Week 578 - It's Numisma-Quest time!
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This weeks First and Second place winners will be picked at random…

The question must be answered by Saturday at midnight EST

 

QUESTION:

 

Why did the U.S. Mint strike no gold coins for circulation 1917-19?

 

This weeks winner will a copy of America's Money, America'Story, Second Edition by Richard Doty.

 

There will also be a runner up prize given to a selected player with the correct answer.

 

REMINDER: The Numisma-Quest ends on Saturday at midnight EST. Entries after that time will not be valid. See the Trivia info post for more details…….

 

 

 

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Gold bullion prices were rising due to WWI and foreign banks began hoarding US gold coins and refusing to pay them out at par. After bullion prices dropped following the war, minting resumed.

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During the First World War, the U.S. remained on the Gold Standard even though there was a prohibition against export except by license, much the same as Switzerland, one of the few other countries that didn't suspend the Standard. But the U.S. ceased to strike new gold coins during and just after her involvement in the conflict, 1917-19

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[font:Book Antiqua] [/font] Because they suspened the International Gold Standard due to World War 1.

 

President Wilson issued a

proclamation that required all parties who

wished to export gold from the United States to

obtain permission from the Secretary of the

Treasury and the Federal Reserve Board. Because

most of these applications were denied, the

United States effectively embargoed the export

of gold, and this embargo partially suspended the

gold standard from September 1917 until June

1919.

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No Winner This Week!

 

Question:

 

Why did the U. S. Mint strike no gold coins for circulation 1917-19?

 

Answer:

 

The requirement that two-thirds of the value of gold certificates be backed by U. S. gold coin was lowered to just one-third, and enough gold coins were already on hand to last until 1920.

 

Thank you for playing and please stop by this Friday for the PMG Numisma-Quest question

 

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