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- - Silver Disappearing in 1964 (http://goldismoney.info/forums/showthread.php?t=372885)

CajunCoin | 05-05-2009 10:14 PM
Silver Disappearing in 1964 Quote:
Originally Posted by harper (Post 1709154) a bit off topic..... but does anyone recall the conversion of coins away from 90% silver? was there an announcement? was it considered big news? just curious.
I was a youngster but Dad drove a truck for A&P food stores (he had a lucrative contract) and he saw that small coinage was disappearing in 1963 and had us kids run to the bank for a roll of quarters and halves every chance we could and he had the checkout girls on the lookout for Silver Dollars which occasionally showed up in Memphis, TN. Mom being Cajun owned a Seafood company and she had boucoup silver in sacks she brought home and stored in the safe. Tons of Half Dollars (so it seemed) was put up and later divided amongoust the kids (later). Most folks watched their change and me too after 1964 since most folks wanted only the silver and tried to refuse the clad stuff at first. There was a coin shortage and it was blamed on "Coin Collectors and Hoarders" and :4_1_72::4_1_72::4_1_72::4_1_72::4_1_72::4_1_72::4 _1_72::4_1_72::4_1_72: propaganda on how the new coins would circulate alongside silver since with the demand for silver reduced due to coinage not being made of silver. WTF? A lunch lady at school would only accept silver if you had both types in your change, she extorted my brother to give her a silver quarter and silver dime for lunch (.35) at the time and my parents raised holy hell when they found out and she was chewed out for her actions (My brother got a silver dime and quarter back from her and that little charade ended at school lunch quickly, a new lunch lady was picking up the money the next day!!!! Mom had a stack of old ratty Silver Certificates in 1968 before the June deadline and she was given silver dollars especially sent in for that purpose to the banks to redeem silver certificates. After July 1968, they were only paper. Wheat pennies and war nickels were also saved, everything old diappeared, I remember my mother getting an 1859 dime in change which everything circulated before the Gresham swap. Moms family in Louisiana only saved the dimes and but when the mess caught fire in 1970 with the rise in silver and appearance of clads, everyone was on to the hunt and silver was hoarded. A cousin at the bank would call the family when a new shipment of coins came in with silver and she would hold it until someone could get there, even as late as 1980, wehn she quit, I would stop by the bank and get $25 to $50 worth since she could only keep it so long, I was the family Numismatic, L'collectete d'argent so I would look through the family hoard seeing if any thing valuable was there, found a few key coins!!!!:cooler: Silver was gone out by 1980 since the rise of the price thanks to Mr. Hunt had made silver coins very valuable and everybody was selling but after the price drop, most folks just held on to their stashes and hoped the price would rise. I have bought several hoards but most folks think they are sitting on a fortune even with 1963 dimes!!

Buyingsilvers | 05-05-2009 10:32 PM
Re: Silver Disappearing in 1964 I wasn't around, but wasn't the price of silver really low for maybe a decade or so after '64? So you'd actually have had to hold onto your coins for quite a while to realize a return on them? That being said, I would have loved to have been around in this time period. I know I would have gone crazy with the hoarding.

SLV>GLD | 05-05-2009 10:39 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Buyingsilvers (Post 1709636) That being said, I would have loved to have been around in this time period. I know I would have gone crazy with the hoarding.
So, you're hoarding copper like crazy, right? Hindsight is sooo 20/20.

Buyingsilvers | 05-05-2009 10:45 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by SLV>GLD (Post 1709648) So, you're hoarding copper like crazy, right? Hindsight is sooo 20/20.
Yep. hindsight is 20/20. I've tied penny sorting with my half hunting. Kind of like an added bonus. Even as a kid, I used to put aside copper pennies. I guess instinctively I knew that those were the "better" pennies. Found these the other day while penny sorting. It came from a batch of $15 CWRs. 33 wheats total along with these. 2 of the coins were polished, 3 (luckily) weren't. http://img152.imageshack.us/img152/4238/img0192i.jpg My thinking is that if the melt ban gets lifted and if the pennies become worth 4x face or more, all the banks need to do to screw would-be hoarders is to put in a 3 roll limit or some other cap. So you'd need to sort sooner rather than later. Nickels may be a different story, as those are still circulating. I think that even if the mint announces a new steel nickel, we'll still have plenty of time to go bank hopping picking up boxes of 100% cupro nickels. I do have a box or two of nickels put aside. Nothing too crazy. Half hunting or stockpiled copper pennies are a better use of the FRNs. Anyways, apologies for going off-topic.

