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<p>[QUOTE=&quot;johnmilton, post: 17940771, member: 101855&quot;]Actually the low mintages for the silver dollars in 1893 was not a direct result of the Panic of 1893; it was a response to it. The Sherman Silver Purchase Act required the government to buy 4.5 million ounces of silver every month. The silver was to be coined into silver dollars that were to be used to back the paper currency.</p><p><br /></p><p>Unfortunately that currency could be redeemed in gold or silver. That resulted a run on the government’s stock of gold because gold was far more valuable than silver at the official rate of 16 to 1. The government gold stock pile reached a dangerous low. At a time when the “civilized nations” were on the Gold Standard, the U.S. was close to not being able to meet its obligations in gold.</p><p><br /></p><p>The solution was to repeal the Sherman Act and silver dollar production dropped way down until 1896. Then the mint system started issuing large numbers of dollars until the government’s stock of silver for the dollars ran out in 1904.[/QUOTE]</p><p><br /></p>

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