Silver Dimes Archives - FindBullionPrices.com

September 16, 2024October 1, 2024

Rare Roosevelt Dimes Worth Money

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Roosevelt Dimes have been a staple of American coinage for nearly 80 years. These ten-cent pieces are not just everyday change; they can also be hidden treasures for coin collectors. Beyond their silver content is an assortment of rare editions, mint errors, and low mintage years, with some Roosevelt dimes worth a hefty price on the market.

The Roosevelt Dime, introduced in 1946, was a tribute to Franklin Delano Roosevelt, the 32nd President of the United States, whose efforts during the Great Depression and World War II left a lasting legacy.

Roosevelt was also deeply involved in the March of Dimes, a campaign dedicated to fighting polio. This disease had personally affected him. The U.S. Mint issued the Roosevelt Dime, in honor of his work and life to forever immortalize his image on the nation’s 10-cent coin.

Collecting Roosevelt Dimes

While the Roosevelt Dime may not be the rarest coin in U.S. history, it offers collectors numerous opportunities to discover valuable pieces, especially those minted in silver from 1946 to 1964.

Roosevelt dimes have a rich history and relatively consistent design and are still in circulation today. If you start looking through your change, you could potentially find a rare dime in your pocket. Coin collecting can be more than a hobby; it can become a passion that combines history, art, and treasure hunting.

Roosevelt Dime History

The Roosevelt Dime was first struck on January 30, 1946, just a year after FDR’s death—what would have been his 64th birthday. Designed by Chief Engraver John R. Sinnock, the obverse features a left-facing profile of Roosevelt, while the reverse displays a torch flanked by olive and oak branches, symbolizing peace and strength.

Roosevelt’s role in establishing the March of Dimes made the choice of placing him on the dime natural. The slogan for the March of Dimes, a public health campaign founded in 1938, inspired millions of Americans to donate dimes to support the fight against polio.

Roosevelt Dime Values

Roosevelt Dimes minted between 1946 and 1964 contain 90% silver, making their value largely dependent on the price of silver. Roosevelt Silver Dimes are often sold in bulk as junk silver, but higher-quality examples can fetch a premium.

Common dated silver dimes in circulated condition typically sell for about $2 to $3, depending on the current silver market.

In better condition (XF or AU), these dimes can sell for $3 to $6, especially if they exhibit sharp details and minimal wear.

Roosevelt silver dimes minted from 1946 to 1964 that are heavily circulated, scratched, bent, or worn are worth silver melt value.

Key Dates and Valuable Dimes

While billions of Roosevelt Dimes have been minted since 1946, a few key dates stand out due to their rarity or historical significance.

1949-S Roosevelt Dime

With a relatively low mintage of 13.5 million, the 1949-S is a crucial date in the series. In Mint State condition with Full Bands (a designation that indicates a sharp strike with fully visible horizontal bands on the torch), this coin can be worth $65 to $100 in circulated grades. The most valuable 1949-S Dime was sold at auction in 2022 for $6,000.

1950-S Roosevelt Dime

Another scarce date, the 1950-S, has a similar low mintage of just over 20 million coins. In MS66 with Full Bands, it is valued at around $35.

1951 Proof Deep Cameo (DCAM)

1953 Proof Cameo Roosevelt Dime PF68 NGC
Value: $500

Proof dimes from the early 1950s, especially those in Deep Cameo condition, can fetch a significant premium. A 1951 Roosevelt Dime in PR68 Deep Cameo sold for $23,500 at auction.

1964-D Doubled Die Reverse

One of the rarer doubled die varieties in the Roosevelt Dime series, the 1964-D Doubled Die Reverse can be worth $300 or more, depending on the condition.

1996-W Roosevelt Dime

This coin, struck at the West Point Mint to recognize the Roosevelt Dime’s 50th anniversary, was only available in Mint Sets. In high grades, it can fetch between $10 and $45.

Factors That Affect Value The Most

Understanding which Roosevelt dimes are valuable requires knowledge of several primary factors:

Mint Errors: Mistakes made during minting can make a coin rare.
Low Mintage Years: Years with fewer coins produced can add scarcity.
Condition: Coins in better condition (higher grades) often command higher prices.

Roosevelt Dime Error Coin Values

Out of the billions of Roosevelt Dimes issued over the years, coins with mistakes and errors are bound to occur. Mint errors can significantly elevate the worth of a Roosevelt dime. These errors might include misstrikes, off-center strikes, or double dies. Below is a table listing some notable mint errors and their approximate market values.

Error Type	Description	Estimated Value ($)
Double Die	Duplicate images on the coin	$50 – $1,000
Off-center Strike	Coin struck off-center	$30 – $500
Broadstrike	Coin broader than usual	$20 – $200
Clipped Planchet	Portions of the coin missing	$10 – $150
Mule Error	Coin struck with mismatched dies	Over $1,000

Notable Dime Error Coins

1975 No-S Proof Dime

GreatCollections Auction 1975 No S Dime PR67 CAC — 1975 No-S Proof Dime

The 1975 No-S Proof Dime is among the rarest and most valuable modern U.S. coins. It is a proof dime struck at the San Francisco Mint, usually including an “S” mint mark for proof coins. However, a few 1975-proof dimes were produced without this “S” mint mark due to a minting error, making them highly sought after by collectors.