ruprick | 05-05-2009 10:58 PM
Re: Silver Disappearing in 1964 I happen to know an insider in the coin processing industry out on the West coast...... He can and has had the opportunity to hoard away nearly 1 ton of copper per day! He has a crazy number of tons packed away. He also has contacts within Brinks.....and for a while in 2008 Brinks was hoarding away copper on a contract to sell to another investor......for a while in many parts of the USA....all bank boxes you might order were pre-sorted by Brinks.....zero copper in them. Bottom line - once the penny melt/scrap/export ban is lifted....it will be a commercial big player game and the little guy will not have access to the copper pennies in a fairly short order. I've seen the exact same game play out in Canada in terms of .999 Ni Nickels...in less than 6 months....went from 25% in circulation to under 5% in less than 8 months. This is why I'm motivated to stack away the copper today......

SLV>GLD | 05-05-2009 11:00 PM
Re: Silver Disappearing in 1964 Beat the rush. Panic early.

MKS | 05-05-2009 11:27 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by SLV>GLD (Post 1709694) Beat the rush. Panic early.
That one is sig worthy.

AGRO | 05-06-2009 12:17 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by ruprick (Post 1709692) I happen to know an insider in the coin processing industry out on the West coast...... He can and has had the opportunity to hoard away nearly 1 ton of copper per day! He has a crazy number of tons packed away. He also has contacts within Brinks.....and for a while in 2008 Brinks was hoarding away copper on a contract to sell to another investor......for a while in many parts of the USA....all bank boxes you might order were pre-sorted by Brinks.....zero copper in them. Bottom line - once the penny melt/scrap/export ban is lifted....it will be a commercial big player game and the little guy will not have access to the copper pennies in a fairly short order. I've seen the exact same game play out in Canada in terms of .999 Ni Nickels...in less than 6 months....went from 25% in circulation to under 5% in less than 8 months. This is why I'm motivated to stack away the copper today......
THANK YOU RUPRICK I have to say your plan of selling after the adjustment for inflation to pay off debt is Brilliant. I am now going to buy at least 20 rolls a week- I know it's not much but we all gotta start somewhere right!

CajunCoin | 05-06-2009 12:23 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Buyingsilvers (Post 1709636) I wasn't around, but wasn't the price of silver really low for maybe a decade or so after '64? So you'd actually have had to hold onto your coins for quite a while to realize a return on them? That being said, I would have loved to have been around in this time period. I know I would have gone crazy with the hoarding.
Silver did not rise to over $2.00 per oz until 1972 and then it was still illegal to melt silver coinage by law. By 1968 it was rare to get silver in change, every teller, clerk and money handler was setting the stuff aside, my cousin told me about a time in the bank when a load of coins came in and it was all silver and they had to let them go since the customers (businesses) needed to make change. I worked at A&P at this time and some checkout ladies would get nasty if tried to bargain with them about their silver, one, we will call her JULIE (not real name) got upset when it was time to turn in her tray and her husband did not come fast enough to pay out the silver in her tray and she was short, I offered to buy some but she just snarled, but realizing that the head checker would get the silver she sold it to me. :thumb.aspx: Some people acted real stupid, one lady tried to sell her silver when it got upto $50 per oz but got stiffed on the check she was given when the price dropped. Lesson sell for cash, no 1099s. :36_1_30:

harper | 05-06-2009 02:46 AM
Re: Silver Disappearing in 1964 thanks for the responses... It was slightly before my time. I do remember dropping a penny when I was thirteen and noticing that it didn't sound right.... after shaving off the facade, I realized it wasn't copper. I was pretty young, but I did ask some adults about it and no one knew...

Bossman | 05-06-2009 09:30 AM
Re: Silver Disappearing in 1964 During the time silver was being phased out I wasn't in the U.S. except for a couple of weeks in the summer. Even if I had been I wouldn't have saved the silver coins, being completely unaware. Now it's a job getting my silver built up.

Ag_man | 05-06-2009 01:15 PM
Re: Silver Disappearing in 1964 How much advance notice did the Mint give the public about the coinage change?

