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Bullion value of a Standard Silver Dollar FY 1878-1894
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27 posts in this topic

On 9/10/2022 at 9:48 PM, Quintus Arrius said:

Good thing they stopped making cartwheels. If they'd've continued, to the present time, me thinks they would reek of worthlessness.  :makepoint: doh! :facepalm:

...not at all...they would just be slightly smaller than the size of a dime or more likely the size of a nickel with a 35/65 alloy if congress authorized an alloy lower than 90/10...or non-silver issues such as we have now that no one uses....

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On 9/10/2022 at 11:49 PM, zadok said:

...not at all...they would just be slightly smaller than the size of a dime or more likely the size of a nickel with a 35/65 alloy if congress authorized an alloy lower than 90/10...or non-silver issues such as we have now that no one uses....

I don't believe you are aware just how much our current coinage, as presently constituted, has wreaked havoc in the market place.  And now you suggest the minting of silver dollars that are barely the size of nickels! Do you remember the last time silver dollars the size of quarters were introduced?  To the functional illiterate, size matters. So much so, that when you attempt to introduce a small coin worth more, you run into problems with acceptance.  My reply, as always, was meant tongue-in-cheek.  But there are places where peculiar characteristics of coinage, and currency too, for that matter don't fly over well. The Mint only becomes aware of it when hoards of coins that were not received well, begin to stagnate.

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On 9/10/2022 at 11:49 PM, zadok said:

...not at all...they would just be slightly smaller than the size of a dime or more likely the size of a nickel with a 35/65 alloy if congress authorized an alloy lower than 90/10...or non-silver issues such as we have now that no one uses....

I don't believe you are aware just how much our current coinage, as presently constituted, has wreaked havoc in the market place.  And now you suggest the minting of silver dollars that are barely the size of nickels! Do you remember the last time silver dollars the size of quarters were introduced?  To the functional illiterate, size matters. So much so, that when you attempt to introduce a small coin worth more, you run into problems with acceptance.  My reply, as always, was meant tongue-in-cheek.  But there are places where peculiar characteristics of coinage, and currency too, for that matter don't fly over well. The Mint only becomes aware of it when hoards of coins that were not received well, begin to stagnate.

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On 9/11/2022 at 12:06 AM, Quintus Arrius said:

I don't believe you are aware just how much our current coinage, as presently constituted, has wreaked havoc in the market place.  And now you suggest the minting of silver dollars that are barely the size of nickels! Do you remember the last time silver dollars the size of quarters were introduced?  To the functional illiterate, size matters. So much so, that when you attempt to introduce a small coin worth more, you run into problems with acceptance.  My reply, as always, was meant tongue-in-cheek.  But there are places where peculiar characteristics of coinage, and currency too, for that matter don't fly over well. The Mint only becomes aware of it when hoards of coins that were not received well, begin to stagnate.

...i am aware of many things...what i am not aware of is any havoc that our present coinage has wrecked, perhaps u should venture out of harlem n see, nor am i aware of our country ever minting any quarter size silver dollars, perhaps there r such rumors there in harlem but dont believe them...functional illiterates, yes i am aware there r a couple here on the forum....

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I am just going to say it.  The biggest THEFT of the citizens of the United States was in 1965 when they made our coinage just trinkets of cheap metals.  Thankfully, My dad and I kept a LOT of silver coinage from the past

There is just that feeling of letting a few hundred Morgans run through your fingers!

Try that with modern clad coins and you get that feeling of driving a Smart car vs driving a Dodge Hellcat!

Yes, I have been imbibing a little tonight! :bigsmile:

 

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On 9/11/2022 at 1:50 AM, MorganMan said:

I am just going to say it.  The biggest THEFT of the citizens of the United States was in 1965 when they made our coinage just trinkets of cheap metals.  Thankfully, My dad and I kept a LOT of silver coinage from the past

There is just that feeling of letting a few hundred Morgans run through your fingers!

Try that with modern clad coins and you get that feeling of driving a Smart car vs driving a Dodge Hellcat!

Yes, I have been imbibing a little tonight! :bigsmile:

 

...u should try wiggling ur toes thru a few hundred $20 gold pcs or driving a "70 454/400 chevelle n then u wont need to imbibe at all....

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MorganMan. There was no "theft" or anything of the kind. It was a result of simple, open market conditions. The free market price of silver rose to the point were the metal value of subsidiary silver coins would soon exceed the nominal value of the coin. Maintaining 900 fine silver coinage would have been a gross waste of tax dollars. Historically, government attempts to control free markets , or commodity ratios fail - sometimes with catastrophic effects.

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At the urging of Senator Mike Mansfield (D-MT) Congress authorized the coining of silver dollars in 1965. These were dated 1964-D, and all were melted after 300,000+ had been coined. It was a desperate effort to perpetuate silver coinage in the face of impossible market conditions and resulted in a provision being added to the Coinage Act of 1965 that specifically prohibited the coining of silver dollars for a period of five years. His influence was such that Congress compromised with silver-clad half dollars.  These provisions weren't repealed until passage of the Banking Act of 1970, which authorized copper-nickel-clad half dollars, as well as both versions of the Ike Dollar.

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On 9/11/2022 at 11:12 AM, zadok said:

...u should try wiggling ur toes thru a few hundred $20 gold pcs or driving a "70 454/400 chevelle n then u wont need to imbibe at all....

