Owner Comments:
Pedley-Ryan & Co., Denver investment house, in order to provide a convenient medium for speculation in silver and to increase the use and popularity of silver as a medium of exchange, started a "Buy-an-Ounce-of-Silver" campaign Jan. 5, 1933. Silver at that time was in very limited demand, bar silver being quoted at 27 cents an ounce. Up to that time, the minimum amount of silver traded in on the big markets for actual delivery was 25,000 ounces, and this amount had been sold only since summer 1932.
On Jan. 5, Pedley-Ryan began its sale of round, rimless, plain-edge discs. Size of a standard U.S. dollar, they contained one ounce of silver, 430 grains 99% fine. The slugs were sold three for a dollar and Pedley-Ryan was to redeem them at prevailing market prices of silver. It was believed that thousands of investors throughout the country would purchase the "dollars" and would realize large profits when silver reached the 16 to 1 ratio hoped for by the silver bloc. Silver mining interests in Colorado and elsewhere would, in the meantime, benefit from an increased market for silver.
The campaign, which enabled even the smallest investor to speculate, ended in late summer. Sales had not reached anticipated goals. After that, Pedley-Ryan (later known as the Cow Gulch Oil Co.) sold bars of 1,000 ounces only.
Planchets for the pieces were made for Pedley-Ryan by the Sachs-Lawlor Co., Denver, the silver being obtained from the Denver Mint in 100-plus ounce bars. The discs were stamped by a girl in the Pedley-Ryan office. All have plain edge. First five types sold by Pedley-Ryan were stamped or punched (incuse) while Type VII was embossed.
Not more than 500 issued, beginning Jan. 7, 1933. Pedley-Ryan expressed hope this would be "the last and final variety." Complaints developed, however, that some motorists were using the slugs in lieu of silver dollars at automatic filling stations. A further change then was made, both as to size and type (Type VII). It was reported previously that only "50 made" of this Type IV; obviously an error.