Pre 1965 Silver Content = .7234 Question

The statutory content of a standard dollar of silver is 371.25 grains of 99.9% fine silver (0.7734 troy ounce, 24.0577), per the Coinage Act of of 2 April 1792, Statutes at Large, I 246. The value given under "Circulayed or Junk Coin" is for circulated dollars at 0.765t.oz each.

Of course, the statutory content of dimes, quarters, and halves was changed to 0.7234 troy ounce of 99.9% fine silver per dollar, per the Act to Devalue the Subsidiary Silver Coinage of 21 February 1853, Statutes at Large, X, 160 (as amended by Act of 12 February 1873 XVII, Stat.424). The value given under "The Circulated or Junk Coin" is for circulated coin at 715 t. oz. per $1000.00 face value bag. They are 90% silver by weight.

So, there you have it. US law. Why the values were initially set different, probably seigniorage.

Before 1965, most folks used silver certificates, FRN's, and legal tender notes. Silver dollars could be received for redeeming a silver certificate, but most didn't do that...which is why when silver dollars were declared to no longer be redeemable in silver dollars on 25 March 1964, there were tons of them non-redeemed, which led to the Carson City Morgan GSA sales and (probably) tons sent to the melting pot.

<--- The total number of silver dollars saved from before 1965 by my family totaled 3 (a 1904 Morgan, a 1921 Morgan, and a 1922 Peace). Two of them were received as souvenirs from a trip out west taken in the 1930's, and the third no one remembers, it was just "there". Several dozen silver certificates were saved, as well as a large number of 40% halves, but not many silver dimes or quarters. It's unfortunate. But people just didn't have tons of extra cash back in those days. A nickel was still worth something in the 60's.

As a child of the '60's, I don't remember my parents saving or hoarding silver coin, not many folks did, they just didn't care...similar to today. Most people are absolutely clueless when it comes to the composition of money, past or present.

I do remember a buddy back in the early 70's who's mother produced a fruit jar full of Mercury dimes.

My grandparents, rest their souls, knew the value of silver and gold, my grandma saved the silver coin that came across the counter at the P.O. where she worked, and passed them on to me. She retired in the late '70's.

Thanks Groszy! Of course War Nickels have higher melt values. My local coin store (well not mine, but the one I visit) sells them at melt price. The coin dealer there said that they have a hard time finding people to buy those. I bought some, because I like having different silver coins to tell people about. I was wondering what your thoughts are on the War Nickels.

PS. A gallon of gas still only cost a few War Nickels. haha

I wish I was interested in coins back when I was bank teller. Even though we had machines to count the very large quantity of change, I still touched lots of coins everyday.