us quit making silver coins on july 23, 1965.
us quit making silver coins on july 23, 1965.
when did the us quit making silver coins?
july 23 , 1965
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silver inventories at the treasury continued to drop through 1966 as the government attempted to maintain the $1.2929 price of silver. the joint commission on the coinage, authorized by the coinage act, held its first meeting in may 1967 to recommend how to deal with the situation. at its recommendation, the treasury discontinued sales it deemed speculative, and to foreign buyers, attempting to supply only u.s. industry at that price, and resulting in a two-tier price system for silver. it also invoked its authority under the coinage act to prohibit the melting or export of silver coins. in june 1967, it obtained legislation making silver certificates no longer exchangeable for bullion effective after a year. after the joint commission's second meeting, in july 1967, the treasury announced that it would no longer attempt to maintain the $1.2929 price as it could keep the nation supplied even if all the remaining silver coins vanished from circulation, as they soon did. by the time silver certificate redemptions ended on june 24, 1968, the price of silver had risen to $2.56 per ounce. although the joint commission in december 1968 voted to recommend making the prohibitions on melting or exporting silver coin permanent, it reconsidered and in march 1969, the bans were lifted. in november 1969, the government left the silver market, making its final sales of bullion to the franklin mint. mint marks returned to the coinage in 1968. the new coins came to be pejoratively known as "johnson sandwiches" for their copper interiors.
coinage act of 1965