RossL | 05-06-2009 01:44 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Ag_man (Post 1710533) How much advance notice did the Mint give the public about the coinage change?
It was debated in congress and the law was passed. CajunCoin stated in the first post that silver coinage was disappearing in 1963. I don't really know because I wasn't old enough in 1965 to have any money or know the difference. :biggrin: I do remember the switch to zinc cents in the early 80s. A few of the coin collectors like me noticed, but the general public couldn't care less. The mainstream media spewed out the propaganda that it didn't matter, and it was ignored by the public.

AndreaGail | 05-06-2009 01:53 PM
Re: Silver Disappearing in 1964 being a "millenial" I was not around for the transition, but searching through NYTimes archive titles gives an idea that the public was at least somewhat aware of the switch...how much publicity and fanfare this got, I don't know Quote:
The Disappearing Franklin Halves E-MAIL By THOMAS V. HANEY October 13, 1968, Sunday Page D43, 931 words WHATEVER happened to the Benjamin Franklin half dollar? Many newcomers to numismatics -- and some persons with considerable experience in the field -- have sent in queries about our half dollar that carries the likeness of the great statesman who helped make history in the 18th century. [ END OF FIRST PARAGRAPH ]
http://select.nytimes.com/gst/abstra...d+coinage&st=p Quote:
Treasury to Ask End Of All Silver in Coins; TREASURY SEEKS NONSILVER COINS E-MAIL By EDWIN L. DALE Jr. May 13, 1969, Tuesday Page 1, 593 words WASHINGTON, May 12 -The Treasury disclosed today that it would ask Congress to authorize production of non-silver half-dollars and dollars, thus ending all silver coinage but restoring those almost vanished coins to circulation.
http://select.nytimes.com/gst/abstra...ver+coins&st=p Quote:
Ike Dollar to Be Last Silver Coin E-MAIL By THOMAS V. HANEY January 24, 1971, Sunday Section: ARTS AND LEISURE, Page D29, 1955 words A DOLLAR bearing the likeness of President Dwight D. Eisenhower, long awaited by numismatists as well as thousands of other Americans, was assured on Dec. 31 when President Richard M. Nixon signed the 1970 coinage legislation which makes provision for a coin honoring the late President. [ END OF FIRST PARAGRAPH ]
http://select.nytimes.com/gst/abstra...nage+1970&st=p Quote:
New Mint to Be Model Of Versatility in Metals E-MAIL By WILLIAM M. FREEMAN February 16, 1969, Sunday Section: BUSINESS AND FINANCE, Page F15, 405 words The new United States Mint at Philadelphia soon will be able to handle all of the metals used to make American coins, including the bonded or clad-metal from which dimes and quarters are made.
http://select.nytimes.com/gst/abstra...lad+coins&st=p

CajunCoin | 05-06-2009 04:10 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by RossL (Post 1710569) It was debated in congress and the law was passed. CajunCoin stated in the first post that silver coinage was disappearing in 1963. I don't really know because I wasn't old enough in 1965 to have any money or know the difference. :biggrin: I do remember the switch to zinc cents in the early 80s. A few of the coin collectors like me noticed, but the general public couldn't care less. The mainstream media spewed out the propaganda that it didn't matter, and it was ignored by the public.
Coinage in the summer of 1963 was still plentiful but large coins like the Silver Dollar and Halves began to disappear since the price of silver had risen above 1.40 an oz. You would go into a store and you started getting change back in nickles and pennies with scrip trying to be passed but that did not last long, who would take a store's script, you had to spend it there. There was a coin shortage going into 1964's summer and the coinage act of 1965 was introduced without delay to stem the coin shortage across the USA. The shortage was blamed on the "coin Collectors" and "Hoarders" who kept the coins (Mom and Dad along with the kids) so the rest was history, stores began to pay a premimuim for coins and getting 10.25 for a roll of quarters at first brought some stuff back but when the clads were introduced in late 1965, the coin shortage took on a new demension when the clads replace the silver, dad called them the slugs and the checkout girls at A&P were saving every silver coin they could but dad had his sources and was bringing home 5-10 bucks in silver everyday!! He put it in the middle drawer and we wrapped the coins at the lake on the weekends and put them in the safe, dad said he was waiting for the Government to make Silver illegal and have everyone turn in their silver like they did in 1933 with the gold, so silence was the key to amassing the Cajun Hoard. The middle to late 60s in the south had Civil Rights at the forefront so coins held a back interest to the events of the 60s. Mom packed up the silver and when she redeemed her Silver Certificates, (RATTY AND TORN), she was offerred silver in the vials but wanted silver coins and the banks in 1966, 1967 and until July 1 1968 were instructed to offer Silver Dollars sent in for the redemption effort. Mom came home with a sack of Silver dollars and dad laughed when she had scored some old $2 Bills, (Dad, being a Navy man from WW2 chuckled about girls who had $2 Bills) so the hoard grew!!!!! Small southern towns were the best places to get more silver coins since the banks did not experience the run like the Big Cities. The media was a propaganda machine extoling the cost effectiveness of the new coins, how these coins would circulate side by side since silver would go down in price due reduced demand for not being used in coinage yada, yada, yada. All BS because by 1968 a silver dime or quarter could not be found!

