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So long as there was a shortage of coins, the Mint could strike dimes, quarters, and half dollars from .900 silver, but this authority was to end once the secretary certified there was an adequate supply of the new coins in circulation, and in any event five years after the law was enacted (thus, ending July 23, 1970).
Silver coins are one of the oldest mass-produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612–330 BC. Before 1797, British pennies were made of silver.
On August 9, 1934, U.S. President Franklin D. Roosevelt implemented the seizure of all silver situated in the continental United States with Executive Order 6814 - Requiring the Delivery of All Silver to the United States for Coinage. [1] [2] [3]
It did not provide for the "free and unlimited coinage of silver" demanded by Western miners, but it did require the United States Treasury to purchase between $2 million and $4 million of silver bullion per month [21] [22] from mining companies in the West, to be minted into coins. [nb 3]
After 1935, no more silver dollars would be minted for circulation by the US Mint. 90% silver dimes, quarters and half dollars were replaced with copper-nickel coins after 1964. From 1965 to 1976, 40% silver coins were issued in certain denominations. Of these, only the 1965 to 1969 dated Kennedy Half Dollars were minted for general circulation.
The value of silver dollars can vary greatly, whether it’s the 1964 Kennedy half dollar or the 1922 silver dollar coin. And some rare specimens fetch astounding amounts at auctions.
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