It is said to be derived from the Greek phrase "Ola Kala" which was written by the ancestors of the immigrants who worked at the port on the boxes with the goods.
However, the Boston Morning Post newspaper of the time writes that the term comes from the misspelled "Oll Korrect" (instead of the correct All Correct).
He is probably right, since 1839 was not the time of immigration to the New World for the Greeks.
Source: sansimera.gr
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