So you thought 1931 was bad, it was nothing when compared to 1932. The DJIA hit 41.22 on July 8th, marking an almost 90% decline from its high in 1929, and a drop of over 47% for just the first half of 1932. Silver made another all-time US low by averaging only $.254 per ounce for the year while gold rallied back to $20.69, a gain of just over 17%.
World tensions, perhaps because of the depression, began to mount as Japan occupied Shanghai. On April 15th, the Chinese Socialist Republic declared war upon Japan. Hitler was granted German citizenship. Hoover was somehow re-nominated by the Republicans, FDR by the Democrats, and as we all know, FDR won in November.
For the collector, there was very little from which to choose. With the economy doing so poorly, there was less need for coinage. Only two mints produced the cent, Philadelphia and Denver. On the bright side, the Washington quarter was released giving collectors who had the money a chance to get at least two of the coins that almost immediately sold for a premium. But with no Buffalos, no Mercury’s, no Walkers and no Peace Dollars, pickings are slim with only the following coins available for numismatists: