Ĭoinage Act of 1873, the dollar was no longer equivalent to a set amount of silver, a statutory change made so that as the price of silver dropped with increased U.S. Quarter dollar, and other smaller silver coins contained less silver in proportion to the dollar helped keep them in circulation. coins flowed overseas for melting until adjustments were made to their size and weight in 1834 and again with theĬoinage Act of 1853, when the amount of bullion in the silver coins worth less than a dollar was reduced. Making a dollar equal to given quantities of both gold and silver made the currency vulnerable to variations in the price of precious metals, and U.S. The 1792 act authorized six silver coins, in value from five cents to a dollar, and prescribed their weights and fineness. Philadelphia Mint and receive it back, struck into coins. This meant that anyone could present bullion at the Mint of the United States, and made both gold and silver legal tender. 4.3 Title III-Joint Commission on the Coinage (sections 301 to 304).4.2 Title II-Amendments of existing law (sections 201 to 212).4.1 Title I-Authorization of additional coinage (sections 101 to 108).The act also banned the production of silver dollars until at least 1970. They passed side by side with their silver counterparts for a time, but the precious metal coins were hoarded beginning in 1967 as the Treasury ended its efforts to keep silver prices low. The new coins began to enter circulation in late 1965, and alleviated the shortages. 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. Johnson in June 1965 recommended that Congress pass legislation to allow for silverless dimes and quarters, andĭebased silver half dollars. 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. Kennedy half dollar as a collectable drove it from circulation after its debut in 1964. The silver in a dollar's worth of quarters would be worth more asīullion than as money if the price of the metal rose past $1.38 per ounce, and there was widespread hoarding of silver coins. 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 early 1960s was a time of increased use of silver both in the coinage and in United States Bureau of the Mint expanded production to try to meet demand. There had been coin shortages beginning in 1959, and the
Half dollar from 90 percent to 40 percent silver in the half dollar was subsequently eliminated by a 1970 law. It also reduced the silver content of the Silver from the circulating United States Senate agreed to House amendment on July 15, 1965 (passed).Passed the House on July 14, 1965 (255–151) with amendment.
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