MORE ON GOLD COIN CIRCULATION IN THE U.S.

PREV ARTICLE NEXT ARTICLE FULL ISSUE PREV FULL ISSUE

V25 2022 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 25, Number 18, May 1, 2022, Article 9

Douglas Ward submitted this piece in response to the ‘Gold Coin Circulation' item in the April 17, 2022 E-Sylum. Thanks! -Editor

A figure of historical numismatic consequence seemed to have first proposed halting the coining of gold in 1910. Abram Piatt Andrew had been Assistant Treasury Secretary only a few months when his proposal was picked up in The Washington Post on Sept. 3rd, 1910;

Coinage of gold in the United States will be suspended for an indefinite period if plans now forming in the Treasury Department are adopted. The idea is to issue gold certificates for all gold bullion and foreign coin turned into the mints, instead of coining them into eagles and double eagles. It is understood that Treasurer McClung, in his annual report will indorse the plan, which was originated by A. Piatt Andrew, now Assistant Secretary of the Treasury, when he was director of the mint.

Two reasons for such a step are pointed out. The first is to save from $300,000 to $500,000 a year in mint expenses. The second is to stop coining gold at the expense of the United States for the convenience of foreign money markets, which use it for settlement of commercial balances.

During his tenure as Mint Director, October 1909 to June 1910, Dr. Andrew earned the wrath of many numismatists that reverberates to this day. As part of a negotiated settlement with William H. Woodin, he ordered the destruction of nearly all pattern dies and hubs at the Philadelphia Mint – a great historical and artistic loss. Some of his lesser known accomplishments include the following: As a Harvard Associate Professor he had predicted the banking panic of 1907, which lead to his nomination for Director of the Mint. Between 1909 and 1914 he was a member of the National Monetary Commission and was instrumental in the drafting of legislation that lead to today's Federal Reserve Bank. He was an ambulance driver during World War I and founded the American Field Service (AFS), which continues to this day. As a representative from Massachusetts he was elected to Congress in 1921 and served till his death in 1936. Dr. Andrews is a somewhat forgotten individual of historical significance, even if infamous amongst the numismatic community.

Image: Portrait of Abram Piatt Andrew, c. 1901. Ref. Economics in the Rear-View Mirror by I. Collier. Image courtesy of Wikipedia.

"In 1914 he wrote a timeless article that echoes to this day; "The Crux of the Immigration Question."* It's an interesting read and reminded me that politicians and governments rarely solve any problems and the contrary is actually the rule.

*The Crux of the Immigration Question, by A. Piatt Andrew, The North American Review, Vol. 199, No. 703, June, 1914, pages 866 – 878."

I read the article and could forward a copy to anyone interested. I agree that it's timeless. The more things change, the more they stay the same... -Editor