Ever wonder why there are no mint marks on 1965-1967 coins? by Allen

[CSJournals-migration]

IT's all your fault. if you were collecting in 1964

 

I just read an article by David W Lange that explains why.

It's all the coin collectors fault. At least that's what congress thought , but maybe they were wrong.

 

Here's the link

http://www.ngccoin.com/news/viewarticle.aspx?IDArticle=711

 

See more journals by Allen

[RichH]

Interesting. Maybe if Congress had understood Gresham's Law the outcome of hoarding 1964 and prior coins would have been easily predictable. I always remember my uncle Jim circa 1965, in a kitchen cabinet he had pie tins filled with silver dimes, quarters, etc. I'd love to have that stash now !!

[RWB]

You might want to check out the post, "The Great Coin Shortage of 1964" on the Numismatic General area.

 

Actually the situation referred to by RichH refutes the simple interpretation of Gresham’s law. The government stopped using mintmarks so they could produce and circulate the maximum quantity of new coinage. This forced use of the new coins by overwhelming existing silver coinage. It did not result in silver coins being hoarded.

 

My recollection is that much of the public couldn’t tell the difference between silver and clad and did not pay attention. Also, since silver coins could not legally be melted, there was no incentive to hold them. “Bad money will drive good money out of circulation only when use of good money at its market price is too expensive.” [Prof. Warren E Weber]

 

Gresham’s law is a perception, not a reality. For a clear example look at the public reaction to the bicentennial quarters. Many felt they were “worth something” and so they were saved in huge quantities. Some still save all they find in circulation. The “good” bicentennial coins are horded and the “bad” normal quarters are spent.