This coin is among the rarest and most valuable error coins in the Roosevelt Dime series. Only two examples of this proof dime exist; one sold for $456,000 at auction in 2019.

1982 No P Mint Mark

1982 No-P is the first instance where the Philadelphia Mint accidentally produced a coin without its mint mark.

Usually, dimes struck at the Philadelphia Mint after 1980 bear a “P” mint mark on the obverse (front) of the coin, just above the date.

1982 "No P" 10C Roosevelt Dime NGC MS63 — 1982 “No P” 10C Roosevelt Dime NGC MS63

In 1982, some Roosevelt Dimes were accidentally struck without the “P” mint mark. Circulated 1982 No-P dimes can be worth between $50 and $200, depending on the condition. Uncirculated, they can range between $200 and $400, with higher-grade examples (MS65 or better) commanding up to $500 or more, depending on the strength of the strike.

1965 Silver Planchet Dime

The 1965 Silver Planchet Roosevelt Dime was minted during a significant transitional period for U.S. coinage. Starting in 1965, the U.S. Mint switched from silver to a copper-nickel-clad composition for dimes, quarters, and half dollars.

However, some dimes were mistakenly struck on leftover 90% silver planchets from 1964, making these error coins highly desirable among collectors.

The 1965 Silver Planchet Dime is a highly sought-after error coin, with value varying depending on condition and demand. Typically, these coins can be worth $4,000 to $7,000 in circulated condition, while mint-state or uncirculated coins can fetch $7,000 to $10,000.

In 2019, a 1965 Silver Planchet Roosevelt Dime graded MS62 by PCGS sold for $9,000. Higher-grade examples have sold for over $10,000 at auctions.

1969-D Repunched Mint Mark

Some 1969-D dimes display a repunched mint mark, which occurs when the mint mark is applied to the coin’s die more than once in slightly different positions. If the mint mark punch shifted slightly or was struck more than once, it would result in a repunched mint mark.

RPM errors were more common before the mid-1980s when mint marks began to be applied to the master hub instead of individually punched onto each die.

The value of a 1969-D RPM Roosevelt Dime depends on the coin’s condition and the visibility of the punch. For coins in circulated condition, values can range from $10 to $25, while uncirculated coins are worth between $50 and $75. Higher-grade examples, depending on the error coin’s condition and extensiveness, can be worth $100 to $1,500.

1999-D Broad Struck on a Cent Planchet

The 1999-D Roosevelt Dime Broad Struck on a Cent Planchet is a notable and rare error coin. The Roosevelt Dime design was mistakenly struck on a copper planchet intended for a cent (penny) rather than the usual copper-nickel-clad planchet for dimes.

The coin will have the design of a Roosevelt Dime, but its size and weight will differ because it was struck on a larger copper cent planchet. This results in a broad strike, where the design does not fit properly on the smaller or larger planchet and appears stretched or incomplete, especially near the edges.

This type of mint error is known as a wrong planchet error, and it results in a very unusual and collectible coin. Only a few of these coins exist; they can sell for $6,000 or more.

Certified Roosevelt Dime Values

Certified coins graded by reputable companies like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) can significantly increase the value of a Roosevelt Dime. High-grade coins with Full Bands or Full Torch designations are particularly desirable among collectors.

For example, a 1950 Roosevelt Dime graded PR68 Deep Cameo by PCGS sold for $18,800. Similarly, a 1956 Proof Deep Cameo dime in PR69 fetched $19,975 at auction. These high-grade, certified coins are often seen as investments, as their value tends to appreciate over time.

Coin Grading and Condition

The coin’s condition is the largest factor in determining its value. Grading is usually done on a scale from 1 to 70, with higher numbers indicating better preservation and fewer signs of wear.

Grade	Description	Market Value Impact
G4	Good	Low base value
VG8	Very Good	Slight increase
F12	Fine	Moderate increase
VF20	Very Fine	Considerable increase
EF40	Extremely Fine	High market value
MS65	Mint State	Maximum market value

September 11, 2024September 14, 2024

Rare 1975-S No S Proof Roosevelt Silver Dime to be Auctioned Next Month

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The 1975-S No S Proof Dime, widely regarded as the world’s most valuable modern U.S. coin, is set to be auctioned on October 27th by GreatCollections. This highly rare coin, owned by an Ohio family for over 45 years, is one of only two known examples missing the “S” mint mark, a small but significant error that has turned it into a coveted item among collectors.

Discovery and Significance

The 1975-S No S Proof Dime was part of a proof set minted at the San Francisco Mint, which should have included an “S” mint mark on the dime. In 1975, the U.S. Mint produced 2.84 million proof sets, but only two sets without the “S” mint mark have been discovered, both by the same individual in California in the late 1970s.

These dime error coins were sold to coin dealer F.J. Vollmer and have since become legendary in the numismatic world. The Ohio family purchased their No S dime from Vollmer in 1978 for $18,200, a significant sum at the time, equivalent to nearly $90,000 today.

According to Scott Schechter and Jeff Garrett, co-authors of 100 Greatest U.S. Modern Coins, the 1975 No S Proof Dime ranks as the #1 modern U.S. coin. The coin has been graded PCGS Proof-67 and approved by CAC (Certified Acceptance Corporation) with the considerable public interest and could fetch over $500,000 at auction.

