My 1928 Mint Set
Private
Updated:
1/25/2026
Views: 357
1926-27witnessed a deceleration of economic growth, and actually 1927 saw a slight decline in economic activity as Ford switched over from its Model T production to the new Model A. However, 1928 took off again, with nearly 10% growth for the majority of the year, the stock market also saw growth unimagined by the most optimistic of investors. In other words, this was the last year of the greatest economic expansion to date.
1928 was an election year, and an orphan from Iowa was elected President, Herbert Hoover. He would take office just in time to catch the blame for the Great Depression. As much as people like to blame the "person in charge" these business cycles aren't caused by Presidents, but the Presidents are certainly remembered for them. Hoover was just the next guy in line after lots of stock market speculation, bad agricultural practices, some hiccups in global markets, exacerbated by a down turn in the Auto industry here. Hoover doesn't get a pass, though, he supported the Smoot Hawley Act which put 13.5% tariffs on everything coming into the United States and that turned a severe recession into a ful-blown depression.
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