The phrase means that where there is dirt or unpleasant work, there is also an opportunity to make money. It highlights that profit can be generated from difficult or undesirable tasks.
The phrase originates from Yorkshire, England, and has been used in British English for many years. The word "muck" refers to dirt or manure, and "brass" is a colloquial term for money. It reflects the industrial heritage of Northern England, where hard work and seemingly unpleasant jobs could be financially rewarding.
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