1975-S No S Auction History and Values

The 1975 No S Proof Dime auction history shows its increasing value over time. In 2011, the second known example sold for $349,600 at a Stack’s Bowers Galleries auction. In 2019, the same coin sold for $456,000 at Heritage Auctions. Shortly after, it was sold privately for $516,000 to the owner of the only complete collection of Roosevelt Dimes ever formed.

The current auction represents the first time this particular dime, owned by the Ohio family, has appeared in public sale. It is expected to attract a great deal of attention from collectors, with the current bid already reaching $250,000. The dime will be on display at the Great American Coin & Collectibles Show in Tampa, Florida, from September 11-14 before heading to the auction block in October.

What Makes the 1975-S No S Proof Dime Special?

The 1975 No S Proof Dime is significant because of its extreme rarity and the historical context of its creation. During this time, proof coins were struck with extra care for collectors, and the absence of the “S” mint mark is an unusual and highly collectible error.

Mint inspectors likely discovered this early in the first run and stopped the majority of these error dimes from being released, making the two known examples incredibly rare.

This coin stands apart from other 1975 dimes made in Philadelphia as it is a Proof coin which was only minted in San Francisco.

Collectors’ and Investors’ Interest

For collectors, the 1975 No S Proof Dime is considered a “holy grail” of modern numismatics. Its rarity, combined with the fact that only two are known to exist, drives its value. The proof coin is also in excellent condition with a Proof-67 grade, making it even more desirable.

For investors, owning a piece of modern coinage history like the 1975 No S Proof Dime can be a lucrative long-term asset. Over the years, its value has consistently appreciated, and it is expected to continue doing so due to its uniqueness.

Beware of Misleading Offers and Counterfeits

The rarity of the 1975 No S Proof Dime has led to opportunistic sellers falsely advertising common 1975 dimes as rare coins. With nearly 586 million 1975 Roosevelt Dimes produced without a mint mark, many sellers exploit the confusion between regular circulation coins and the rare proof errors. Buyers must carefully verify the authenticity and provenance of such coins, as common 1975 dimes without an “S” are not valuable.

This discovery is a reminder of how valuable certain error coins can be, especially when such a limited number of examples exist.

July 15, 2024September 30, 2024

1916-D Mercury Dime and Other Valuable Dimes

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The 1916-D Mercury Silver Dime is one of the most sought-after coins in American numismatics. It was the inaugural year for the Mercury Dime series and is a prized piece among collectors due to its low mintage, historical significance, and rarity.

The value the 1916-D Mercury can vary widely based on condition, with high-grade examples commanding significant premiums.

All branches of the US Mint were transitioning from the Barber to the Mercury in 1916 and the Denver branch faced limited demand for dimes and focused more on producing other denominations, resulting in the mintage of only 264,000 Mercury dimes.

1916 Mercury Dime Mintage

Philadelphia Mint (No mint mark): 22,180,080
San Francisco Mint (S): 10,450,000
Denver Mint (D): 264,000

The 1916-D Mercury Dime had the lowest mintage of the entire 29 year history of the Mercury Dime series.

1916-D Rarity

Exceptionally Low Mintage The Denver Mint produced only 264,000 dimes in 1916, the lowest of any Mercury Dime.
First Year of Issue: Being the first year of issue for the Mercury Dime series adds historical significance and desirability among collectors.
Mint Mark Location: The “D” mint mark is located on the reverse side of the coin, to the left of the fasces (a bundle of rods) and below the olive branch.

Value Ranges

The value of a 1916-D Mercury Dime varies greatly depending on its condition, or grade. Understanding the different grading conditions is essential when assessing the coin’s value. These coins are over one hundred years old and many were circulating for decades before being discovered by a collector in some spare change.

Good (G4)

Example of a 1916 Mercury Dime in Circulated, but Good or Fine condition — Circulated 1916 Mercury in good to fine condition

In Good condition, the 1916-D Mercury will still appear heavily worn. Most of the major design elements, such as Lady Liberty’s profile and the fasces (the symbol of strength and unity) on the reverse, will be significantly worn down. The details in Liberty’s hair will be nearly flat, and the winged cap will have lost most of its details. The inscription “LIBERTY” may still be visible but faint. The “D” mintmark (signifying Denver) on the reverse might be worn but should still be visible.

Value Note: Even in this worn condition, the rarity of the 1916-D Mercury gives it a high value compared to other coins with examples in this condition fetching $800 to $1,000.

Fine (F12)

A Fine 1916-D Mercury will show moderate wear. Liberty’s profile will be more defined, though the hair will still be mostly worn flat. The wings on her cap will show basic outlines but lack finer details. On the reverse, the fasces will show the distinct shape of the axe but will be missing finer lines. The “D” mintmark will be clear.

Significance: This condition appeals to budget-conscious collectors who want to own the quintessential key date without paying the premium for higher grades.

Extra Fine (XF40)

Example NGC Certified 1942/41-D Mercury Dime Graded XF40

In a Very Fine condition, there is noticeable detail in Liberty’s hair and winged cap. Some individual strands of hair will be visible, though not fully sharp. The winged cap will also show more depth and separation between the wing elements. On the reverse, the fasces and axe will begin to show sharper lines. The lines running through the fasces will still be partially worn but clearly visible.

Value for Collectors: Collectors who prefer more detailed coins may target this grade as a balance between affordability and maintaining the coin’s historical aesthetics with prices ranges from $6,000 to $10,000.

