The Specie Circular is defined as an executive order by Andrew Jackson that effectively made it mandatory for land to be purchased with either gold or silver. Jackson mandated the Specie Circular to prevent the acceleration of paper money within the United States and to quell people buying up land just to hold onto it until interest increased. The Specie Circular would eventually go on to cause an economic crisis in 1838. The Specie Circular effectively resulted in a time period that was named the Panic of 1838. The Panic of 1838 saw an economic depression within the United States that essentially ruined the prices of land, caused bankruptcy within banks and businesses alike, and compounded individual debt.