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Pillar of the Community
United States
3364 Posts |
The only silver coin produced in great numbers during the War of 1812 was the half dollar. There are a lot of explanations for this, usually focused on inter-bank transfers. Few observers focus on the war itself. The Background section of this report on Discharges sheds some light on where most of the half dollars (and probably a lot of half eagles) went https://www.archives.gov/research/m...ficates.htmlEnlisted men were paid $8 a month, and the government was constantly months behind in paying them (12 months by war's end) resulting in some mutinies. In addition to that, they were paid bounties of $124 plus 320 acres of land to enlist. As the report states, they were the highest paid army in the world. And they needed government cash (half dollars and half eagles) in crazy amounts. All this was financed by borrowing. In 1815 it came to an austere end, with the government insolvent and defaulting on some obligations. The unpaid obligations to veterans alone totaled $50 million, far more than the mint's paltry output. It took until 1837 to pay off the debt. http://www.bandyheritagecenter.org/...f%201812.pdf"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
03/26/2022 1:11 pm
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Bedrock of the Community
United States
11991 Posts |
This financial debacle was the main political issue in Andrew Jackson's ascendancy to ultimately become President in 1829. He was disillusioned by the government's conduct during the War of 1812 which he fought, becoming a national hero after the Battle of New Orleans. He vehemently opposed the Hamiltonian federalization of U.S. debt and the creation of the Bank of the United States after the national fervor against banks following the disastrous Panic of 1819. His stories about government corruption and the treatment of people who fought the War of 1812 and the government's broken promises were featured heavily in his presidential campaign.
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: " It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat." My coin website: https://fairfaxcoins.com |
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Moderator
 United States
197031 Posts |
Very interesting!  |
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Pillar of the Community
United States
4680 Posts |
Very interesting, thanks for sharing @ thq and thanks for the additional tidbit @NS. Always enjoy the historical rabbit holes that go hand in hand with numismatics.
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Pillar of the Community
United States
755 Posts |
I love history and this mixed with coin history was great to learn! Thanks for sharing!
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Pillar of the Community
United States
1173 Posts |
Interesting history, thanks for sharing.
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Pillar of the Community
United States
4433 Posts |
Most thought-provoking .... Currency assuredly connects us to history. A fine topic, this.
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Replies: 6 / Views: 1,204 |
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Posted 03/26/2022 9:57 pm