Almost Uncirculated (AU50)

In Almost Uncirculated condition, the 1916-D Mercury will have only light wear on the highest points of the design. Liberty’s hair and the wings on her cap will have most of their detail intact, though there may be slight wear on the highest points. The reverse will show sharp details on the fasces, with clear lines separating the bands and distinct textures on the axe.

Significance: For collectors, an AU50 example represents a coin that is very close to mint state but comes at a significantly lower price than a fully uncirculated example.

Certified 1916-D Mercury Dimes

Investors and collectors should strongly consider focusing on certified 1916-D Mercury Dimes when adding one to their collection.

Counterfeits of this dime are common due to the coin’s rarity and high value. Purchasing a coin certified by a reputable grading service like PCGS or NGC helps to ensure that the coin is genuine.

The condition of a coin can greatly affect its value, so having a third-party grade ensures transparency and trust in the market. When consider this coin as an investment, third-party certified coins come with a guaranteed grade.

Certified coins are more liquid and easier to sell because having it authenticated and graded by a third-party makes it a safer investment should you decide to sell down the road.

1916-D Values

Here are the general value ranges based on the coin’s condition:

Good (G-4): $800 – $1,000 (APMEX)
Very Good (VG-8): $1,200 – $1,500 (APMEX)
Fine (F-12): $2,000 – $3,000 (CoinWeek)
Very Fine (VF-20): $3,500 – $5,000 (LandofCoins)
Extremely Fine (EF-40): $5,500 – $7,000 (USACoinBook)
About Uncirculated (AU-50): $10,000 – $20,000 (BullionShark)
Mint State (MS-60 to MS-65): $15,000 – $35,000+ (PCGS)

The highest Mercury Dime values are for coins in Mint State (MS) condition, which exhibit no wear and retain their original mint luster.

Collectors should be wary when buying this coin due to the presence of counterfeits that have found.

History of the Denver Mint

The Denver Mint officially began coin production on February 1, 1906. The first coins were struck at the Denver Mint on February 1, 1906. The first coins to be produced were $20 double eagles, however, the history of the Denver Mint dates back to the discovery of gold in the Rocky Mountains in 1858.

Like other gold rushes, the discovery of gold deposits in the area led to a massive influx of settlers and created a need for a local refining and minting facility to process the gold found in the area.

In 1860, a private mint known as Clark, Gruber & Company was established in Denver that produced territorial gold coins that were used locally.

The United States Treasury purchased the Clark, Gruber & Company mint in 1862 for $25,000, with the intention of turning it into a federal mint. The facility originally operated as an assay office where gold could be deposited and exchanged for coins produced at other mints.

In 1895, Congress authorized the establishment of a new mint facility in Denver. Construction began in 1897, and the new Denver Mint building was completed in 1904.

Throughout the 20th century, the Denver Mint became one of the largest producers of coins in the United States. The mint continues to produce billions of coins annually for circulation, as well as commemorative coins, coin sets, and medals.

Coins produced at the Denver Mint are distinguished by the “D” mint mark.

November 20, 2023September 30, 2024

What Dimes Contain Silver?

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Before 1965, U.S. dimes were minted with an alloy containing 90% silver. These coins, often referred to as “junk silver,” derive their value primarily from their silver content rather than numismatic value.

Identifying Silver Dimes

The most straightforward way to identify a silver dime is by its minting date. All dimes dated 1964 or earlier are minted with 90% silver.

Additionally, when viewed from the side, silver dimes will have a solid silver appearance along the edge with no visible copper line. Modern clad dimes (post-1965) have a copper edge visible when viewed from the side.

Mercury Silver Dimes (1916-1945)

The Mercury Silver Dime was continuously minted by the US Mint from 1916 until 1945. These coins feature Lady Liberty on the obverse wearing a phrygian cap, often mistaken for the Greek God Mercury due to the winged hat.

Design: The Mercury Dime, officially known as the Winged Liberty Head dime, features Lady Liberty wearing a phrygian cap with wings on the obverse. This design is often mistaken for the Roman god Mercury, hence the name.
Composition: Each dime contains 90% silver and 10% copper.
Historical Significance: Designed by Adolph A. Weinman, the Mercury Dime is considered one of the most beautiful U.S. coins.

Mercury Dime Key Dates

1916-D

Mintage: 264,000 Denver Mint
Significance: Exceptionally low premier mintage of the Mercury dime from the Denver mint.
Value: Extremely rare and highly sought after by collectors. Coins in circulated, but good condition, can command up to $1,000. While graded Mint State 1916-D Mercury Dimes can fetch over $35,000.

1921 and 1921-D

Mintage: 1,230,000 (Philadelphia) and 1,080,000 (Denver)
Significance: Both the 1921 and 1921-D are low mintage years due to reduced coin production during the post-World War I economic slump.
Value: These dimes are scarce and command high prices, especially in uncirculated condition.

1942/1 and 1942/1-D Overdates

Mintage: Unspecified; these are error coins.
Significance: These overdate coins show a “1” underneath the “2” in the date. They are rare and highly prized by error coin collectors.
Value: Values can range significantly based on condition, often starting at several hundred dollars and going up into the thousands.

Silver Roosevelt Dimes (1946-1964)

The Roosevelt Silver Dime was introduced in 1946 and was minted with a 90% silver alloy until 1964. Beginning in 1965, the mint introduced the clad Roosevelt Dime that is still in use today.

