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Posted 05/19/2010 08:24 am
Notwithstanding your speculation, everything I have ever heard or read on the subject over the years indicates that hoarding of the '64 Kennedy halves pertained mostly to their sentimental value, as indicated in this short extract:
There was a "hoarding" of all silver coinage at the time, not specific to the '64 Kennedy half, which was produced from '64 thru '66. Below is an extract with the mintage figures for 1964 dated Kennedy halves.
That's approximately 345 million 1964 Kennedy halves.
In an overall sense, it would appear that a combination of the two factors were at play, but I believe the preponderance of the holding of the Kennedy half dollar at that time was due to factors other than hoarding them for their silver content. If that were the case, all '64 silver coinage, and that of previous years, would have suffered the same rate of attrition.
But that just a guess on my part.
Steve
Quote:
The first Kennedy half dollars made for distribution were proofs coined early in 1964. By January 30, regular-issue coinage began at the Denver Mint, and the Philadelphia Mint followed suit the week after. These coins were released to the public amid much fanfare and anticipation on March 24, 1964. Despite limiting the number of coins they would sell to each individual, banks were quickly denuded of their supplies; few of the coins ever achieved actual circulation. From its very inception, the Kennedy half dollar became a keepsake, one cherished not only by Americans but by the late President's many foreign admirers, as well.
The number of Kennedy halves produced during 1964 was enormous in comparison to previous half dollar mintages. Despite this, the coins continued to disappear as fast as they were issued. With the nationwide shortage of all coins showing no let-up, Congress enacted a law which permitted freezing the 1964 date on U. S. coins until such time as the crisis passed. This was done in an effort to discourage hoarding by collectors and speculators, but the real problem lay in methods of distribution and recirculation, rather than being caused by the insignificant actions of hobbyists.
The first Kennedy half dollars made for distribution were proofs coined early in 1964. By January 30, regular-issue coinage began at the Denver Mint, and the Philadelphia Mint followed suit the week after. These coins were released to the public amid much fanfare and anticipation on March 24, 1964. Despite limiting the number of coins they would sell to each individual, banks were quickly denuded of their supplies; few of the coins ever achieved actual circulation. From its very inception, the Kennedy half dollar became a keepsake, one cherished not only by Americans but by the late President's many foreign admirers, as well.
The number of Kennedy halves produced during 1964 was enormous in comparison to previous half dollar mintages. Despite this, the coins continued to disappear as fast as they were issued. With the nationwide shortage of all coins showing no let-up, Congress enacted a law which permitted freezing the 1964 date on U. S. coins until such time as the crisis passed. This was done in an effort to discourage hoarding by collectors and speculators, but the real problem lay in methods of distribution and recirculation, rather than being caused by the insignificant actions of hobbyists.
There was a "hoarding" of all silver coinage at the time, not specific to the '64 Kennedy half, which was produced from '64 thru '66. Below is an extract with the mintage figures for 1964 dated Kennedy halves.
Quote:
Referencing the appropriate tables shows that the Philadelphia Mint produced 91,398,766 1964 90% silver Kennedy halves in 1964, 144,182,000 1964 90% silver Kennedy halves in 1965 and 41,674,000 1964 90% silver Kennedy halves in 1966. The Denver Mint produced 114,411,608 1964 90% silver Kennedy halves in 1964 and 41,793,838 1964 90% silver Kennedy halves in 1965. No 90% silver Kennedy halves were struck at Denver in 1966.
Referencing the appropriate tables shows that the Philadelphia Mint produced 91,398,766 1964 90% silver Kennedy halves in 1964, 144,182,000 1964 90% silver Kennedy halves in 1965 and 41,674,000 1964 90% silver Kennedy halves in 1966. The Denver Mint produced 114,411,608 1964 90% silver Kennedy halves in 1964 and 41,793,838 1964 90% silver Kennedy halves in 1965. No 90% silver Kennedy halves were struck at Denver in 1966.
That's approximately 345 million 1964 Kennedy halves.
In an overall sense, it would appear that a combination of the two factors were at play, but I believe the preponderance of the holding of the Kennedy half dollar at that time was due to factors other than hoarding them for their silver content. If that were the case, all '64 silver coinage, and that of previous years, would have suffered the same rate of attrition.
But that just a guess on my part.
Steve
