Much to the chagrin of those claiming the Depression was nearing an end, the DJIA fell 32%, and silver declined again dropping to $.438, a strong pullback from the $.584 it had reached just two years earlier. Gold, which was artificially being held up by the US Government, officially remained steady at $34.79.
News was dominated by the troubles on the other side of the world as well as political bickering in the US. Italy banned marriages of Italians and blacks from northern Africa, Stalin continued ridding Russia of his enemies with the “purge trials,” and the Senate refused to expand the Supreme Court as FDR requested. Japan attacked Shanghai in August and the war between China and Japan officially began.
But back home in the US, it was another good year for coin collectors. Proof sets were made for the second year, the Buffalo nickel made the news with its 3-legged version, and six different commemoratives were issued. With all three mints now minting commemoratives, there were a total of 34 domestic issues and 10 foreign coins for the avid collector who desired the “entire set.” Yes, a good year indeed.