Ag_man | 05-06-2009 04:12 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by RossL (Post 1710569) It was debated in congress and the law was passed. CajunCoin stated in the first post that silver coinage was disappearing in 1963. I don't really know because I wasn't old enough in 1965 to have any money or know the difference. :biggrin: I do remember the switch to zinc cents in the early 80s. A few of the coin collectors like me noticed, but the general public couldn't care less. The mainstream media spewed out the propaganda that it didn't matter, and it was ignored by the public.
I remember getting Franklin halves and Mercs back in change in the late 60's and early '70's. I was just a dumb kid, didn't know the difference.

Mined Games | 05-06-2009 04:31 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by ruprick (Post 1709692) I happen to know an insider in the coin processing industry out on the West coast...... He can and has had the opportunity to hoard away nearly 1 ton of copper per day! He has a crazy number of tons packed away. He also has contacts within Brinks.....and for a while in 2008 Brinks was hoarding away copper on a contract to sell to another investor......for a while in many parts of the USA....all bank boxes you might order were pre-sorted by Brinks.....zero copper in them. Bottom line - once the penny melt/scrap/export ban is lifted....it will be a commercial big player game and the little guy will not have access to the copper pennies in a fairly short order. I've seen the exact same game play out in Canada in terms of .999 Ni Nickels...in less than 6 months....went from 25% in circulation to under 5% in less than 8 months. This is why I'm motivated to stack away the copper today......
Interesting. I remember getting skunked on multiple rolls coming out of Brinks, so I made a point of avoiding the machine-rolled pennies when I went to the bank. And this was last year. But now it seems as though the Brinks rolls are yielding very good percentages. They seem to be just as copper-rich as the hand rolled pennies I'm getting. What price do you think that copper needs to hit before it becomes worth their while to sort out the coppers again?

CajunCoin | 05-06-2009 04:39 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Ag_man (Post 1710807) I remember getting Franklin halves and Mercs back in change in the late 60's and early '70's. I was just a dumb kid, didn't know the difference.
Location? Rural areas still had silver circulating later than the cities, I completed a standing liberty quarter collection in Middle Tennessee but in Memphis it was strickly clad my lad. I would get some silver in 74 and 75 as the price shot up to 3x face but it was not plentiful. 40% Halves were circulating in 1975 quite heavy, they were only worth 60 cents a piece and no one was buying, so I stocked up in the 70's when I got out on my own, but sold a bunch to start out life in 1980, thank you dummy hunt.

CajunCoin | 05-06-2009 04:43 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Mined Games (Post 1710834) Interesting. I remember getting skunked on multiple rolls coming out of Brinks, so I made a point of avoiding the machine-rolled pennies when I went to the bank. And this was last year. But now it seems as though the Brinks rolls are yielding very good percentages. They seem to be just as copper-rich as the hand rolled pennies I'm getting. What price do you think that copper needs to hit before it becomes worth their while to sort out the coppers again?
Now is the time, copper hits above $1.60, the penny is solid money, get them coppers while you can. Snooze and you loose. Commercial interests in the US might move when the price rises, but storage now will kill them in costs. Stockpile your copper now. CAJUNCOIN.

