American Journal of Numismatics and Bulletin of American Numismatic and Archaeological Societies, Vol. 27: Quarterly; July, 1892-July, 1893 (Classic Reprint) - Softcover

William T. R. Marvin

Softcover

ISBN 10: 1334401225 ISBN 13: 9781334401220

Publisher: Forgotten Books, 2024

Synopsis

Excerpt from American Journal of Numismatics and Bulletin of American Numismatic and Archaeological Societies, Vol. 27: Quarterly; July, 1892-July, 1893

Upon the breaking out of the war of the Rebellion, all of the gold, silver, and copper money in circulation in the United States disappeared as if by magic, to the extent of many millions in comparatively a few days.

The cause of this disappearance was due to the desire of the timid to save something of actual value from the threatened wreck of the Union, and on the part of the avaricious to hoard up that which was sure to have a large premium in the future.

The notes of the State Banks then in circulation prevented any serious inconvenience, as regarded amounts from one dollar upward; but as the silver and copper coins struck by the Government were the only fractional currency in use, the inconvenience caused by its sudden disappearance can hardly be imagined at the present time. An illustration of the condition of affairs may be cited in the case of a house in New York which had so many copper cents stored in one of its rooms that the floor collapsed.

A relief from this condition was needed promptly, and the first came from individual enterprise. Merchants issued promissory notes on small sizes of paper for amounts varying from one cent up, and redeemable in goods at their place of business.

Metal tokens in brass, copper and various alloys, were also issued by merchants and manufacturers, in the form of advertisements, or bearing patriotic and other mottoes, and these readily passed for cents.

Street-car tickets, milk tickets, and anything having an apparent value was pressed into service for making change.

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Edition details

• Publisher: Forgotten Books
• Publication date: 2024
• ISBN 10: 1334401225
• ISBN 13: 9781334401220
• Binding: Paperback
• Language: English
• Number of pages: 112