As revealed on a recent episode of Last Week Tonight, Oliver bought five presidential wax sculptures – including Warren G. Harding – from the Wax Presidential Museum in Gettysburg thanks to that "dragon money," a nod to HBO's moneymaker Game of Thrones.
The Late Show also purchased a wax figure of Zachary Taylor, who died from a stomach ailment only 16 months into his presidential term.
With the wax figures on hand, Colbert and Oliver engaged in a presidential throwdown where both hosts fired insults at each other's president.
"You know how Zachary Taylor died? After a July 4th celebration where he treated himself to too much milk and cherries. He basically OD'd on a snack for preschoolers," Oliver said, later noting that 90 percent of people nowadays think 'Zachary Taylor' was one of the kids on Home Improvement.
Colbert retorted, "Known philanderer Warren G. Harding died in office of a 'heart condition.' Really? I didn't know your heart could get syphilis."
After a few more insults, Colbert delivered the ultimate insult at Oliver's beloved wax figure. "Harding is widely considered by modern-day historians to be the worst president ever, and remember, modern-day historians know who the president is right now," Colbert said.