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RileyE104
07-20-2010, 10:51 PM
is this the fault of the FED or the treasury?

tangent4ronpaul
07-20-2010, 11:02 PM
source?

-t

RileyE104
07-20-2010, 11:05 PM
source?

-t

???

Sorry for not being more specific, I was in a rush.

I was mainly speaking about the reasons for removing Silver from Dimes, Quarters, Half Dollars and Dollars.

Was that decision made by the Treasury or the FED?

tangent4ronpaul
07-20-2010, 11:13 PM
Where did you hear this - gotta link?

thanks,

-t

cindy25
07-20-2010, 11:14 PM
with gold, it was FDR. but gold did not really circulate anyway. it was most used as gifts for baptisms, confirmations etc.

silver-the price of silver went up in 1964-65, mostly because of LBJs guns and butter policy.

so they minted 1965 coins, with no silver, and released them mixed with 1964 silver.

Austrian Econ Disciple
07-20-2010, 11:17 PM
???

Sorry for not being more specific, I was in a rush.

I was mainly speaking about the reasons for removing Silver from Dimes, Quarters, Half Dollars and Dollars.

Was that decision made by the Treasury or the FED?

http://www.ustreas.gov/education/faq/coins/portraits.shtml

http://www.time.com/time/magazine/article/0,9171,902083,00.html

You can see how much inflation was raging even in 1965. Of course Congress are idiots and didn't know about Gresham's Law, but go figure. Similarly, Congress idiotically put price controls on the coinage.

cindy25
07-20-2010, 11:21 PM
congress knew about Gresham, they didn't care.

and most sheeple still think there is silver in the coins

tangent4ronpaul
07-20-2010, 11:31 PM
http://www.elitecollectible.com/

2010 Silver Eagle Dollar
New Release silver eagle dollar!!!! Be the first to own this beautiful 1oz SILVER dollar. ONLY $19.95.
Price: $19.95

-t

libertybrewcity
07-20-2010, 11:43 PM
Where did you hear this - gotta link?

thanks,

-t

they have been doing this for decades:

Coinage Act of 1965--this is why you hear people talking about collecting dimes from Pre-1964. Today they are worth about 1.60 give or take.

http://en.wikipedia.org/wiki/Dime_(United_States_coin)#Roosevelt_.281946.E2.80. 93present.29

http://en.wikipedia.org/wiki/Quarter_(United_States_coin)

michaelwise
07-20-2010, 11:51 PM
Watch this thread blossom, as it helps out our old friend RileyE104 . Poor RileyE104, that is a question my 10 year old would ask. Don't worry. We'll fill you in.

tangent4ronpaul
07-20-2010, 11:51 PM
I know about junk silver - have some.

the OP seemed to indicate that they stopped selling solid gold and silver coins. It also sounded like it was a recent decision - which would be significant news.

anybody know if there is a cut off on copper content of pennies? the price of copper skyrocketed a couple of years ago. My cousin, growing up saved all her pennies at my uncles advice saying that someday they would be worth something.... Looks like he was right. Still, you never hear about anyone collecting old pennies.

I should clarify that: collecting "junk copper" - people certainly collect pennies that are 100 years old.

-t

cindy25
07-20-2010, 11:57 PM
I know about junk silver - have some.

the OP seemed to indicate that they stopped selling solid gold and silver coins. It also sounded like it was a recent decision - which would be significant news.

anybody know if there is a cut off on copper content of pennies? the price of copper skyrocketed a couple of years ago. My cousin, growing up saved all her pennies at my uncles advice saying that someday they would be worth something.... Looks like he was right. Still, you never hear about anyone collecting old pennies.

I should clarify that: collecting "junk copper" - people certainly collect pennies that are 100 years old.

-t

copper was replaced by zinc in the early 80s

xd9fan
07-21-2010, 01:57 AM
1982 is the last year for 95% copper pennies by the way........


and here is the answer to the O.P., about the USA dropping the silver standard: (note the lies and bull$hit from LBJ on the isssue)

http://www.presidency.ucsb.edu/ws/?pid=27108

Remarks at the Signing of the Coinage Act
July 23, 1965





Lyndon B. Johnson


"Distinguished Members of Congress, ladies and gentlemen:
We are gathered here today for a very rare and historic occasion in our Nation's history.

Before I make some observations that I have made note of here, I want to say to the Congress again, as I do almost daily these days, in the words of the Navy--"Well done."

When I have signed this bill before me, we will have made the first fundamental change in our coinage in 173 years. The Coinage Act of 1965 supersedes the act of 1792. And that act had the title: An Act Establishing a Mint and Regulating the Coinage of the United States.

Since that time our coinage of dimes, and quarters, and half dollars, and dollars have contained 90 percent silver. Today, except for the silver dollar, we are establishing a new coinage to take its place beside the old.

My Secretary of the Treasury, Joe Fowler, is a little stingy about making samples, but I have some here. Joe made sure that I wouldn't put them in my pocket by sending them over here in plastic.

Actually, no new coins can be minted until this bill is signed. So these strikes, as they are called, are coins that we will never use. On one side is our first First Lady, Martha Washington. On the other, a replica of Mount Vernon.

The new dimes and the new quarters will contain no silver. They will be composites, with faces of the same alloy used in our 5-cent piece that is bonded to a core of pure copper. They will show a copper edge.

Our new half dollar will continue our silver tradition. Eighty percent silver on the outside and 19 percent silver inside. It will be nearly indistinguishable in appearance from our present half dollar.

All these new coins will be the same size and will bear the same designs as do their present counterparts. And they will fit all the parking meters and all the coin machines and will have the same monetary value as the present ones.

Now, all of you know these changes are necessary for a very simple reason--silver is a scarce material. Our uses of silver are growing as our population and our economy grows. The hard fact is that silver consumption is now more than double new silver production each year. So, in the face of this worldwide shortage of silver, and our rapidly growing need for coins, the only really prudent course was to reduce our dependence upon silver for making our coins.

If we had not done so, we would have risked chronic coin shortages in the very near future.

There is no change in the penny and the nickel. There is no change in the silver dollar, although we have no present plans for silver dollar production.

Some have asked whether our silver coins will disappear. The answer is very definitely-no.

Our present silver coins won't disappear and they won't even become rarities. We estimate that there are now 12 billion--I repeat, more than 12 billion silver dimes and quarters and half dollars that are now outstanding. We will make another billion before we halt production. And they will be used side-by-side with our new coins.

Since the life of a silver coin is about 25 years, we expect our traditional silver coins to be with us in large numbers for a long, long time.

If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.

The new coins are not going to have a scarcity value either. The mint is geared to get into production quickly and to do it on a massive scale. We expect to produce not less than 3 1/2 billions of the new coins in the next year, and, if necessary, twice that amount in the following 12 months.

So, we have come here this morning to this, the first house of the land and this beautiful Rose Garden, to congratulate all of those men and women that make up our fine Congress, who made this legislation possible--the committees of both Houses, the leadership in both Houses, both parties, and Secretary Fowler and all of his associates in the Treasury.

I commend the new coinage to the Nation's banks and businesses and to the public. I think it will serve us well.

Now, I will sign this bill to make the first change in our coinage system since the 18th century. And to those Members of Congress, who are here on this very historic occasion, I want to assure you that in making this change from the 18th century we have no idea of returning to it.

We are going to keep our eyes on the stars and our feet on the ground."

michaelwise
07-21-2010, 02:04 AM
That's scary stuff.