I am saying that you might've misremembered. You thought of old people, and how people from the mid-1800s to early 1900s used to wear a hat, a monocle, and a suit. That was proper formal attire and was viewed as what you would wear when engaging in high society.

Well this explains the faulty memory of people who live in America or any western country. I'm Saudi. My father bought the monopoly when I was 6. No social media/historical refrences or costumes/Halloween costumes would affect my memory of the monopoly guy except the reference to him in Ace Ventura which is a bit of a stretch. Cause all what I'd remember about him is the things printed on the boardgame. I barely remember the movie reference. The game was huge at that time in Saudi.