when did the us quit making silver coins
Coinage Act of 1965 There had been coin shortages beginning in 1959, and the United States Bureau of the Mint expanded production to try to meet demand. The early 1960s was a time of increased use of silver both in the coinage and in industry, putting pressure on the price of silver, which was capped at just over $1.29 per ounce by government sales at that price. The silver in a dollar's worth of quarters would be worth more as bullion than as money if the price of the metal rose past $1.38 per ounce, and there was widespread hoarding of silver coins. Demand for the Kennedy half dollar as a collectable drove it from circulation after its debut in 1964. The Bureau of the Mint increased production, helping reduce the coin shortages by May 1965, but government stocks of silver were being rapidly reduced, and threatened to run out by 1968. After extensive study by the Treasury Department, President Lyndon B. Johnson in June 1965 recommended that Congress pass legislation to allow for silverless dimes and quarters, and debased silver half dollars. Although there was some opposition, mainly from legislators representing Western mining states, the bill progressed rapidly through Congress, and was enacted with Johnson's signature on July 23, 1965.
Wooden nickel An American adage, "Don't take any wooden nickels" is considered a lighthearted reminder to be cautious in one's dealings. This adage, too, precedes the use of wooden nickels as a replacement currency, suggesting that its origins lie not in the genuine monetary value of nickels but rather in their purely commemorative nature.[4][5][6]
United States Mint coin sets All releases from 1936 to 1972 included the cent, nickel, dime, quarter, and half dollar from that year. The first proof sets through 1964 were minted at the Philadelphia Mint. There were two official releases in 1942: one regular five coin set and a set including a silver wartime nickel. United States currency was debased beginning in 1965, but the sets continued under the name United States Mint Proof Set.Production was moved to the San Francisco branch in 1968, and all subsequent issues bear coins with an "S" mint mark. In 1973, the Eisenhower dollar was added to the collection. Sets from 1975 will have a dual-date 1776-1976 quarter, half-dollar, and dollar as none of those coins were ever produced with a 1975 date. The Susan B. Anthony dollar replaced the Eisenhower in 1979. The 1981 mint sets were the only method of obtaining a Susan B. from that year, though many have slipped into circulation. With the cease in minting of dollar coins, the regular issue Proof Set for 1982 included a brass token. From 1983 until 1998, the annual United States Proof set resumed to only issuing the penny, nickel, dime, quarter, and half-dollar.
Large denominations of United States currency Although they are still technically legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System,[10] due to 'lack of use'.[11] The $5,000 and $10,000 effectively disappeared well before then.[nb 1]