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Copper and nickel were readily available, and the melt value of the new coins would be much under face value. The material was hard, allowing the designs to remain recognizable for long periods, and other nations, such as the United Kingdom, had transitioned from silver to copper-nickel coins.
1960's -1970's: Some circulating coins still used silver in their composition, such as 1965-70 Kennedy half dollar coins, which were debased from 90% silver to 40% silver. However, as silver's metal value continued to increase, resulting in additional hoarding by the public, these coins were eventually debased entirely to cupronickel clad coinage .
If "good" coins have a face value below that of their metallic content, individuals may be motivated to melt them down and sell the metal for its higher intrinsic value, even if such destruction is illegal. The 1965 United States half-dollar coins contained 40% silver; in previous years these coins were 90% silver (.900, or one nine fine). With ...
As of May 24, the spot price of silver is $23.10 per ounce — but don’t expect to pay that amount for a one-ounce coin. The spot price represents the physical metal’s current melt value.
This resulted in a decrease in the value of gold and an increase in the relative value of silver. [1] As a result, silver coins rapidly disappeared from circulation due either to hoarding or melting. [1] In response, Congress authorized the Mint to reduce the quantity of silver in all denominations except the three-cent piece and silver dollar. [1]
The Silver Eagle coins were sold out in the first week of July 2015. The Mint said its facility in West Point, New York, continued to produce coins and it resumed sales at the end of July 2015. This was the second time the mint's silver coins had sold out in the past nine months. The Mint ran out of 2014-dated American Eagles in November 2014.
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