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 Replies: 9 / Views: 3,023 |
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Pillar of the Community
United States
4867 Posts |
With 1964 being the last year of circulating silver coins, why did the Kennedy halves continue on being minted in silver, albeit in 40%, through 1970? And why did not the quarters and dimes continue on with silver through 1970 along with the halves? |
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Pillar of the Community
United States
1903 Posts |
From what I hear...and I warn you, this is speculation and memory, and I can't point you to a factual article, but I BELIEVE it had to do with the Kennedy legacy and the fact of his assassination. They honored him by maintaining the silver in his coin for another bunch of years.
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Valued Member
United States
315 Posts |
I'm going to guess political incompetence.
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Moderator
 Australia
16826 Posts |
It has nothing to do with Kennedy, and nothing to do with politics. In short, it was a reluctance by world governments to abandon silver completely from the coinage, despite the fact that it was becoming increasingly less profitable to keep it there.
In the late 1960s, silver was abandoned by most countries worldwide for general use in coinage, but in many countries it was kept for the "flagship" coin, the highest denomination likely to be found in circulation. The American half-dollar, the Australian 50 cents, the German 5 marks, the Japanese 100 yen, the Swiss 5 francs - all retained silver content for longer than the lower denominations.
If you have an ounce of silver you wish to turn into coinage, it is easier and cheaper to make one large 1 ounce coin than to make ten 1/10th ounce coins. So keeping silver only in the largest coins helped make silver an economically viable option for longer.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Valued Member
United States
96 Posts |
Sap - You are correct, I was going to post the same thing but you pretty much said it all.
The reason the Kennedy was chosen is that the dollar coin was discontinued in 1935 and not resumed until 1971, the Half was the largest coin minted by the U.S. at the time.
Also, don't forget the Mexican Pesos of the 1960's with their 10% (.100) silver content.
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Moderator
Australia
16826 Posts |
As a general rule, it was the wealtheir countries (such as America and Germany) and the countries with silver mines on their territory (such as Mexico and Australia) that held on to silver in circulation the longest. In other words, it was the countries that had access to large stockpiles of silver.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Bedrock of the Community
Australia
21786 Posts |
The definitive German .650 fine silver 5 Marks continued to be issued until 1974, without any debasement. After that, .650 fine silver NCLT commemorative coins were sold by the banks for face value.
I guess the face value offering was discontinued when the ASV exceeded the face value. Dunno what year that was, but you could probably make an inspired guess by examining the mintage figures.
1974 was the last year for issue for circulation for a silver coin anywhere in the World, until Mexico issued bimetallic silver $10 and $20 coins in the 1990's 'for a short time' * As far as I know, the Mexican bimetallic silver coins are the only bimetallic silver coins that have ever been issued for circulation.
* Sounds a bit like a limited time hamburger offering!
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Bedrock of the Community
United States
17884 Posts |
It was a political trade off. The mint wanted to get rid of silver completely, the Senators from the silver producing states were protecting their constituents by insisting on silver continuing and they were refusing to vote for the clad coinage. As a compromise the half dollar was retained as 40% silver if the Senators would vote for the other coins becoming clad. And production of 50 million 64 silver dollars was thrown in as well. The coinage act of 1965 was passed with the compromise intact and then later the silver dollars were killed by Presidential order. In 71 the silver was finally stripped from the half dollar as well.
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Pillar of the Community
 United States
4867 Posts |
Very interesting....but how did the 71-74 S Ikes get to be silver?
Edited by TheForce
10/23/2013 11:07 am
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Pillar of the Community
United States
3755 Posts |
The silver Ikes were not for circulation. They were collector coins only, so do not factor into this particular equation.
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Replies: 9 / Views: 3,023 |
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Posted 10/22/2013 7:52 pm
