Amount of Silver Used at the U.S. Mint in 1964
In 1964 the U.S. Mint used the equivalent of 67% of today’s total silver mining production to mint dimes, quarters and half dollars for every day use
Silver Used By The U.S. Mint In 1964
The U.S. Mint used 549,549,066 ounces of silver to make dimes, quarters and half dollars dated 1964 for every day use.*
The total face value of the silver dimes, quarters and half dollars minted in 1964 was $759,573,976. ($228,687,718 in dimes, $316,131,528 in quarters and $214,754,730 in half dollars). That’s more than three quarters of a billion dollars of change minted in 1964. Prior to 1965 U.S. dimes, quarters and half dollars were 90% silver.
The silver value of the 549,549,066 ounces in those coins (at $19.35 an oz.) is worth $10,633,774,427 today, or more than $10.5 billion.
Total Global Demand for Silver in 2013
Earlier this week, we reported on the soaring world wide record demand for silver, especially to meet investment demand for silver coins and bars.
Total silver demand in 2013 reached 1,081,000,000 ounces up from 954,000,000 ounces in 2012.
Demand for silver coins and bars rose 76% in 2013 from 139,300,000 ounces sold in 2012 to 245,600,000 ounces sold in 2013.
As noted above, in 1964, the U.S. Mint required 549,549,066 ounces of silver to meet its requirements to produce silver dimes, quarters and half dollars or the equivalent of 67% of the 2013 world-wide mining production (819,600,000 ounces) and 56% of the total 2013 silver supply (978,100,000 ounces).
Silver Used By The U.S. Mint In 2013
In 2013, the U.S. Mint used 43.475 million ounces of silver** to mint and sell silver coins for investment purposes (vs. the 549.5 million ounces of silver the U.S. Mint used to produce dimes, quarters and half dollars to place in circulation for everyday use). The 42,675,000 2013 one ounce U.S. Silver Eagles sold were a “record” amount.
The silver value of the 43,475,000 ounces in the coins (at $19.35 an oz.) produced by the U.S. Mint in 2013 for investment purposes is worth $841,241,250, or less than $1 billion, vs. the more than $10.5 billion value of the silver dimes, quarters and half dollars produced at the U.S. Mint in 1964.
In 2013 the U.S. mint produced a face value of $578,600,000 non silver dimes, quarters and half dollars ($210,000,000 in dimes, $363,800,000 in quarters and $4,800,000 in half dollars) vs. $759,573,976 face value of silver coins minted in 1964.
For comparison purposes, here are charts showing the number of silver dimes, quarters and half dollars minted in 1963, 1913 and 1914 and the amounts of silver used in the production of those coins:
*After 1964 the U.S. removed all silver from its dimes and quarters and reduced the silver content of its half dollars from 90% to 40%. (although silver coins dated 1964 were minted well into 1965) After 1970 all the silver was removed from U.S. half dollar coins. Currently dimes, quarters and half dollars are 75% copper and 25% nickel.
Lyndon Johnson – There Will Be No Profit Hoarding Silver Coins
President Johnson was aware that people might hoard the silver coins and issued a statement in July 1965:
“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.”
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Source: Silver mining production in 2016 – Silver Institute; U.S. Mint American Eagle Sales USMint.gov; U.S. dimes, quarter and half dollars – The Red Book
** most of the silver used in 2013 at the U.S. Mint went towards the production of a record number (42,675,000) one ounce Silver Eagle coins; the remaining ounces were used to produce 160,000 five ounce silver America the Beautiful coins.
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