In one of the worst economic disasters in U.S. history, on June 27, 1893, the New York Stock Exchange crashed, leading the nation to the Panic of 1893. Unfortunately, many lost all their money because their investments were financed with bond issues that had incredibly high interest rates. This was also an important time period in the debate about the gold, and its usefulness as currency. The gold supply quickly vanished, as many sought to redeem their silver certificates with gold. It was remembered as the worst economic disaster in history up to that point.