gold

The U.S. Trade Dollar: An Accessory to the ‘Crime of 1873.’

Sometimes, it takes a while for people to get outraged about a law.

Maybe it’s all of the legalese — for instance, it is not the case that double negatives are unacceptable in drafting legal documents.

Maybe it’s the arcane parliamentary procedure that only C-SPAN junkies have the wherewithal to comprehend or stomach. Heck, even C-SPAN gets bored during quorum calls and starts playing background music.

Or maybe it’s not always apparent what a law’s effects will be until it’s been in effect for a few years.

That was the case with the Coinage Act of 1873 (also known as the Fourth Coinage Act). A few years after its enactment, the law would become known as the “Crime of 1873” and helped spawn a powerful political movement that influenced multiple presidential elections.

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The Silver (Gold, Copper and Nickel) Screen: Coin Collecting and Pop Culture

Numismatics have long been an important trope in pop culture, and it’s not hard to see why.

For one thing, coins can be worth a lot of money, making them a good plot device for heist movies, crime dramas and treasure hunts.

For another, they can serve as historical documents, adding credibility to period pieces or providing a glimpse into yesteryear from the present.

And of course, they look good on screen, giving the actors, to say nothing of the audience, something striking to look at.

These are just a few of the many movies, TV shows and plays in which numismatics play an important role.

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Good as Gold

When it comes to numismatics, one of my biggest regrets is not buying more gold coins in the early 2000s.

Counterpoint: For most of that time I was either a poor post-undergrad, a poor law student, or a poor post-JD. Buying gold probably wouldn’t have been a good use of my money — at least not compared to rent, utilities and food.

The price of gold tends to move inversely to the overall health of the economy — going up when the economy is poor as investors like to use it as a hedge against falling stock prices, weakened dollars, inflation, and all sorts of other economic markers, and going down when those markers are strong. Thanks to the 1990s economic boom, gold prices were low throughout most of that decade leading into the early 2000s. In fact, things were so great that the price of gold had cratered to around $253 per ounce in mid-July 1999 — the lowest it had been since 1979 (a year later, I nearly bought a beautiful Saint-Gaudens double eagle for $300, but decided I couldn’t spare it). But like any sustained period of economic euphoria, you never see the crash coming until it’s too late.

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The U.S. Trade Dollar: An Accessory to the ‘Crime of 1873.’

The Silver (Gold, Copper and Nickel) Screen: Coin Collecting and Pop Culture

Good as Gold