Design: Introduced in 1946, the Roosevelt Dime honors President Franklin D. Roosevelt. The obverse features his portrait, designed by John R. Sinnock.
Composition: Like the Mercury Dime, it contains 90% silver and 10% copper.
Introduction Reason: The dime was introduced shortly after Roosevelt’s death as a tribute to his legacy, particularly his role in founding the March of Dimes.

Roosevelt Dime Key Dates

1949-S

Mintage: 13,510,000
Significance: The 1949-S is a key date because of its relatively low mintage compared to other Roosevelt dimes.
Value: In high grades, this coin can be quite valuable.

1950-S

Mintage: 20,440,000
Significance: Another semi-key date due to its lower mintage and the demand from collectors.
Value: Prices vary based on condition, but it is more valuable than most other dates in the series.

1951-S

Mintage: 31,630,000
Significance: This year had a higher mintage than 1949-S and 1950-S but still is considered a key date due to collector demand.
Value: Similar to the 1950-S, it holds a premium in higher grades.

Silver dimes, like all 90% silver US coinage are sometimes referred to as “junk silver”. This is a common term adopted from the coin collecting industry for coins that have little to no numismatic value. Their value lies strictly in the silver content.

Junk silver dimes are a great way to start investing in silver. They are fractional and you can buy them close to spot price.

Barber Dimes (1892–1916)

The Barber Dime is a historically significant ten-cent coin featuring a classic design that was minted by the United States Mint from 1892 to 1916. It is named after its designer, Charles E. Barber, who also designed the Barber quarter and half dollar. Barber’s design was chosen by the U.S. Mint after a public competition failed to yield a winning design.

Composition: 90% silver, 10% copper
Silver Content: 0.07234 troy ounces of pure silver
The Barber Dime was minted from 1892 until 1916. It is named after its designer, Charles E. Barber.

Although not universally praised for its artistic appeal, the Barber dime became a staple of U.S. coinage during the late 19th and early 20th centuries.

Barber Design

The obverse features a profile of Lady Liberty wearing a Phrygian cap and a laurel wreath. The inscription “UNITED STATES OF AMERICA” surrounds the portrait, with the minting year at the bottom.

The reverse has a simple design with the words “ONE DIME” in the center, surrounded by a wreath of agricultural products that include wheat, corn, and oak.

Barber Dimes are widely collected due to their historical significance and relatively short production run. While most dates are common and affordable in circulated condition, key dates like the 1894-S and well-preserved coins in higher grades can be quite valuable.

Modern Silver Proof Dimes

Since 1992, the U.S. Mint has produced silver Proof Sets containing 90% silver Roosevelt Dimes for collectors.

Modern Silver Proof Dimes are special edition coins that differ from the regular circulating dimes in terms of both their metal content and the method of production and feature a composition of 90% silver and are struck with a high-quality proof finish. These are produced at the San Francisco Mint and bear the “S” mint mark.

High-Grade Proof dimes that are graded PR69 or PR70 by professional services like PCGS or NGC are more valuable to collectors.

Silver Dimes in Circulation

The Roosevelt Dime was introduced in 1946. Billions of silver dimes were minted up until the debasement began in 1965. While many have been smelted over the years for their melt value, there are still plenty available in the wild.

The easiest way to tell if you have a silver dime is by looking at the date. All dimes that were minted prior to 1965 contain 90% silver content. If your dime is from 1964 or earlier, then it is a silver dime.

Coin roll hunting can be a great way to find silver dimes, depending on the availability of unsearched bankrolls in your area.

Silver Dime Values

At the very minimum, a silver dime is worth its weight in silver. A 90% silver dime has an overall gross weight around 2.5 grams. Therefore, it has roughly .0715 ozt of silver. Based on the spot price, the intrinsic value of silver is far more than its face value, which is the primary reason the government stopped using silver and switched to clad coins.

An easy way to estimate the value of your silver dimes is that each $1.00 Face Value, or ten silver dimes, contains .715 troy ounces of silver. This is a commonly accepted weight that takes into consideration that there may be some wear and tear from circulation.

For more information about which silver dimes may be key dates and have some numismatic value.

You can easily compare online dealer prices for 90% silver dimes:

September 16, 2023September 30, 2024

Cashing Out When You Sell Coins

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Finding a box of old coins in the attic can be an exciting discovery, but deciding when and how to sell them can be complex. Whether you’re a novice or a seasoned coin collector, it’s crucial to understand the market dynamics and have a strategy for divestment. This guide provides insights into the best practices for selling your coins, from research and valuation to finding the right buyers and understanding tax implications.

Steps to Take Before You Sell Coins

Sort and Catalog Your Collection

Vintage stamp and coin collecting tips, Detailed collection of vintage stamps and coins displayed on a wooden desk, magnifying glass, soft lighting, warm tones, nostalgic and informative

Begin by sorting and cataloging your coin collection. Many collectors will organize the coins by denomination, country of origin, and year and will use a spreadsheet or coin collecting software to make it easy to sort and organize and provides a way to take notes of any unique traits or properties.

Research Resources

Research the coins you have using books, online resources, or contact local dealers to seek professional coin appraisals. Look for information on coin values, rarity, and historical significance.

Numismatic books and catalogs that focus on the specific type or era of coins often contain historical information, mintages, and pricing data. Coin guides and price guides that are commonly referenced in coin stores, pawn shops, and by coin dealers such as the “Red Book”, a Guidebook of United States Coins, are available from Amazon and other bookstores. This is one of the most widely used reference books by coin collectors and numismatists and provides detailed information and price estimates for thousands of different coins.

