrooge still has the plaque, but chooses to keep it secret, indicating that he destroyed the grant on purpose, from the good of his heart: He could not bring himself to bankrupt Duckburg, yet had to save face before his nephews who must not think of him as "soft."