The placebo effect is variously vilified as a basis for unethical medical practice, dismissed as the ephemeral product of gullible imaginations, sanctioned as key to the clinical trials process, and romanticized as evidence of the mind’s quasi-miraculous power to heal the body. These many meanings of the placebo effect exist for a reason: they are products of multiple histories whose legacies continue to be upheld by various stakeholders in debates in which placebos and their effects figure today.