Penny+Auctions

Penny Auctions

During The Great Depression, many farmers were unable to pay the mortgage for their farms. Becuase of this, the bank would forclose on the property and sell it at an auction. The bids would be kept so low during the auctions that other farmers would bid pennies for the land. After the auction, the bidders would return the farm from the auciton to its original owner.

Information Provided By: America Pathways to the Present (page 521) Picture Provided By: http://www.livinghistoryfarm.org/farminginthe30s/media/money1001.jpg