Why did the US Mint ever make 40% silver coins beyond the circulating Kennedys? The Ikes were sold directly to consumers with markups. The 3-coin Bicentennial set? I'm curious why they didn't do these in 90%. Side Question 1: Why didn't the Mint just go to clad Halves post 1964? Why waste effort with the 40%? Side Question 2: Was the 1982 Washington commemorative, the first 90% coin to be struck since 1964? -- Thanks for your answers PS: I would love for the Mint to make 90% uncirculated coins at spot + small mark-up, sold in rolls.
The government wanted all silver coins out of circulation by 1965 so they switched to clad but President Kennedy was assassinated on 11-22-1963 so they reduced the silver content to 40% in 1965 in order to keep them circulating so as to honor his memory. He was very popular, especially among the younger generation.
Kennedy had nothing to do with it. It was strictly a matter of swapping a political favor for votes. The government DID want to remove all the silver from the coinage, but the Senators from the silver producing states wanted to protect their constituents market and wanted to keep silver in the coins. They had enough votes to prevent the bill mandating the clad composition from passing. So in order to get their votes on the clad coinage those Senators were given two concessions. The half dollar would be made of 40% silver and there would be a coinage of 50 million Silver dollars. With those promises they voted to authorize the clad coins. Then the government reneged on the silver dollar. The 40% half was produced through 1970 with the last year being a collector set only piece, and rising silver prices finally ended the 40% silver half as well. And yes the 1982 Washington half dollar was the first 90% silver coin the Mint made after ending the 1964 coinage. Why the Bicentennial silver commems were made in 40% and not 90% I can't say. To keep the price of the set down maybe? Or possibly because they were used to working with 40% silver clad and not 90%. The mint hadn't made any 90% silver coins in over ten years, but they had been working with 40% every year since 1965. Kind of like the problems they had in 2009 working with the 95% copper composition for the mint and proof sets.
