Did you know that the Federal Reserve ruined the world's greatest coin trick?
It's true! I'll tell you the story.
Thomas Nelson Downs (1867-1938) was a vaudeville star. Known as the Coin King, he was an expert conjurer, but like most successful magicians, what really made him stand out was his ability to showcase his talent in an entertaining way.
His most famous routine was known as "The Miser's Dream." It is a classic trick that was already popular when Downs began performing it.
During the trick, the magician holds a container, similar to a top hat or champagne bucket. With the other hand, he reaches into the air and appears to extract a silver coin from the ether, which he then tosses into the hat or bucket.
Downs was a master of this trick thanks to his flamboyant performance. After pulling a few coins out of the air, Downs would approach the crowd and begin snatching them from the audience. Silver would magically appear behind ears, mustaches and elbows; few were spared from his quest for silver coins. Dozens of coins appeared.
It was dazzling!
The miser's dream is still a great piece of magic, but it no longer has the dramatic impact it had over a hundred years ago.
Why?
As with any other performing art form, magic fads come and go. That applies to any trick. But Miser's Dream has a vulnerability that most tricks don't.
The Miser's Dream is about making money appear out of thin air, and that money isn't what it used to be.