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<p>[QUOTE="The Eidolon, post: 5165679, member: 102103"]Nice ceramic coin! </p><p>I think the silver price in 1920 was about <a href="https://sdbullion.com/silver-price-by-year" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://sdbullion.com/silver-price-by-year" rel="nofollow">$1.32</a> per ounce due to wartime inflation and suspension of convertibility of European currencies to gold. This price spike is even seen in US dollars, which were less affected by the war. It must have been more severe in various European currencies. This high price drove a lot of the subsidiary silver money out of circulation, as the melt value had risen well above face value. By 1921 silver had settled somewhat to about $0.65 per ounce. During the Great Depression it would drop much lower.</p><p><br /></p><p>Anyway, making good on the redemption of wartime paper money is highly deflationary! Similar reason for the Panic of 1873 after the US restored the dollar to a gold standard for all the Civil War greenbacks.[/QUOTE]</p><p><br /></p>
[QUOTE="The Eidolon, post: 5165679, member: 102103"]Nice ceramic coin! I think the silver price in 1920 was about [URL='https://sdbullion.com/silver-price-by-year']$1.32[/URL] per ounce due to wartime inflation and suspension of convertibility of European currencies to gold. This price spike is even seen in US dollars, which were less affected by the war. It must have been more severe in various European currencies. This high price drove a lot of the subsidiary silver money out of circulation, as the melt value had risen well above face value. By 1921 silver had settled somewhat to about $0.65 per ounce. During the Great Depression it would drop much lower. Anyway, making good on the redemption of wartime paper money is highly deflationary! Similar reason for the Panic of 1873 after the US restored the dollar to a gold standard for all the Civil War greenbacks.[/QUOTE]
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