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It's a Pip
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It's a Pip was an effect first described in The Conjuror's Magazine Aug 1791 for changing the pip (the index) using a liquid that could be rubbed off.
An It's a Pip liquid made of special latex ink was devised by Caryl Fleming and Charles W. Fricke (Judge) in 1937 to accomplish the It's a Pip effect. It is no longer manufactured, in large part because much (but by no means all) of its applications can be accommodated by dry erase markers.