Following the California gold rush that began in 1849 and the Australian gold rush that began in 1851, a larger amount of gold was put into commerce than could be easily absorbed by the normal channels.[1] This resulted in a decrease in the value of gold and an increase in the value of silver.[1] As a result, silver coins rapidly disappeared from circulation due either to hoarding or melting.[1] In response, Congress authorized the Mint to reduce the quantity of silver in all denominations except the three-cent piece and silver dollar.[1] Beginning in the 1860s, silver production rose and the price decreased.[2] During this time, silver coins largely disappeared from circulation and were replaced by paper and copper currency.[2]
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Subject: Australian gold 
Wed Jul 13, 2011 11:44 pm