gunDriller | 05-06-2009 04:53 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Buyingsilvers (Post 1709665) Yep. hindsight is 20/20. I've tied penny sorting with my half hunting. Kind of like an added bonus. Even as a kid, I used to put aside copper pennies. I guess instinctively I knew that those were the "better" pennies. Found these the other day while penny sorting. It came from a batch of $15 CWRs. 33 wheats total along with these. 2 of the coins were polished, 3 (luckily) weren't. http://img152.imageshack.us/img152/4238/img0192i.jpg My thinking is that if the melt ban gets lifted and if the pennies become worth 4x face or more, all the banks need to do to screw would-be hoarders is to put in a 3 roll limit or some other cap. So you'd need to sort sooner rather than later. Nickels may be a different story, as those are still circulating. I think that even if the mint announces a new steel nickel, we'll still have plenty of time to go bank hopping picking up boxes of 100% cupro nickels. I do have a box or two of nickels put aside. Nothing too crazy. Half hunting or stockpiled copper pennies are a better use of the FRNs. Anyways, apologies for going off-topic.
those are some good looking coins ! definitely worth more than a penny. i talked to a guy that sells vibratory feeders about this, to try and cost out a system for separating copper pennies from zinc pennies. add a scale to the output and find a way to get it to sit still long enough to be be weighed, and you got a penny sorting thingamajig. it would have cost $200+ for the feeder + minimum 3 months for development. i ended up buying some boxes of pennies, then taking samples. i got about 25% copper. at the time copper was $3 a pound headed for $4. i guess it works out that copper at $4 a pound equivals to 4 cents of copper in a copper penny ? i ended up squirreling away a few buckets of those boxes. as far as how to separate them, i used to do that when i was a kid and it is time-consuming. i think it makes a good present for a coin-collecting son or daughter or niece or nephew, for them it's fun to do the sorting and to count out 10 stacks of 5 pennies and roll them. industrially, i've worked with both silver and copper in electronic design. copper is very similar to silver industrially, they both have elevated thermal conductivity relative to aluminum and also good electrical conductivity. gold has a unique quality, microwave frequencies like to stay around the skin of a conductor, so it's common to gold plate critical microwave parts. lower frequencies are happy on the inside of a conductor. since copper is so much less expensive than silver, i figure there must be a lot more copper ore on the planet. how's that for going off the subject. anyway, i think those copper pennies will continue to appreciate in value in a manner similar to silver dimes in the 1960's. if it gets to 10 x face, then a roll of pennies has $5 worth of copper. there lies the rub. what coin dealer is going to want to deal with copper @ $5 a roll when they can deal with silver at $100 a roll, or whatever. i think the margins for copper will be a lot higher if/when they are sold at coin dealers.

Ag_man | 05-06-2009 05:09 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by CajunCoin (Post 1710849) Location? Rural areas still had silver circulating later than the cities, I completed a standing liberty quarter collection in Middle Tennessee but in Memphis it was strickly clad my lad. I would get some silver in 74 and 75 as the price shot up to 3x face but it was not plentiful. 40% Halves were circulating in 1975 quite heavy, they were only worth 60 cents a piece and no one was buying, so I stocked up in the 70's when I got out on my own, but sold a bunch to start out life in 1980, thank you dummy hunt.
My location at the time was Lubbock, TX and Southeast IA. Don't remember seeing anything after 1975, or so.

Ag_man | 05-06-2009 05:11 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by gunDriller (Post 1710877) those are some good looking coins ! definitely worth more than a penny. i talked to a guy that sells vibratory feeders about this, to try and cost out a system for separating copper pennies from zinc pennies. add a scale to the output and find a way to get it to sit still long enough to be be weighed, and you got a penny sorting thingamajig. it would have cost $200+ for the feeder + minimum 3 months for development. i ended up buying some boxes of pennies, then taking samples. i got about 25% copper. at the time copper was $3 a pound headed for $4. i guess it works out that copper at $4 a pound equivals to 4 cents of copper in a copper penny ? i ended up squirreling away a few buckets of those boxes. as far as how to separate them, i used to do that when i was a kid and it is time-consuming. i think it makes a good present for a coin-collecting son or daughter or niece or nephew, for them it's fun to do the sorting and to count out 10 stacks of 5 pennies and roll them. industrially, i've worked with both silver and copper in electronic design. copper is very similar to silver industrially, they both have elevated thermal conductivity relative to aluminum and also good electrical conductivity. gold has a unique quality, microwave frequencies like to stay around the skin of a conductor, so it's common to gold plate critical microwave parts. lower frequencies are happy on the inside of a conductor. since copper is so much less expensive than silver, i figure there must be a lot more copper ore on the planet. how's that for going off the subject. anyway, i think those copper pennies will continue to appreciate in value in a manner similar to silver dimes in the 1960's. if it gets to 10 x face, then a roll of pennies has $5 worth of copper. there lies the rub. what coin dealer is going to want to deal with copper @ $5 a roll when they can deal with silver at $100 a roll, or whatever. i think the margins for copper will be a lot higher if/when they are sold at coin dealers.
Someone has already found a solution; the Ryedale Machine. Do a search on it, or PM the inventor here at GIM; Ryedale (IIRC).

