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It should be noted that there is a correct answer to this. It's "Buck Naked", and it's thus due to the slave trade days. (*DISCLAIMER* Slavery was awful) Slaves were sold according to perceived worth (strongest, etc. etc.) and they were usually sold naked, hince those slaves sold for a dollar were called "Buck Naked" in common speech.
Cody
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I did some research, and it looks like your explanation isn't generally accepted by linguists. Here's a site that discusses the etymology of the term:
Buck Naked or Butt Naked