Charles (Kid) McCoy is universally given credit for creating this punch. McCoy's "corkscrew" punch was famous for the cutting damage it inflicted on opponents' faces, and he was known for his trickery and unpredictability in the ring. Source: Answers.com
During the 1930s and 1940s in the United States, it was referred as being an elusive, short-thrown punch, which had knockout results. Well-advised fighters used this punch when they were entering a bout if, for whatever reason, it was perceived they would be outmatched. On the downside, if they missed, they would have more than likely left themselves vulnerable.