Farmers “arrest” the sheriff who was attempting to evict a woman from her farm on behalf of an insurance company. Michigan, 1952

Farmers “arrest” the sheriff who was attempting to evict a woman from her farm on behalf of an insurance company. Michigan, 1952.

In the Great Depression, there were things called Penny Auctions. When a property was foreclosed on, the bank would hold an auction on the property. The locals would show up, guns in hand, and threatened anyone who would dare bid on it. The family that had been foreclosed on would pay very little to get their property back free and clear. This practice carried on.

Hard to threaten the buyers when the bidding is online, sadly. But agreed— there are certainly some folks with more than enough who could stand to return that wealth to the people, whether by force or otherwise.

A penny auction is a collective action taken during the auction of a foreclosed property to force the sale of the property at a low price, with the intent of then returning the property to its previous owner. The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents foreclosure by forcing the lender to relinquish the property without an opportunity to recuperate the balance of the loan.

The term arose during the foreclosure of farms during the Great Depression in the United States: neighbors would gather in large numbers at the auction and place bids of only a few pennies, while intimidating anyone who attempted to bid competitively. In the end, the bank that owned the farm would get whatever was bid and the neighbors would return the farm and its contents to the farmer

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