President McKinley Hobart Gold Standard Act Bee Bug Political Campaign Pin Brass

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President McKinley Hobart Gold Standard Act Bee Bug Political Campaign Pin Brass:
$25.00

Size: 36 x 41 mm
Description: McKinley Hobart Gold Standard Act Bee Bug Political Campaign Pin Brass

GoldBug– This is a campaign item in the form of a bug or bee that was madespecifically from the presidential campaigns of William McKinley in 1896 and1900.These items were not really made of gold, but McKinleysupported gold as the monetary standard during these campaigns.These items were called gold bugs.

TheGoldStandard Actof theUnited Stateswas passed in 1900 (approvedon March14) and establishedgoldas the only standard for redeemingpaper money,stoppingbimetallism(which had allowedsilverin exchangefor gold). It was signed by PresidentWilliam McKinley.

The Actmade thede factogold standard in place since theCoinage Actof 1873(whereby debt holders could demand reimbursement in whatever metalwas preferred--usually gold) ade juregold standard alongside othermajor European powers at the time.

The GoldStandard Act confirmed the United States\' commitment to thegold standardbyassigning gold a specific dollar value (just over $20.67 perTroyounce).This took place after McKinley sent a team to Europe to try to make a silveragreement with France and Great Britain.

On April25, 1933, the United States and Canada dropped the gold standard.

Condition:Used. Shows signs of wear due to age and usage. Pin works fine.
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