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The Bicentennial of the Constitution Coins and Medals Act (Pub. L. 99–582) authorized the production of two coins, a silver dollar and a gold half eagle, to commemorate the bicentennial of the signing of the US Constitution. The act allowed the coins to be struck in both proof and uncirculated finishes. [1]
Republican campaign poster of 1896 attacking free silver. Free silver was a major economic policy issue in the United States in the late 19th century. Its advocates were in favor of an expansionary monetary policy featuring the unlimited coinage of silver into money on-demand, as opposed to strict adherence to the more carefully fixed money supply implicit in the gold standard.
The people of the South and the West had for years been convinced of the enormity of the "crime of 1873", and they had long since come to regard silver as the sword that would cut the Gordian knot of privilege. Consciousness of grievances of years and not of months was reflected in the decisive action of the state Democratic conventions in the ...
People began to refer to the passage of the Act as the Crime of '73. Prompted by a sharp decline in the value of silver in 1876, Congressional representatives from Nevada and Colorado, states responsible for over 40% of the world's silver yield in the 1870s and 1880s, [16] began lobbying for change.
The Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what was required by the 1878 Bland–Allison Act (driving up the price of silver and pleasing silver miners). People attempted to redeem silver notes for gold.
The price of gold was more stable than that of silver, largely due to silver discoveries in Nevada and other places in the West, and the ratio of the gold price to the silver price increased from 16-to-1 in 1873 to nearly 30-to-1 by 1893. [5] The term limping bimetallism describes this problem.