I am interested in the U.S.'s switch from 90% silver to clad composition and how this may be a precursor to a future composition change of the cent and nickel. Firstly, how did the government implement this plan? Did they announce to the public a composition switch would occur before they began minting clads? If so, was the announcement days/weeks/months/years before the Mint began producing the new composition? I understand silver 1964-dated coins were struck up until the late 60's, possibly into the 70's, though this was apparently to use left-over silver planchets. Also, did people begin to hoard silver prior to 1964? (Silver prices were on the up-and-up, so I don't think this is totally unexpected) After clad began circulating, how quickly did silver cease to circulate? I am especially interested in hearing first-hand stories if anyone remembers this time period. Thanks, 09S-V.D.B
Okay, first: The 1964 silver coins were minted into 1965, and no later. During this period the 1965 dated coins (without mint marks, because collectors were destroying the universe-- or so the government claimed) were struck, and then released. The announcement was made that there was to be a switch in composition, and then the new clad coins were released. Hoarding started with the announcement, but there were so many coins that they circulated along with the silver for many years.
I really don't remember any announcements about the change coming up at the time. However, I did remember the commotion that started with so many vending machines that would not accept the new clad coins and that was when the explanations began flying around. I doubt that the truth of how, when, why, etc. will ever really be know to that question but I'm sure there are a lot of accepted stories that people are led to believe. From the best ones I've ever heard the thing was just to many people were melting down Silver coins for other reasons.
I would disagree as there are some aticles that show that silver coins dated '64 were struck up untill 1969 IIRC---I'll try to find the link and post it here. Speedy
Here try this---I was wrong on the date--it was just till 1966... http://conecaonline.org/content/1964CoinageStrkThru1966.htm Speedy
I've heard the opposite, that people hoarded the silver, and by the late 60's the mint stopped it's efforts to seperate and remove the silver coinage from circulation because there were so few silver coins left circulating. Another important note is that silver wast not removed from the half dollar until 1971, though the amount of silver was reduced from 90% to 40%. Even though the amount of silver was worth less than face value at the time, Gresham’s law still came into play and people hoarded the 1965-1969 half dollars**, prefering to spend the non-silver dimes and quarters. Combined with the fact that people also were hoarding the JFK half dollars as a mementos meant that the entire 50 cent denomination was effectively gone from circulation. Even though the half dollar went to copper nickel clad in 1971, it has never come back as a widely circulating coin. I've also heard that the 1964D peace dollars that were supposedly all melted down were actually minted in 1965. Does anyone know if this is true or not? **The 1970 half dollar was a 40% silver coin too, but it was a mint set only coin and none were struck for circulation.
Toddestan,don't forget that there were also silver $1 & $1/2 coins in the 1970's as well,especially in 1976. Aidan.
My recollection is that this is something of an overstatement. No doubt a few people hoarded the silver, and just about everyone saved a few coins. But most people didn't bother although it is popular today to circulate the story about the tremendous amount of hoarding that went on.
Hoarding Actually, the hoarding that I was referring to was the fact that it was popularat the time to 'collect' by the roll or even by the bag of coins. The mint blamed the coin collectors for the coin shortages that were supposed to have occurred at the time. There were many collectors and dealers who bought and sold be the roll or bag, for all denominations. Actual hoarding of silver coins (from circulation) did not occur until later. And yes, the use of silver was continued in the half dollar, at 40%, thru the 1970 D (for mint sets only). And later for special editions, like the Ike dollars. Effective with 1971 all coins struck for circulation were clad, without any silver. However, the biggest gripes were from the vending machine industry, until they simply adjusted the machines to accept the new coins. In fact, if you use a silver quarter or dime in a slot machine today it will be rejected. Actual hoarding of silver was a gradual thing that occurred over many years, with the gradual removal of silver from circulation. Frank
I thought that all of the silver coins in the 1970's were for collectors - the so called "Blue Ikes", as well as the silver 1/2's for the Bicentennial. But if I'm wrong please correct me. I should mention that I recently inherited over $20 in old silver coins that my grandfather pulled from circulation in the late 1960's. Nothing special in terms of the coins, just a bunch of common circulated Washingtons and Roosies with a few Kennedies mixed in. Back in the 1960's that would have been quite a bit of money to just "set aside" like that. Too bad he didn't sell it off back in the early 80's.
Fortunately for you he didn't sell them because now you have them as a keepsake and a small silver "investment."
Has everyone forgotten that the Lone Ranger used Silver bullets. If you ever heard him on the Radio or seen him on TV you'ld have noticed he constantly fired his guns utilizing those Silver bullets. They were never recovered so the amount of Silver required for additional bullets grew. The government stepped in and cancelled that show but to late. The Silver shortage now ment that the coins had to be changed to clad.:smile :smile
No, it was Tonto that was fictional. Speaking of that did anyone ever see the Lone Ranger with money? I wonder if he carried Silver coins. What dates do you think they would be?
The Lone Ranger - a fictional character invented by Fran Striker for a half-hour radio show, and later novelized - rode a horse named "Silver". Rremember the lead in: “A fierey horse with the speed of light, a cloud of dust and a hearty, ‘Hi Yo Silver!…It’s THE LONE RANGER. With his faithful Indian companion Tonto, the daring and resourceful masked rider of the plains led the fight for law and order in the early west. Return with us now to those thrilling days of yesteryear. The Lone Ranger rides again!” ). Trigger was Roy Rogers' horse. One of the series of horses by that name was mounted and is a permanent exhibit at the Roy Rogers and Dale Evans Museum in Victorville, California.
The Lone Ranger had a silver mine that he and his brother, Dan, had planned on using for their retirement. A retired Texas Ranger (who knew the Ranger's secret) agreed to work it for him and make the silver bullets. The Lone Ranger and Tonto would periodically visit the old Ranger and stock up on bullets and silver to use to buy goods. Why does the Lone Ranger use Silver Bullets? If you read the Saturday Evening Post article on this site, you'll see that Striker borrowed it from a Robin Hood radio program he'd written where Robin used silver arrowheads to identify himself. Later, a more philosophical reason was given. Silver bullets reminded the Ranger how expensive firing a gun at a man was. Not that this seemed to sway him from firing his gun an awful lot. Just not to kill anyone. Source: http://www.endeavorcomics.com/largent/ranger/faq.html
The silver mine was inherited by Dans son, Dan Reid Jr. who used the money to found a newspaper,"The Daily Sentinel". Dan Jrs playboy son Britt used the money to take up the family buisness. Britt Reid was..The Green Hornet. Silver prices must have been high because The Hornets guns shot gas and electric current.
