The Forgotten Depression: It gets TOTALLY overlooked because it followed WWI, comes right before The Roaring Twenties, and 8 years later you have The Great Depression.
But The Great Recession or even Depression of 1921 gets totally overlooked. Yet it was a unique downturn, unlike any other, in that wages and prices adjusted on their own and as a result James Grant (financial commentator and author) calls this book The Forgotten Depression: 1921: The Crash That Cured Itself. I had meant to get this book for years but re-reading RWB's section on The Roaring Twenties (Ch. 4) re-spurred me.
https://www.amazon.com/Forgotten-Depression-Crash-Cured-Itself/dp/1451686463/ref=sr_1_3?crid=12UHGQFY7TG1K&keywords=james+grant&qid=1667662400&s=books&sprefix=james+grant%2Cstripbooks%2C135&sr=1-3
I need to read the book, but as a trained economist and former Fed Watcher, it is often said that prices and wages are sticky to the downside. I have to think that this "miracle adjustment" was aided by the fact that coming out of WW I less than 3 years later the U.S. was in the strongest position globally and this helped our competitive position and allowed for the adjustment process within the country to be much less painful than in other countries.
You can see James Grant talk about his book on YouTube on CNBC and Bloomberg most likely. Prior to striking out on his own, he was the first CURRENT YIELD (column on interest rates) author for BARRON'S.
Anyway....I thought this might be of interest to any Saint or Peace Dollar collectors of the early-1920's.