Buyingsilvers | 05-06-2009 05:32 PM
Re: Silver Disappearing in 1964 ^ Yeah, I use a ryedale machine now. Thought about trying to double my volume from 10-15 boxes/week & "daisy chain" a second ryedale to save time (I do a zinc-accept/copper-accept), but I really dont have the time for it. Used to sort by hand for fun, but not really worth the time/effort unless if you take it as a "hobby" approach.

Mined Games | 05-06-2009 05:43 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by CajunCoin (Post 1710865) Now is the time, copper hits above $1.60, the penny is solid money, get them coppers while you can. Snooze and you loose. Commercial interests in the US might move when the price rises, but storage now will kill them in costs. Stockpile your copper now. CAJUNCOIN.
Not snoozing. I'm very actively mining copper from the US money supply. Several hundred pounds squirreled away, and adding more daily.

CajunCoin | 05-06-2009 11:13 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by Mined Games (Post 1710963) Not snoozing. I'm very actively mining copper from the US money supply. Several hundred pounds squirreled away, and adding more daily.
keep up the good work, getting more copper is high on my list of things to do, I sort a couple of boxes a week and search the halves when available. Copper is always available, one must search, it is available but most folks don't know about it and I ain't filling them in, I put up with crazy tellers and checkout people, they are not any fun, TRUST ME. By legend, the Acadiens were given one hour to gather their belongings in 1755 Nova Scotia, better to have something of value in case the Cajuns are forced to move once more. Its hard to imagine, the Cajuns are from Le Terre de la longue niege :36_1_63:but now have adapted to a tropical climate.:applause_

elroy | 05-06-2009 11:45 PM
Re: Silver Disappearing in 1964 In 1973/74 my dad opened a couple of small book store/newspaper places. I was about 15 years old. One of the stores was a former camera shop and had "we buy coins" painted on the window. We scraped off everything related to cameras and left the coin part. This attracted the occasional coin seller. At the time I would pay $1.30-1.40 per $1 face of 90%. I could re-sell it for $1.65-1.80 at the coin show in Ft Lauderdale. Some times there was the added bonus that the 90% might be collectible and worth a lot more. I sold one half dollar for $50. We used to talk about how many percent over face and now it is how many times face.

CajunCoin | 05-07-2009 08:28 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by elroy (Post 1711600) In 1973/74 my dad opened a couple of small book store/newspaper places. I was about 15 years old. One of the stores was a former camera shop and had "we buy coins" painted on the window. We scraped off everything related to cameras and left the coin part. This attracted the occasional coin seller. At the time I would pay $1.30-1.40 per $1 face of 90%. I could re-sell it for $1.65-1.80 at the coin show in Ft Lauderdale. Some times there was the added bonus that the 90% might be collectible and worth a lot more. I sold one half dollar for $50. We used to talk about how many percent over face and now it is how many times face.
Coin seignoirage demonstrates the general health of the Dollar and the economy, dollar is going worthless and the only way to protect yourself is to hedge your money in tangibles like gold, silver and land. The trick is buying in low and holding on.

11S11ver | 05-07-2009 09:25 AM
Re: Silver Disappearing in 1964 Copper is the new silver. Think about it, each penny is 1/10 troy ounce. That means you are getting copper for .10 per ounce, or $1.20 per pound. If you go on ebay, an ounce of copper is upwards of $4 or more. Another thing I've been doing is taking advantage of the "take a penny, leave a penny" tray at the gas stations. They are almost always guaranteed to contain a pre-82 penny.

CajunCoin | 05-07-2009 10:42 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by 11S11ver (Post 1712043) Copper is the new silver. Think about it, each penny is 1/10 troy ounce. That means you are getting copper for .10 per ounce, or $1.20 per pound. If you go on ebay, an ounce of copper is upwards of $4 or more. Another thing I've been doing is taking advantage of the "take a penny, leave a penny" tray at the gas stations. They are almost always guaranteed to contain a pre-82 penny.
That is how the penny was set up in 1856 to equal 1/10 oz troy to make silver run 1.38 oz coined value. 145 pennies to the pound, think about it. Silver is usually running what 10 lbs of copper.

