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Donnie WalkerFlag for United States of America

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What does this code snippet value represent?

I have this code snippet:

                    $today = date('Ymd');
                    $dateCompare = date('Y') . '0507';
                    if ($today < $dateCompare) {

And I want to know what does the 0507 represent? Is it a date format or something? It looks like it is comparing the Year to 0507...but I don't understand it.

Any help would be appreciated.
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jfromanski
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Thank you sir!