Walt Disney hated this short and refused to talk about it to his workers.
The legend of Midas, depicted on this film, may have been based on a historical king. Greek sources speak of a king Midas ruling Phrygia in the late 8th century BC and early 7th century BC. The Assyrian sources call this king "Mita" and seem to confirm his existence. The historical Midas reportedly committed suicide when his capital, Gordium, was destroyed by the invading Cimmerians. In 1957, archaeologists discovered a royal tomb in the ruins of Gordium. It contained the skeleton of a man who was about 60-years-old at the time of his death. The skeleton has been tentatively identified with Midas.
The film is based on the legend of Midas, King of Phrygia. In Greco-Roman legend, Midas performed a favor for the god Dionysus. Dionysus offered to grant Midas whatever reward the mortal king had in mind. Midas asked for the magical ability to change whatever he touched into gold. The blessing of the god turned into a curse, as any food or drink that Midas touched also turned to gold. Facing starvation and death, Midas had to convince Dionysus to take away his magic touch.