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Limited Circulation of the Silver Dollars

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[23]The Government has made every effort to get the dollar coins out of its hands. … But the great bulk of the coins thus got out of the treasury return to it almost at once. The degree of favor which they meet with of course … varies in different parts of the country, apparently reflecting in a curious way the popular feeling as to the desirability of having silver currency at all. They circulate very little east of the Alleghanies, but are used more freely and permanently in the Mississippi Valley. Among the negroes of the South the big pieces are said to be favorites, and to find a permanent lodgment. Their greatest circulation … was reached in 1886; after that time the change in the denominations of silver certificates caused a decline in the amount used.

Readings in Money and Banking

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