Exonumia, 1933, Pedley-Ryan (Type 4), Medal, MS62 , NGC

Exonumia, 1933-Medal, MS62, Pedley-Ryan (Type 4), Exonumia, 1933-Medal, MS62, Pedley-Ryan (Type 4), NGC.

While the “Bryan money” of the late nineteenth century was largely satirical, poking fun at advocates of free silver, the tone surrounding silver had shifted dramatically by the time of the Great Depression. Speculation in silver was largely confined to wealthy interests, as exchange contracts represented a daunting 25,000 ounces rather than the 1,000-ounce standard familiar today. Seeking to broaden participation and encourage small investors, the Denver investment house Pedley & Ryan began producing .999 fine one-ounce silver slugs roughly the size of a standard silver dollar.

Introduced on January 5, these plain-edge discs contained one ounce (approximately 430 grains) of 99% fine silver and were sold at a price of three for one dollar. Pedley & Ryan also pledged to redeem the pieces at the prevailing market price of silver. The concept was simple: ordinary investors could accumulate silver cheaply and potentially profit if the metal returned to the long-advocated 16:1 ratio. Increased demand would also benefit western silver mining interests.

The campaign ultimately proved short-lived. Sales fell short of expectations and by late summer the program was discontinued. Pedley & Ryan, later known as the Cow Gulch Oil Company, subsequently shifted its focus to producing large 1,000-ounce silver bars instead.

The present example is a true survivor. Most are encountered dark and unattractive, but this piece remains bright and appealing, with remarkably few marks for a medal lacking high points, as all lettering is incuse. These pieces were hand punched, reportedly by a single “girl” of the firm, and minor variations are common. On this example, the second “3” in the date was repunched a total of three times., NGC.