Definition & Meaning of "a day late and a dollar short"

What is the origin of the idiom "a day late and a dollar short" and when to use it?

the origin of the idiom "a day late and a dollar short" can be traced back to African American Vernacular English (AAVE) and its usage in African American culture. The expression gained popularity in the mid-20th century and was often used in African American communities. It is commonly used when referring to missed opportunities, failed attempts, or inadequate preparations.