Everclear lead singer Art Alexakis explained during an interview with Spin magazine that he first wrote and performed the song—originally titled "Colorblind"—while he was working with his third music project, Colorfinger, but it did not appear on their sole album, Deep in the Heart of the Beast in the Sun.^[1] Alexakis explained the song is "just embracing the value of love and passion — your heart."^[2]

The lyrics of the song describe an interracial relationship that no one approves. In the Spin interview, Alexakis revealed that when he was young, he dated women of many races, including black women, Asian women, and a Jewish girl.^[2] One of his relationships with a black woman did not earn the approval from either of their mothers, and both adolescents were too young to stand up for their relationship, which ended about three weeks after it started.^[2]

On the US Billboard Hot 100, "Heartspark Dollarsign" debuted at number 92 on the week dated May 18, 1996.^[3] Four weeks later, on June 8, it reached its peak of number 85,^[4] and it dropped off the Hot 100 from number 98 on July 6.^[5] Additionally, the single peaked at number 13 on the Modern Rock Tracks chart and number 29 on the Mainstream Rock chart.^[6][7] It was also an alternative hit in Canada, debuting at number 29 on the RPM Alternative 30 on May 18,^[8] then reaching its peak of number 12 five weeks later, on June 17.^[9]

Outside North America, the song managed to reach the top 50 in the United Kingdom and Australia. In the former country, "Heartspark Dollarsign" was released before "Santa Monica", becoming Everclear's first single to chart in the UK. It debuted and peaked at number 48 on the UK Singles Chart on May 26,^[10] dropped to number 75 the following week,^[11] then left the top 100 on June 9. In Australia, the song debuted at number 40–its peak position–and stayed in the top 50 for two more weeks.^[12]