  The first extrasolar planets were discovered in 1992 around the millisecond
pulsar PSR 1257+12. We show that recent developments in the study of accretion
onto magnetized stars, plus the existence of the innermost, moon-sized planet
in the PSR 1257+12 system, suggest that the pulsar was born with approximately
its current rotation frequency and magnetic moment. If so, this has important
implications for the formation and evolution of neutron star magnetic fields as
well as for the formation of planets around pulsars. In particular, it suggests
that some and perhaps all isolated millisecond pulsars may have been born with
high spin rates and low magnetic fields instead of having been recycled by
accretion.
