DailyTimeCapsule brief
June 22, 1934
On June 22, 1934, rare old coins attracted significant attention at a sale, with a California Gold Slug from 1851 fetching $360 and a Copper Cent from 1799 going for $20. This event occurred against a backdrop of economic uncertainty during the Great Depression, as American cities were struggling to manage their finances. In another financial development, banks announced a 1% cut on city notes, which was expected to save $500,000 for the city. The new interest rate of 3% applied to $50 million in notes set to be sold on June 30, reflecting ongoing efforts to stabilize municipal finances amidst rising doubts about the 1935 budget. Meanwhile, in Mexico, villagers fled their homes due to a worm invasion, illustrating the agricultural challenges faced by communities worldwide during this era of economic strife.
Key developments
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An auction held on June 22, 1934, showcased a variety of old coins, drawing collectors and enthusiasts alike. A notable highlight was the sale of a $50 California gold slug from 1851, which sold for an impressive $360. Additionally, a copper cent from 1799 attracted bids, ultimately selling for $20.
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On June 22, 1934, banks agreed to reduce the interest rate on city notes by 1%, saving the city $500,000. This change applies to the $50,000,000 in notes set to be sold on June 30. The decision raised concerns regarding the 1935 budget as discussions continued among city officials and bankers.
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Mexican Villagers Flee Before Worm Invasion
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