ME CO | 05-07-2009 02:04 PM
Re: Silver Disappearing in 1964 This was a great thread till yous guy took the copper detour LOL J/K. Silver was no longer minted when I was born (66) so this has been interesting topic for ME as I have been mining silver from banks these last almost 2 years. Last month I was at a bank picking up a couple boxes of dimes, the teller asked ME if I did any good with them. What was most interesting was he said he used to do it in 1980 and paid his way through college. He said he averaged 10 pounds of silver a day, doph, why was I not smart enough to be doing something constructive back then? I know why, because my parents didn't. I'm just glad I'm in the game now. I'm slowly sorting copper too but I hate dumping the rejects sos not expecting any tonage # any time soon. HH Mark

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- - Silver Disappearing in 1964 (http://goldismoney.info/forums/showthread.php?t=372885)

HistoryStudent | 05-07-2009 02:42 PM
Re: Silver Disappearing in 1964 Eight to even five years ago my coin guy had a 100 bag stash (must have weighed about 30 pounds a piece) they were cheap back then. I thought about it and wondered where I'd store 3,000 to 5,000 pounds of copper wheat cents in odd ball penny bags. :yes::yes::yes:

MoMoney | 05-07-2009 04:18 PM
Re: Silver Disappearing in 1964 As a kid in the late 1960's near the "Big Apple" I used to see Ben Franklin's and Mercury Dimes with some regularity. I liked the design of the Mercury Dimes and I think that lead me to collect Peace Dollars as an adult. In my eyes, they have a similar style!:15_1_70v::s9:

CajunCoin | 05-07-2009 04:42 PM
Re: Silver Disappearing in 1964 THESE ARE THE REMARKS OF PRES. LYNDON B JOHNSON upon signing the Coinage Act of 1965 Lyndon B. Johnson 1965: Book II Font Size: Report Typo 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. -------------------------------------------------------------------------------- Note: The President spoke at 11:21 a.m. in the Rose Garden at the White House. During his remarks he referred to Henry H. Fowler, Secretary of the Treasury. As enacted, the Coinage Act of 1965 is Public Law 89-81 (79 Stat. 254). On October 30, 1965, the White House announced that circulation of the new 25-cent piece would begin on November 1. The White House release stated in part, "The new--nonsilver--quarter dollar will be added to the circulation of the traditional 90 percent silver quarter. Both the old and the new quarters are to circulate together. "Approximately 230 million pieces of the new quarter will be distributed during the week beginning November 1. Initial distribution will be backed by production that will rise from 28 million to 60 million pieces a week during November, and will be still higher thereafter." -------------------------------------------------------------------------------- Citation: John T. Woolley and Gerhard Peters,The American Presidency Project [online]. Santa Barbara, CA: University of California (hosted), Gerhard Peters (database). Available from World Wide Web: http://www.presidency.ucsb.edu/ws/?pid=27108. As you can see, they did disappear and now they are gone.

CajunCoin | 05-07-2009 04:45 PM
Re: Silver Disappearing in 1964 Quote:
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.
Did they disappear, yeah he lied but what else is new.

SLV>GLD | 05-07-2009 09:20 PM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by CajunCoin (Post 1712813) As you can see, they did disappear and now they are gone.
They appear regularly in my local shop and shops all over the nation. The deception is contained elsewhere in the speech and could plausibly be blamed on ignorance or, at least, faith in public ignorance.

CajunCoin | 05-08-2009 12:39 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by SLV>GLD (Post 1713229) They appear regularly in my local shop and shops all over the nation. The deception is contained elsewhere in the speech and could plausibly be blamed on ignorance or, at least, faith in public ignorance.
The public was misled but then what else is new, lying lyndon and his merry henchmen said silver would continue to circulate for years, sorry LYNDON & FOWLER, you lied, no fiat lasts long.

CajunCoin | 05-08-2009 12:43 AM
Re: Silver Disappearing in 1964 Folks I have the transcrepts when the bills were in congress, the BS was layed on thick and heavy. If anyone is interested, I will post the highlights for a retrospective into the Silver and gold game. One congressman even wanted to confiscate all the silver, make it illegal to "Blackmarket" silver coins and have everyone turn in their silver for the new slugs!!!!

