1896-S $20 Liberty

1896-S $20 Liberty. NGC graded MS-61. Baggy and yet very lustrous, this was struck during a gold `panic` year when much of the Federal Government`s gold was being hoarded. It reached a breaking point where President Cleveland was forced to float a series of loans with the banker J. P. Morgan to reliquify the specie backing of the paper money. This was before the advent of the Federal Reserve System. Morgan`s establishment often had to step in to stop banking and stock market panics in the period from the 1880s to 1910. After the loans came through, the new gold deposits stemmed the outflow.