Additionally, online resources, such as Numista.com, FindBullionPrices.com, PCGS, and NGC offer extensive databases and can provide additional insights into coin values, history, mintages, composition, circulation and other worthwhile information. You can search by country, type, year, and denomination to find information about your coin.

Numismatic forums like Coin Community Forum and Collectors Universe are excellent places to ask questions, share photos, and learn from experienced collectors.

Local Coin Shows and Club Meetings are great places to sell coins direct to other collectors and dealers.

Local coin shows and coin club meetings can help you meet other collectors who share a similar passion for collecting. These events are excellent opportunities to meet knowledgeable collectors, dealers, and experts who can provide information and guidance.

Once you’ve identified your coins, determine their approximate value. Keep in mind that a coin’s condition (graded on a scale from poor to mint state) has a significant impact on its worth.

Reputable coin dealers in your area can offer insights, appraisals, and information about the coins in their inventory.

For rare or valuable coins, consider getting a professional appraisal that can provide you with a more accurate assessment of your coin’s value.

Estimating Coin Values

Condition and Grading

Many older coins have been in circulation and have suffered wear and tear. For both collectors and investors, the condition of a coin can make the difference between a piece being worth its intrinsic metal value or thousands of dollars more.

Coins that remain in mint state (uncirculated) or proof condition are rarer because fewer have survived in such pristine condition and are more desirable to collectors.

Even common-date coins can carry a significant premium if they are in exceptional condition, particularly with coins that exhibit rare features such as Franklin Half Dollars with Full Bell Lines (FBL) or Deep Cameo on proof coins.

Places to Sell Coins and Find the Right Buyer

Visit local coin shops or contact coin dealers who specialize in your type of coins. They can provide offers based on their expertise.

Websites like eBay, Heritage Auctions, and GreatCollections allow you to list your coins for sale. Be prepared to handle shipping and potential fees.

When selling your coins, set a reasonable and competitive price based on their condition and market demand. Research recent sales of similar coins to gauge their market value.

Understand that dealers will be knowledgeable about current coin values, so be realistic in your expectations and have some understanding of the current market value.

Local Coin Shops and Dealers

One of the easiest ways to sell your coins is by visiting local coin shops or contacting coin dealers who specialize in your type of coins. These dealers have extensive knowledge and can provide you with an offer based on their expertise.

Keep in mind that coin shops often offer slightly less than full market value since they need to resell the coins for a profit. To ensure you’re getting a fair price, consider visiting multiple shops to compare offers.

Online Auctions and Selling Platforms

Websites like eBay, Heritage Auctions, and GreatCollections provide platforms where you can list your coins for sale. These sites allow you to reach a large audience of potential buyers, but be prepared to handle the logistics.

You’ll need to manage shipping, customer inquiries, and any associated fees that the platform may charge. For instance, eBay charges final value fees, while auction houses take a commission on sales. Before listing, it’s a good idea to research completed sales of similar coins to set a competitive price.

Online forums and communities such as Reddit and CoinTalk offer spaces where you can connect with other coin enthusiasts. These platforms are useful for getting advice, discussing the value of your coins, and even finding potential buyers.

Although these forums are less formal than auction houses or online marketplaces, they can be a valuable resource for learning more about the coin market and connecting with other collectors.

Coin Shows

Coin shows are a great way to connect with dealers and collectors in person. These events provide the opportunity to showcase your coins and negotiate directly with potential buyers.

Keep in mind that most dealers at coin shows are very knowledgeable about current coin values, so it’s important to set realistic expectations. Before attending, familiarize yourself with the market value of your coins to ensure you are prepared for negotiations and don’t sell for less than their worth.

Attend coin shows in your area where you can meet dealers and collectors interested in your coins. Understand the current market value to set realistic expectations.

Consignment Auctions

If you have rare or valuable coins, consigning them to a reputable auction house can be a smart move. Many auction houses specialize in rare coins and have a broad network of collectors and investors.

When you consign your coins, the auction house will usually have them appraised and professionally graded to determine their condition and true market value. This appraisal helps set appropriate prices and create detailed descriptions for your coins.

The consignee will then market your coins through various channels, including live auctions, online listings, and direct sales to their clientele. While auction houses typically take a percentage of the sale as a fee, they provide expert marketing and exposure that can help you achieve higher sale prices.

Tax Implications When You Sell Coins

Capital Gains Tax on Coins

In the U.S., coins are classified as collectibles under the tax code. When selling coins for a profit, you may be subject to capital gains tax. It is essential to understand how the tax works, the rates involved, and how it applies specifically to coin collectors and investors.

If you hold coins for one year or less before selling them, any profit is considered a short-term capital gain and is taxed at your ordinary income tax rate.

If you hold coins for more than one year before selling, the profit qualifies for the long-term capital gains tax rate.

Unlike other long-term investments like stocks or real estate, which are taxed at a maximum of 20%, collectibles are taxed at a higher maximum capital gains tax rate of 28%.

Factors such as the holding period (short-term vs. long-term gains) and your overall income can affect the tax rate.

Given the complexity of tax laws and regulations related to numismatic coins, it’s advisable to consult with a tax professional or accountant who can provide guidance on your specific situation.