HistoryStudent | 05-08-2009 09:57 AM
Re: Silver Disappearing in 1964 Standard Operating PROCEDURE SOP = 1) First DENY it and everything associated; 2) then BELITTLE all who tell the truth; 3) then QUIETLY admit it on the back page of the fourth section; 4) then PASS a NEW LAW instead of following "THOU SHALT NOT STEAL!":thumb.aspx: Just having fun. HS

agmom | 05-08-2009 10:44 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by CajunCoin (Post 1711978) Coin seignoirage demonstrates the general health of the Dollar and the economy...
I had to look that one up, I'd never come accross the word "seignoirage" before!! Useful term, thanks! I was born in 1965, and I remember as a kid my dad saving old silver dollars, but he never talked about it - so I didn't think much of it. I really wish he'd explained why he did it, I could have started this collecting of silver coins much sooner, and while I would have had a decent chance of still finding some in circulation.:thumb.aspx: I have to buy most of my "junk" silver, but I make sure my kids know the difference between "real" money and clad. They enjoy helping me sort through various coins, and now even my teenagers seem to get a kick out of separating out the copper pennies from their everyday change. It's more exciting to find something interesting in everyday change than to sort through "bought" silver coins! (The real lesson for them - don't trust appearances. The clad quarter may appear on the surface the same as a silver quarter, until you understand what the real substance is. This goes for judging people as well!!!)

CajunCoin | 05-08-2009 11:47 AM
Re: Silver Disappearing in 1964 Quote:
Originally Posted by agmom (Post 1713972) I had to look that one up, I'd never come accross the word "seignoirage" before!! Useful term, thanks! I was born in 1965, and I remember as a kid my dad saving old silver dollars, but he never talked about it - so I didn't think much of it. I really wish he'd explained why he did it, I could have started this collecting of silver coins much sooner, and while I would have had a decent chance of still finding some in circulation.:thumb.aspx: I have to buy most of my "junk" silver, but I make sure my kids know the difference between "real" money and clad. They enjoy helping me sort through various coins, and now even my teenagers seem to get a kick out of separating out the copper pennies from their everyday change. It's more exciting to find something interesting in everyday change than to sort through "bought" silver coins! (The real lesson for them - don't trust appearances. The clad quarter may appear on the surface the same as a silver quarter, until you understand what the real substance is. This goes for judging people as well!!!)
Amen, Agmom, teach your children well, my mother argued with her sisters when Silver disappeared that thing were changing in the nation and not for the better. One Aunt quoted that silver coins were not worth saving, they would be around forever, yeah, just not in circulation. I quess everyone has an AUNT SHEEPLEY (extra bonus points for who coined that term-HINT another Country in the hemisphere that had a money meltdown.). Don't trust appearences, not everything is as it seems. The French word for money is ARGENT (Silver) in Louisiana. Compre mon amis. Thank you for teaching your children, all is well when a nation understands the parents lessons. God bless.:rose:

ruprick | 05-08-2009 01:41 PM
Re: Silver Disappearing in 1964 I like to tell people that copper is to silver as silver is to gold: Current ratios: 1 ozt gold = $910 1 ozt silver = $13.80 910/13.80 = 66 66 ozt silver = 1 ozt gold Copper = $2.14 per pound.....1 pound = about 14.6 ozt......$2.14/14.6 = $0.1467/ozt copper. $13.80 silver / $0.1467 copper = 94 94 ozt copper = 1 ozt silver It was not that long ago that copper was quite a bit higher and the ratios wer fairly close to the same.....They tend to be around 70:1 for both silver:gold and copper:silver... For those interested.....66:1 x 94:1 = 6204:1....takes 6200 ozt copper to = 1 gold.....or 425 lbs copper for 1 ounce of gold. In the past few years I've seen it as low as 150 lbs of copper = 1 ozt gold. With $1.50 Face Value of copper pennies per pound......$1.50 x 150 = $225 in copper pennies = 1 ounce of gold at spot for spot....but that was 2 years ago - though i say we will return to this ratio..... Right now today....spot for spot......425 lbs of copper = 1 ozt of gold......425 lbs x $1.50/lb = $638/ozt gold..... Silver = $13.80/$2.14 = 6.44 lbs copper .....6.44 x $1.50 = $9.67/ozt silver is you could get spot for your copper. Bottom line....we will see monster copper prices due to inflation and the day will come that 150 lbs in copper will get an ounce of gold.....or $225/ozt in todays costs...if you got copper pennies...... Get your copper now at $1.50/lb.....it will be a screaming deal when it is $10...$20....per pound. I'm adding 1000 lbs this week to my hoard. I'll be Rupchild in the new copper backed currency economy!

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