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1923 "Annette Von Droste-Hülshoff" Westphalia, Germany, 100 Mark Notgeld, Jaeger-N18 / Lamb-579.17, Copper, 26mm Diameter, Plain Edge.

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1923 "Baron Heinrich Von Stein" Westphalia, Germany, 10,000 Mark Notgeld, Jaeger-N20a / LAMB-579.7, Gilt, 44.5mm Diameter, Plain Edge.

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The Gold Standard, Bimetallism, or 'Free Silver'?

The bitter controversy surrounding the issues of "free silver" and "sound
money," so central to the 1896 campaign, has proved difficult for historians to
explain. Partisans on both sides made exaggerated claims of the impact monetary policy
could have on the nation's economic health. They implied that coinage of silver (on
Bryan's side) or adherence to the gold standard (on the Republican side) was the single
key to prosperity--and sometimes to the nation's honor.

Oddly, before 1896 both McKinley and Bryan had focused more attention on the tariff than
on currency issues. Despite his party's platform, McKinley sought to emphasize the tariff
and to avoid being labelled a "monometallist" or "bimetallist,"
leading to accusations of waffling. While he was a Congressman, Bryan allegedly once said
that "the people of Nebraska are for free silver, so I am for free silver. I will
look up the arguments later." His 1896 campaign became a free silver crusade.

Since the Civil War, a series of third parties had criticized Republicans' policy of
contracting the money supply. Lincoln's issue of Greenbacks, the first national paper
money, had helped finance the war but it also stimulated inflation. In subsequent
decades, national Republican leaders sought to withdraw the greenbacks until each dollar
had 100% backing in metal reserves. During the economic depressions of the 1870s and
1890s, in particular, this policy was roughly opposite to that which today's Federal
Reserve might pursue in an economic downturn. It drew criticism as tending to favor
bankers and lenders--who needed the value of a borrowed dollar to hold steady, or
increase, until it was repaid--and detrimental to borrowers and workers.

Heirs to the Greenback Party of the 1870s believed that paper money was the solution. In
post-war decades, however, the opening of vast silver veins (such as Nevada's Comstock
Lode) had sharply increased the nation's silver supply. To Silver Democrats, federal
coinage of silver (at a weight ratio of 16 ounces to 1 ounce of gold, hence the slogan
"16 to 1") was a moderate solution to the currency problem. After all, silver
was a precious metal, not mere paper. "Free silver" thus temporarily allowed a
spectrum of currency reformers--from Southern Democrats to Populists--to unite. To
horrified Gold Democrats and Republicans, "free silver" was an appeal for
cheaper dollars. It would cheat lenders of an honest return on their money, allowing
profligate borrowers to steal value from those who had extended loans.

Free silver at "16 to 1" would have expanded the money supply, but as a lone
measure it would hardly have solved the nation's economic woes, and it would have (as
Republicans argued) substantially raised the value of silver in relation to gold. Yet
adherence of 'sound money' was not solely--or even primarily--responsible for the
country's return to prosperity after 1896. To the extent that McKinley's victory
reassured investors and financial institutions, whose leaders were frightened of Bryan,
resolution of the issue may have had an indirect economic impact. After the campaign,
however, the currency question faded quite rapidly from political debate.

'Free silver' and 'sound money' may have been most important as shorthand slogans for
broader philosophies of finance and public policy, and opposing beliefs about justice,
order, and 'moral economy.' Cartoons and commentary from the campaign, focusing heavily
on the currency question, provide insights into these differing worldviews.



A first look at the Libertas Americana Medals from the Collection of Henry Russell Drowne


The following is a glass negative Magic Lantern slide measuring 3 1/4" X 4" in size of the Libertas Americana Medals from the collection of Henry Russell Drowne.

New York City native collector Henry Russell Drowne (1860-1934) loaned his 1781 bronze Libertas Americana Betts-615 and 1783 white metal “Treaty of Versailles Libertas Americana Betts-608 medals to the State University of New York in 1912 to photograph for a presentation titled “The Struggles Of American Independence”.

Their visual department fully documented the slide, however in error labeled it "Obverse and Reverse" when it’s actually just the obverse of two separate medals.

Henry Russell Drowne was a member of the American Numismatic and Archeological Society who held many positions including historiographer, secretary, second vice president, first vice president. Drowne was also a charter member of the American Numismatic Association.

Below is a photograph of Henry including a Magic Lantern projector which became popular in the 1870’s and came in a variety of different design types. Prior to electricity they where kerosene powered with a smoke stack as seen in the drawing of children that era enjoying an image projected on the wall.

Definitely one of my neatest acquisitions and it was really fun tracing it's complete history... Enjoy! image


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To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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