A trademark, being “intangible,” gets sent to the legal minor leagues: the open-ended Penn Central balancing test, under which property owners rarely score. The Supreme Court should call that distinction out — because the Constitution has never treated invisible property as a foul ball. At the Founding, property included incorporeal rights — franchises, easements, contract rights and other valuable interests existing in law rather than in physical form. Supreme Court precedent already supplies the proper scorecard. The Supreme Court should take up Clemente Properties v. Pierluisi-Urrutia and restore the legal line that the Constitution has always drawn: When government takes private property for public use, it must pay for it.