Conclusion

If you have a substantial collection or are dealing with high-value coins, consider consulting with a professional coin broker or auction house to help you navigate the selling process.

Remember that selling coins can take time, and finding the right buyer at the right price may require patience. Be cautious of scams or deals that seem too good to be true, and prioritize safety when meeting buyers in person.

July 14, 2023September 14, 2024

Silver Dimes

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Until 1965, U.S. dimes were composed of 90% silver and 10% copper. However, because of rising silver prices, the U.S. Mint decided to continue debasement of coinage by changing the composition of dimes to a copper-nickel alloy, starting with the clad coin production in 1965. The US Mint not longer issues silver dimes, instead, today’s dimes are of an alloy that is 91.67% copper and 8.33% nickel.

Silver dimes are ten-cent coins that were minted from 1796 to 1964, made from an alloy called “coin silver.”

Six different styles of silver dimes had been issued by the US Mint before 1965. Those include the Draped Bust, Capped Bust, Seated Liberty, Barber, Mercury, and Roosevelt designs.

Until 1965, U.S. dimes were composed of 90% silver and 10% copper. However, because of rising silver prices, the U.S. Mint decided to continue debasement of coinage by changing the composition of dimes to a copper-nickel alloy, starting with the clad coin production in 1965. Today’s dimes are of an alloy that is 91.67% copper and 8.33% nickel.

Silver Dime Variations

Roosevelt Silver Dimes (1946-1964): These feature a portrait of President Franklin D. Roosevelt on the obverse side.
Mercury Dimes (1916-1945): Despite the name, these actually depict a young Lady Liberty wearing a winged cap, which was mistaken for Mercury, the Roman messenger god.
Barber Dimes (1892-1916): Named after their designer, Charles E. Barber, these dimes feature the head of Liberty on the obverse.
Seated Liberty Dimes (1837-1891): These depict Liberty seated on a rock, holding a shield in one hand and an olive branch in the other.
Capped Bust Dimes (1809-1837): These feature a portrait of Liberty wearing a cap, along with an eagle on the reverse.
Draped Bust Dimes (1796-1807): These feature a portrait of Liberty with flowing hair and draped bust.

Collectors seek out silver dimes for their historical and numismatic value, while investors purchase them for their silver content as a hedge against economic instability or inflation. The industry refers to this as “junk silver,” although the term doesn’t reflect on the condition or value of the coin but rather means that its value comes primarily from its metal content rather than its rarity or collectibility.

Face Value Bags of Junk Silver

Online bullion dealers typically offer 90% silver dimes based on the face value that each contains. For example, each $5 Face Value standard bank roll of silver dimes has fifty individual pieces minted Pre-1965. Each circulated silver dime contains approximately .0715 troy ounces, with each standard $5 Bank Roll of silver dimes having a total of 3.575 troy ounces ASW.

Buying $100 Face Value bags of silver dimes provides one thousand individual dimes. These face value bags a popular way for new collectors to better understand the many rare dates, die variations, mint marks and error coins that are available. The intrinsic value of this bag is much higher than the face value due to the silver content of the coins.

Books About Silver Dimes

Pre-made Ten-Cent Coin Albums from Dansco and Whitman are an easy way for collectors to keep things organized and are available from Amazon and other retailers.

As a reference guide, many coin dealers use the spiral bound Guide Book of United States Coins, typically referred to as the “Red Book”, to help with pricing of collectible coins. The publish updates the guidebook each year making it one of the most common guidebook for collectors and investors alike.

July 1, 2023September 11, 2024

What is a Silver Certificate?

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The silver certificate was a type of representative money issued by the United States from 1878 to 1964. These certificates were some of the country’s first forms of paper money.

When silver certificates were first issued by the U.S. government in the 19th century, they were redeemable for their face value equivalent in silver dollar coins. Most typically, Morgan Dollar coins early on, then Peace Dollars. Though it is possible to have exchanged the certificates for any combination of silver coins, including dimes, quarters and half dollars as well.

As silver coins were being transitioned from the economy the Treasury stopped providing an exchange in silver coins. Instead, silver certificates were exchanged for raw silver bullion.

In 1968, the U.S. government halted the redemption of silver certificates for silver bullion entirely. While silver certificates are technically still fiat legal tender, most often they are kept as collector’s items or keepsakes, with some having significant numismatic value in certain conditions.

Key Facts About Silver Certificates

Silver certificates are a former legal tender paper currency that was issued by the U.S. government beginning in 1878.
Each certificate represented the face value amount in silver bullion, enabling individuals to carry and use paper currency for all the same transactions as silver and gold coins.
The Treasury Secretary declared that silver certificates would no longer be redeemable for silver dollars in 1964.
Silver certificates can still be redeemed for their face value in fiat currency today, however, many have historical and numismatic value beyond the face value.

Understanding Silver Certificates

On the front of each silver certificate, the following phrase was printed: “This certifies that there is on deposit in the Treasury of the United States of America X dollars in silver payable to the bearer on demand.” The ‘X’ represents the denomination of the certificate that ranged from $1 to $1,000.

When silver certificates were first introduced, silver and gold coins were considered to be real money. The value of each coin was based on the amount of silver that it was minted with. Each $1 USD silver coin has a gross weight of 26.73 g, with a silver content of 0.7734 ozt.

