What is the meaning of close but no cigar?

The phrase "close but no cigar" originated in carnivals and fairgrounds, where cigars were often given as prizes for winning games. If a person came close to winning but ultimately failed, they would be told they were "close, but no cigar".

Today, the expression is used more broadly to refer to any situation where someone has just barely missed achieving their goal or coming out on top. It emphasizes the small margin of difference between success and failure, highlighting the disappointment of falling short despite a strong effort.