The end of Silver 1 1

[Moxie15]

The Coinage Act of 1965, Pub. L. 89–81, 79 Stat. 254, enacted July 23, 1965 among a few other things end 90% circulating coinage. We all knew that, nothing new. My question is why if it was not activated until mid year why did the mint not mint 1965 SILVER coins? I will have related questions, I am sure, when I get some answers to this one

[RWB]

Congress stuck with the 1964 date until sufficient quantities were available to cover expected commercial need until the 1965-date clad coins could be produced. Treasury anticipated large withdrawals of silver coins once the clad pieces were released. This did not happen to the expected extent, so Treasury began slowly removing silver coins from circulation. That, along with normal attrition and collector hoarding of silver kept overall coinage in balance with new clad production.

[If you want background and an overview, see my book Private Pattern and Related Pieces: International Nickel & Gould Incorporated. (2019) where the silver coin and silver dollar situation is reviewed. The book is available through the ANA Library and Interlibrary Loan at your local community library.]

[Moxie15]

@RWB Did the law about only striking coins with the present year's date exist at that point in time?

[RWB]

Congress passed a law freezing the date at "1964." This lasted until mid-1965 when the clad coins were introduced with 1965 dates. Not striking 1965 90% silver avoided speculation and hoarding. 1965 halves were 40% silver.

[Insider]

Unable to post any "likes" for RBW's posts.  Interesting topic.

[VKurtB]

1 hour ago, Insider said:

Unable to post any "likes" for RBW's posts.  Interesting topic.

I just did for you. Can’t stand seeing someone not able to do what they want to.

[RWB]

4 hours ago, Insider said:

Unable to post any "likes" for RBW's posts.  Interesting topic.

That's OK. I appreciate the thoughtfulness.:)

PS: Who is "RBW" ?

Edited September 2, 2020 by RWB

[RWB]

There was a lot of horse trading (and rustling) in Congress over the silver content of coins and how to manage the entire thing. It took a while for everyone to realize that change was not temporary.

[jtryka]

What about the "date" question, perhaps RWB has some insights into the law, but I didn't think it was a big deal for coins to be produced with a date that was not reflective of when they were produced.  After all, I believe the Mint starts striking the next year's silver eagle coins in the last two months or so of the prior year, and thought they did the same for circulating coinage.

[Conder101]

18 hours ago, Moxie15 said:

Did the law about only striking coins with the present year's date exist at that point in time?

Yes, that was part of the mint act of 1792 or 1793.  But laws can be modified by later laws and in September 1964 the Date on all US coinages was "frozen" as 1964.  That was the case until the coinage act of 1965 specified that all 90 % silver coins would be dated 1964 and the clad coins would resume their date of issue.

 

49 minutes ago, jtryka said:

What about the "date" question, perhaps RWB has some insights into the law, but I didn't think it was a big deal for coins to be produced with a date that was not reflective of when they were produced.  After all, I believe the Mint starts striking the next year's silver eagle coins in the last two months or so of the prior year, and thought they did the same for circulating coinage.

The law specifies that all coins must bear the date of their year of striking.  And yes ASE's and circulating coins are struck late in the year withthe coming years date.  But the mint operates under the idea that as long as they don't release them before the date that is on them it is OK.  They are following the intent of the law, but not the letter of the law.

[jtryka]

Very helpful @Conder101

[VKurtB]

38 minutes ago, Conder101 said:

Yes, that was part of the mint act of 1792 or 1793.  But laws can be modified by later laws and in September 1964 the Date on all US coinages was "frozen" as 1964.  That was the case until the coinage act of 1965 specified that all 90 % silver coins would be dated 1964 and the clad coins would resume their date of issue.

 

The law specifies that all coins must bear the date of their year of striking.  And yes ASE's and circulating coins are struck late in the year withthe coming years date.  But the mint operates under the idea that as long as they don't release them before the date that is on them it is OK.  They are following the intent of the law, but not the letter of the law.

If you get to a January F.U.N. show, you can witness the ceremonial wheeling of pallets of monster boxes of the new year's ASE's to the major wholesalers, whereupon they scrawl their signature on pre-filled NGC and that other four-letter word company's forms, and the pallet then goes to those TPGS's. It's all great umm, err, (sorry), FUN.

[Zebo]

14 hours ago, RWB said:

That's OK. I appreciate the thoughtfulness.:)

PS: Who is "RBW" ?

An evil twin???  

[VKurtB]

8 minutes ago, Zebo said:

An evil twin???  

He's the one who actually LIKES cats … oh, and Dan Carr.