I got to reading about why the silver content was lower in the t1 3 cent piece. This is what I read; The silver 3 cent piece was made with a lowered fineness and intrinsic value of 86% of face to discourage hoarding and provide a coin for trade. I'm confused, the red book says the type 1's are 75% silver and 25% copper. Any math wizards want to explain this to me?
I believe you have it backwards. It is my understanding that in 1854 they made a change to 86% (90%) before that date they were minted (1851-1853) with 75% silver and 25% copper. The change occurred to encourage circulation. here is a resource link http://www.coinresource.com/guide/photograde/pg_03cThreeCentPiecesT1.htm
Thanx for the info., thats a good read. I found part of my question of why the silver content was lowered. Silver prices rose, so silver coins were worth more as bullion than as money. I don't believe I have it backwards, I think I'm just confusing myself. Thanx...
