Silver bullion and U.S. Silver coinage When coins had intrinsic value

On September 9th, 1963 the price of pure silver hit $1.293 per ounce. That was a new record for the 20th century and it caused a problem for the U.S. Treasury Department: coins in circulation were now worth their face value. That is, counting the cost of refining to pure silver (coinage was 90% silver at that time), a silver dollar in the palm of your hand was actually worth one dollar for the value of the silver in it.

There were few if any silver dollars actually in circulation by 1963, but dimes, quarters and half dollars were and they also contained 90% silver. Silver dollars did turn up now and then — they were the chips used at casinos and were popular as Christmas presents.

Ten silver dimes would have weighed just a tiny bit less than one silver dollar, so even the minor coins were in danger of being worth more than their face value.

https://medium.com/collectibles-history-knowledge/silver-bullion-and-u-s-silver-coinage-db8fda2c2533?source=friends_link&sk=0c87bdf590e32722fb98250b7d43bc2f

Comments

Post a Comment

Popular posts from this blog

A Telegram From Mark Twain to My Great-Grandfather

Image
  A Telegram From Mark Twain to My Great-Grandfather We have some written history and some oral history. Do they tell the same story? Anthony Lawrence (Pcunix) Photo by author — one of my most favorite books One of my cousins is very interested in genealogy. He has a lot of fun with it, perhaps because he often visits or has extensive phone contact with cousins he finds through his research. I’m not disinterested in my ancestors and living relatives. Still, I also realize that we are all cousins; for every famous person we might find a close connection with, dozens of rapscallions and worse are just as closely related. I also tend to question family lore. For example, my paternal great grandfather was an artist of some minor renown. The history passed down to me has him involved with many things, including: From Wikitree  https://www.wikitree.com/wiki/Lawrence-5332 .. an interior designer for the White House under McKinley, the Toronto Parliament Building, the Boston Public Li...
Read more

A Major League Ballplayer Who Quoted Shakespeare at the Umpire

Image
  A Major League Ballplayer Who Quoted Shakespeare at the Umpire And who happened to be my mother’s uncle Anthony Lawrence (Pcunix) HISTORY My mother’s uncle wrote this book Lloyd Garrison “Chick” Davies was an unusual baseball player .  He only played four widely separated seasons in the major leagues and four more in the minors, but he did distinguish himself playing for the New York Giants in the 1926 World Series, leading the National League with 6 saves and 29 games finished. He also happened to be my great-uncle . See below for an update that explains that he did not play in the 1926 World Series but did play against Babe Ruth, Ty Cobb, and Shoeless Joe Jackson. Oh, and he wrote a book about pitching .  I vaguely remember seeing a copy of it when his sister, my grandmother, lived with us after her husband died.  I wasn’t interested then in pitching or great-uncles I had never met; I wish now that I had been. My quest I  recently bought a well-worn copy of ...
Read more

My Great-Grandfather’s Toy Cannon

Image
  My Great-Grandfather’s Toy Cannon I’m not sure that “toy” is the right word, however, that is the word my father and his mother used. Anthony Lawrence (Pcunix) History The “toy” cannon The picture above is a Lawrence family heirloom. I’m not sure that “toy” is the right word, however, that is the word my father and his mother used. I know that it was a gift to Herbert Myron Lawrence, my father’s grandfather. My father gave it to me and I, in turn, have given it to my oldest daughter. HML engraving I do not know how old Herbert was when he received this. He was born in 1851 and died in 1937, which does not identify the time frame of the gift. However, my father did say it was a gift, not something he bought for himself. That could be a misunderstanding. The cannon is engraved with HML initials. One  reference I found  asserts: In fact, toy cannons date back to the American Civil War and before, and not only were they popular toys for children, they were remarkably danger...
Read more