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History Of Clad Coinage - Interesting!

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schmidty's Avatar
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 Posted 01/26/2010  1:25 pm Show Profile   Bookmark this topic Add schmidty to your friends list Get a Link to this Message Number of Subscribers
I just ran across an article on the Numismaster website about the beginnings of US clad coinage. It's a very interesting read. For instance, did you know that in 1965 a bill was introduced that would have made coin collecting illegal?

Here it is: http://www.numismaster.com/ta/numis...ticleId=9082
Edited by schmidty
01/26/2010 1:29 pm
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steve199's Avatar
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 Posted 01/26/2010  1:58 pm  Show Profile   Bookmark this reply Add steve199 to your friends list Get a Link to this Reply
Thanks for posting that, I wasn't aware that coin collecting was almost banished. Wonder why it was called the Bible Bill...
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cladking's Avatar
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 Posted 01/26/2010  2:10 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply
There are a few little errors and omissions but it's pretty well written really. My biggest problem with it is probably the title. Collectors were cold to these coins really. They simply stopped all coin collecting dead in its tracks ands it didn't recover until the states coins were issued in 1999. It not only stopped the coins that had been silver it even stopped the collecting of cents and nickels. Where rolls and bags had been saved in the past it's difficult to even find singles of many post-1964 coins. New collectors became nearly as rare as collectors of new coins for decades after this. The hobby simply stagnated as collectors moved from one hot item to another for the next third of a century.

There was also a date freeze for 1965 coins. This was very short lived but at one time people believed that all future coins would carry the 1965 date. This was a bucket of cold water in the face of collectors. The suspension of mint and proof sets were just another slap in the face for collectors who needed no encouragement from Sen Bible to stay far away from the new coins.

It should be added that the mint obviously knew the real cause of the coin shortage; silver hoarding. Look at the mintages of the cents and nickels in the early clad years. They are actually lower asa the mint was crankjing out billions of horribly made clads.

While there's no real way to tell any of the '65- '67 issues apart by where they were made there are many of these whose origin can be shown. It's also a safe bet that all of these issues made by basined dies were either in mint sets struck in San Francisco or were struck in San Francisco from retired SMS dies.
Time don't fly, it bounds and leaps.
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schmidty's Avatar
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677 Posts
 Posted 01/26/2010  3:05 pm  Show Profile   Bookmark this reply Add schmidty to your friends list Get a Link to this Reply
Thanks for the additions and corrections, cladking.

Your name is well deserved!
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steve199's Avatar
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1882 Posts
 Posted 01/26/2010  3:54 pm  Show Profile   Bookmark this reply Add steve199 to your friends list Get a Link to this Reply

Quote:

for collectors who needed no encouragement from Sen Bible to stay far away from the new coins.


Well dopey me, I didn't notice his name.


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925dealer's Avatar
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258 Posts
 Posted 01/26/2010  7:35 pm  Show Profile   Bookmark this reply Add 925dealer to your friends list Get a Link to this Reply

Quote:
But U.S. News and World Report wondered if people would hoard silver coins if and when the new metal was introduced. Many people remembered Gresham's Law: bad money drives out the good.


Gee you think? The truth was this was another example of our government and the bankers stealing from we the people by debasing our currency. This trend continued in 1983 when zinc pennies started circulating. It did not take very long for the copper ones to disappear.

We are seeing a lot of copper pennies as well as silver coins in circulation now only because of old hoards being turned in for cash. Enjoy it while it lasts folks as this trend will not continue forever. The really smart people were stashing silver in 1964 and 1965. Most silver was gone from circulation by the end of 1966 and almost all of it had been pulled by 1970. Now those of us who roll search are gaining the benefits. Happy hunting! Sincerely, John Leckrone

P.S. Thank you for posting this!
Valued Member
United States
436 Posts
 Posted 01/26/2010  7:59 pm  Show Profile   Bookmark this reply Add coretj to your friends list Get a Link to this Reply
What a great read, not being alive at the time I really had no insight into what happened back then.
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Brian Mc's Avatar
United States
124 Posts
 Posted 01/26/2010  8:25 pm  Show Profile   Bookmark this reply Add Brian Mc to your friends list Get a Link to this Reply
As was feared, people did start to hoard silver. In '64 I was nine years old. I didn't start serously collecting coins until I was fifty, but I started saving silver when I was nine.

(coretji, do you want me to believe that you are the incarnation of Nikola Tesla? )
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