cracker jack is a brand of snack food that is made of molasses-flavored candy-coated popcorn and peanuts. the food is packaged with a prize of very minor value inside. some food historians consider cracker jack the first junk food. an early version of cracker jack was sold at the first chicago world's fair in 1893. in 1896, the first lot of cracker jack was made. a taster remarked, "that's crackerjack!" (meaning "of excellent quality"). it became the product name.