I have 10 toes , but not quite 10 Double Eagles.  I did have a 1971 Camaro Z28 when I was 16.  I imbibed a bit back then too! :headbang:

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On 9/11/2022 at 11:21 AM, RWB said:

MorganMan. There was no "theft" or anything of the kind. It was a result of simple, open market conditions. The free market price of silver rose to the point were the metal value of subsidiary silver coins would soon exceed the nominal value of the coin. Maintaining 900 fine silver coinage would have been a gross waste of tax dollars. Historically, government attempts to control free markets , or commodity ratios fail - sometimes with catastrophic effects.

If it was not theft, then answer this: Why did the government not leave what they had ALREADY minted in circulation. No, they took rolls of 90% silver from banks and replaced them with clad trinkets.  I could understand not making any more silver coinage after the value of silver outweighed the coin face value, but taking what was already minted when it was not face value is in my book THEFT plain and simple.

 

I suppose you also think that the 1933 gold confiscation at a set price of 20 bux an ounce was not theft either?  Then the next year, it was 35 bux an ounce. Who lost out on that one?

Edited by MorganMan
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On 9/11/2022 at 12:15 AM, zadok said:

...i am aware of many things...what i am not aware of is any havoc that our present coinage has wrecked, perhaps u should venture out of harlem n see, nor am i aware of our country ever minting any quarter size silver dollars, perhaps there r such rumors there in harlem but dont believe them...functional illiterates, yes i am aware there r a couple here on the forum....

Not Harlem, EAST Harlem... El Barrio.  The silver dollars to which I refer, are the ones released 40 years ago: the Susan B. Anthonys. GRANTED, they were not silver, but neither were the Ikes.  [And I didn't say "wrecked." I said "wreaked."] Those regrettably small sized "dollars," mistaken for quarters, wreaked such havoc that the powers that be pulled the plug on them not two years later, if memory serves. And those greasy magnesium Pocahontasi (plural, I guess) were a disaster.

Do I know my numismatic history, or what?  :roflmao:

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On 9/14/2022 at 3:47 PM, Quintus Arrius said:

Not Harlem, EAST Harlem... El Barrio.  The silver dollars to which I refer, are the ones released 40 years ago: the Susan B. Anthonys. GRANTED, they were not silver, but neither were the Ikes.  [And I didn't say "wrecked." I said "wreaked."] Those regrettably small sized "dollars," mistaken for quarters, wreaked such havoc that the powers that be pulled the plug on them not two years later, if memory serves. And those greasy magnesium Pocahontasi (plural, I guess) were a disaster.

Do I know my numismatic history, or what?  :roflmao:

...since u directed a question to me...simply put...no...there was no "wide general destruction" nor "great confusion n disorder" therefore no havoc...operative word is "silver", none ever made in quarter size...i still receive the attractive indian maiden dollars in change virtually ever week n have no need to find them in cull boxes...so no ur numismatic history is fundamentally lacking...maybe buy a book or two or better yet go to a coin show once u r back on ur feet n able to do so....

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On 9/14/2022 at 5:35 PM, The Neophyte Numismatist said:

Interesting that the price of bullion drops almost 41% from 1878 to 1894.  

...truly, perhaps goldfinger can provide the economical aspects that caused that drop, since he seems to be well versed in those areas....

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“The government” did not withdraw silver coins from circulation, average people did. This conspiratorial mindset is hilarious. 

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On 9/14/2022 at 9:34 PM, VKurtB said:

“The government” did not withdraw silver coins from circulation, average people did. This conspiratorial mindset is hilarious. 

...id have gone with pathetic....

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  • Member: Seasoned Veteran

The Treasury did withdraw the silver issues from circulation in the late 60s, but the public took more than the feds did. The federal reserve was instructed to sort the coins as received and forward the 90% silver pieces to the mints for melting.

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On 9/15/2022 at 11:46 AM, DWLange said:

The Treasury did withdraw the silver issues from circulation in the late 60s, but the public took more than the feds did. The federal reserve was instructed to sort the coins as received and forward the 90% silver pieces to the mints for melting.

Did that become the strategic silver reserve? And if it did, all that silver is back out there in the form of ASE’s. 

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On 9/15/2022 at 2:58 PM, VKurtB said:

Did that become the strategic silver reserve? And if it did, all that silver is back out there in the form of ASE’s. 

No. Silver from Treasury's stockpile accumulated between 1934 and 1950 was being used for domestic coinage, As that quantity decreased, open market silver prices increased. Part of this came from industrial and photographic demand, but some was speculation that Treasury would eventually have to start buying silver for coins. ASE's are made from purchased silver (not from the remaining strategic reserve) so they are part of a direct buy-fabricate-sell transaction.

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On 9/15/2022 at 3:25 PM, RWB said:

No. Silver from Treasury's stockpile accumulated between 1934 and 1950 was being used for domestic coinage, As that quantity decreased, open market silver prices increased. Part of this came from industrial and photographic demand, but some was speculation that Treasury would eventually have to start buying silver for coins. ASE's are made from purchased silver (not from the remaining strategic reserve) so they are part of a direct buy-fabricate-sell transaction.

That is completely untrue, Roger. All the ASE’s were made from the strategic silver stockpile until it was exhausted. AT THAT POINT they started to be made from bought silver. When was the turnover? Around the 2002 period. The reserve no longer exists, but it was ASE silver that made it not exist. The Strategic Silver Stockpile was only STARTED in 1968. Do a little research, Mr. Burdette. Literally everything in your post is pure fiction. 

Edited by VKurtB
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