Silver Coins and the 1973 Oil Crisis

I was reading somewhere that some gas stations were only accepting silver coins as payment during the 1973 oil crisis.
Do any of you older members remember if this really happened?

 

Log in or Sign up to hide this ad.

Don't believe everything you read.

 

While I certainly don't remember stations "only" accepting silver coins, I vividly remember SOME station owners making such deals with customers, including my father, during various times in the 70's, throughout the "oil shock" period.

That was, in fact, the first teachable moment my father used to explain to me the idea of a monetary 'standard", "fiat currency", and other similar topics.

 

If I believed this story, I would not come on coin talk and ask if it really happened.

Thanks for your input, anyway.

 

If there were gas stations that were only accepting silver coins in payment, they probably weren't doing much business since 90% silver coins had almost completely disappeared from circulation by 1969.

 

In 1973, I was in Cincinnati, Ohio. Two years out of college. I remember odd & even days for buying gas based on the last number on your license plate ( odd or even). I don't remember anything about paying in silver coins. Long lines waiting to pump your gas. I had Mobil Oil & Shell Oil credit cards for my gas purchases.

 

I also remember odd and even days. If your last number on your plate was even you pumped on that day that was set up by the gas station etc. Also remember just getting $3.00 every time you gassed up. Please lets not go back to those days.

 

I don't know about that year but in the '80's, stores were advertising tv's, furniture etc. for prices like $10 (in silver coins). It was a real pain because nobody reads the fine print.

 

Not true. However, the gas stations around me only accepted cash for payments, no checks or credit cards.

I also remember the gas stations were guarded by troopers armed with 12 gauges to keep order, and make sure you got gas only on the day your license plate number allowed you to, i.e. odd number plate only on odd numbered days, even number plate on even numbered days.

 

Wouldn't it be easier to just buy both an even and an odd license plate, or was it illegal to buy plates back then? And how much time would you have got for do either of those?

 

I remember the odd & even days, too! I also remember how angry so many drivers would get in the half-mile long lines around the D.C. area. Losing one's temper wasn't going to make the lines any shorter. I just waited patiently in my place in line working crossword puzzles. I think the worst thing that could happen was waiting for an hour or more as the line gradually shortened, and when you finally had the gas pumps in sight, the station ran out of gas.

Chris

 

I remember seeing the stories on TV at the time of stations dropping their prices very low if you paid in silver coins. The lines into the stations were extremely long, they did really well with that.

Gene

 

The odd/even plate thing was no burden, really. Having both plates would simply mean you got to wait in long lines twice as often.
Lance.

 

Yes some stations did do that. It was no official policy, just something the individual station owners did. The owner got silver and the driver got gas for what he considered a cheap price using silver coins that he had hoarded at face value.

 

My mind was on other things back then.....

15[SUP]th[/SUP] Jan. Nixon announces a halt to all U.S. offensive action against the North
27[SUP]th[/SUP] Jan.
It is estimated that there is 145,000 NVA troops in South Vietnam
27[SUP]th[/SUP] Jan.
Peace Pact is signed in Paris. End of military draft announced
10[SUP]th[/SUP] March
ROK Capital Division returns home to South Korea.
18[SUP]th[/SUP] March
Major Floyd Thompson is released by North Vietnam, he was captured in March 1964
28[SUP]th[/SUP] March
1[SUP]st[/SUP] Aviation Brigade leaves for home and is the cut of date for the award of the Vietnam Service medal and Campaign medal
29[SUP]th[/SUP] March
MACV HQ is disbanded and the 18[SUP]th[/SUP] MP Brigade leaves Saigon.
The withdrawal of all U.S. troops from South Vietnam is complete and release of 590 U.S. POW’s held by communist forces in Vietnam are completed.
1[SUP]st[/SUP] July
U.S. Navy starts to clear mines from North Vietnamese ports and rivers.
14[SUP]th[/SUP] August
U.S.A.F. Operations Arc Light and Freedom Deal end as U.S. officially ceases bombing in Cambodia and thus direct U.S. military action in South East Asia ceases.
31[SUP]st[/SUP] Dec.
U.S. military personnel limited to 50.

 

I was an active collector at the time, quite aware of the value of silver coins, and I have no memory of this. Of course, I also wasn't old enough to drive.

 

I don't recall silver having anything to do with the oil shortage either, and I had been driving for 10+ years. Perhaps someone is confusing that period with the Hunt Brothers fiasco several years later. I do remember that it was at about that same time (late 70's) when the price of gas first went over $1 a gallon.

Chris

 

I suspect it was no different than it is now...

In any given community, town, or suburb, some number of people might have been/are willing to barter their goods and services for silver...and in others, they weren't/aren't. In still others, such people exist, but were/are more or less willing to share that information.

It all just depends on the local culture and cliques.

 

Ahhh...1973...Pink Floyd's Dark Side of the Moon!! ...and a pack of cigarettes was the same price as a gallon of gas...55¢



...but I don't recall anyone asking for silver coins. Then again, 1973 was a bit of a blur.