Episode 1 of 2
Specie Circular Impact
- When
- 1836
- Where
- United States
The 1836 Specie Circular required gold and silver for land purchases, causing a price crash due to lack of hard money.
The Specie Circular of 1836 mandated that western lands could be purchased only with gold and silver coin, instead of bank loans. This had an immediate effect, setting off a real estate and commodity price crash, as most potential buyers were unable to come up with sufficient hard money or "specie" to pay the speculation-driven, inflated prices for the land.
Sources
- Panic of 1837 Wikipedia, revision of 2026-09-16
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.