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Government Stop Using Silver In Coins
Government Stop Using Silver In Coins latest news, images, analysis about Mar 31, 2020 · On July 23, 1965, President Johnson approved the Coinage Act of 1965, which removed silver from circulating coins and authorized that clad coins be used for the half …
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FAQs for Government Stop Using Silver In Coins
When did the US stop making silver coins?
It was then that the U.S. stopped making silver coins. Any United States dime, quarter, half dollar or dollar that is dated 1964 or earlier is made of 90% silver. In the dime series, all coins dated 1965 or later are clad coins and contain no silver at all.
Why do we need to reduce our dependence on silver?
So, in the face of this worldwide shortage of silver, and our rapidly growing need for coins, the only really prudent course was to reduce our dependence upon silver for making our coins. Since the life of a silver coin is about 25 years, we expect our traditional silver coins to be with us in large numbers for a long, long time.
Why are silver coins being phased out?
The USA’s 90% silver circulated coins were phased out from being struck by President Lyndon Johnson’s July 23rd signing of the Coinage Act of 1965. Now, all of you know these changes are necessary for a very simple reason–silver is a scarce material. Our uses of silver are growing as our population and our economy grows.
When were silver dollars banned in the US?
The act also banned the production of silver dollars until at least 1970. The Coinage Act of 1792 established the Mint of the United States, and made both gold and silver legal tender. This meant that anyone could present bullion at the Philadelphia Mint and receive it back, struck into coins.
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