Episode 144: The Gold Premium and the Copper Cent: Why Greenback Swings Made Everyone a Coin Trader
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Episode 144: The Gold Premium and the Copper Cent: Why Greenback Swings Made Everyone a Coin Trader
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Dr. G. G. Wilkins explains how banks stopped paying out gold in 1861, how the Legal Tender Act of 1862 created the greenback, and how the gold premium swung with every battle report until it peaked at 285 in July 1864. By then every Pittsfield farmer weighed his coins like a goldsmith, and Wilkins shows how this played out at the general store, at his anvil and in his grain-and-copper bartering. Retired revenue officer Captain Donald Vance tells new stories about distillers who priced their liquor in gold and a nail keg full of cents. Wilkins also answers Cletus 'Rabbit' Miller's voicemail about hickory ashes and red oak shavings in the thump keg and knocks down the blue-flame myth between strikes on his anvil.
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