I still see a few cowboy wannabe geezers sporting them.
Silversmith Victor Cedarstaff of Wickenburg, Arizona, claims to have invented the bolo tie in the late 1940s, and later patented<4> his slide design.
According to an article in Sunset:
Victor Cedarstaff was riding his horse one day when his hat blew off. Wary of losing the silver-trimmed hatband, he slipped it around his neck. His companion joked, "That's a nice-looking tie you're wearing, Vic." An idea incubated, and Cedarstaff soon fashioned the first bola tie (the name is derived from boleadora, an Argentine lariat).
The bolo tie was made the official neckwear of Arizona in 1971. New Mexico passed a non-binding measure to designate the bolo as the state's official neckwear in 1987. On March 13, 2007, New Mexico Gov. Bill Richardson signed into law that the bolo tie is now the state's official tie.
http://en.wikipedia.org/wiki/Bolo_tie