This means that for every ten Morgan Dollar coins someone was carrying, the weight of those coins was 8.6 troy ounces, a little more than half a pound. With the introduction of paper money, the same amount of silver value could be carried with just a few folded pieces of paper.

The key characteristic that helped insure that people adopted the use of silver certificates is that they were backed and guaranteed by the US Treasury and could be redeemed at anytime for the equivalent amount of silver coins.

Value of Silver Certificates

With precious metals removed from the economy completely in the early 1970s, modern U.S. currency, including paper bills and coins, is now fiat money with no underlying commodity providing backing.

This includes both Federal Reserve Notes and the no-longer-issued silver certificates, as neither are currently redeemable for a set amount of a silver or gold.

The value of individual silver certificate as numismatic collectibles can vary widely based on their age, condition, rarity, and specific print run, among other factors. Some are particularly valuable, especially specimens in good condition or with certain serial numbers, with many examples of PCGS graded large denomination silver certificates fetching hundreds of dollars.

Silver certificates continue to have strong appeal among silver stackers, currency collectors and those who appreciate the history and nostalgia they represent. They serves as a historical artifact that is a reminder of an era when silver was integrally woven into the fabric of the economy and how changes occur in the currency system regularly.

December 31, 2022September 11, 2024

Survival: Prepping with Silver

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Not too long ago, the idea of prepping, and having the tools to survive in the event of a disaster seamed pretty far fetched.

These days, it’s wise to be planning ahead as even the CEO of Chase has offered only dire predictions for the coming year.

The conditions we saw at the start of the pandemic with empty store shelves and limited supplies of basic necessities are likely to return.

Liquidity in both the stock and crypto markets continues to suffer while more companies announce layoffs following a year of record profits.

A new survey, published in January 2023, shows that more than 56% of households are unable to cover a one-time $1,000 emergency expense from their savings.

The amount of emergency savings needed by each person depends a lot of their expenses and emergency expectations. LifeHacker recommends that to calculate what you might need, you can estimate a week’s worth of expenses for food, bottled water, medications and any other necessities for your family.

Silver Preps

Having some money saved in the event of difficult financial times is practical and common sense. Stagnant wages and high inflation have already been making things difficult.

One of the first notions that comes to mind is to having fractional silver on hand for bartering.

“Junk Silver” is the best option for having fractional silver at home. It’s readily available and easy to authenticate. Most importantly, it’s affordable and easy to make regular purchases on a budget.

The coins in everyday circulation minted prior to 1965 were made from 90% pure silver mixed with some copper for durability.

These are coins that are of little interest to most collectors since most will show some wear and tear from circulation .

Each silver half dollar, quarter and dime minted before 1965 has known and verifiable amounts of pure silver and a small amount of copper.

Bag full of Junk Silver Quarters — Pile of junk silver quarters

During the time when silver was still circulating, the coin had real intrinsic value.

Buying 90% junk silver coins is the most practical fractional silver to stack that is hard to counterfeit and simple to authenticate.

Identifying 90% Silver Coins

Visually, you can identify junk silver pretty easily by looking at the rim of the coin. Coin roll hunters often use this trick when searching through boxes of bank rolls.

Weighing the coins is also a simple method to determine genuine junk silver. You will need a scale that measures in either troy ounces or grams.

Most kitchen scales or the herb scale you can get at the local gas station or from Amazon is often sufficient.

The table below shows how many grams of silver contained in each denomination of 90% junk silver:

Denomination	Face Value	Gross Weight	ASW
Half Dollar	50 cents	11.34 grams	10.206 grams (.328 ozt)
Quarter	25 cents	6.25 grams	5.625 grams (.1808 ozt)
Dime	10 cents	2.5 grams	2.25 grams (0.0723 ozt)

Each $1 USD of face value yields approximately .715 ozt of silver. So, a $10 Face Value roll of silver quarters has roughly 7.15 troy ounces of pure silver.

Holding onto even a small stack of silver helps to understand the intrinsic value and why it has been used as real money for hundreds of years. We’ve seen in the wake of hurricanes and other natural disasters that debit cards, Apple Pay and ATM machines don’t work when the power grid goes out.

Junk silver is the most logical starting point when it comes to financial prepping with precious metals.

It fits all of the characteristics that are important in a SHTF scenario.
It is naturally fractional.
It is easy to authenticate in the field.
It is difficult to counterfeit.

40% and 35% Silver Coins

From 1964 until 1970, the Kennedy half-dollar coin was minted with an alloy that contains 40% silver. Not long ago many investors overlooked these coins because of the reduced silver content. Though 40% Kennedy half dollars can often be found with much lower premiums.

The war nickel was minted during World War II. From 1942 until 1945, nickel was a critical metal needed for the production of tanks and armor for vehicles. The metal used for the coins was reformulated to an alloy containing 35% silver.

1 oz Silver Coins and Rounds

After building a stack of junk silver, the most practical .999 fine silver options are typically 1 oz silver coins, rounds or bars. This weight is very common to find available from online bullion dealers and marketplaces or local coin shops.

As the recession takes hold, one ounce silver coins and rounds have become a popular way to hold an investment in silver.

Many people have similar questions when prepping with precious metals.

What is the difference between a coin and a round?

There is only one single characteristic that distinguishes a silver coin from a silver round.

Coins are minted by governments and are designated as legal tender.

This provides a guarantee that the weight and purity of each coin is minted to the exact specifications as outlined in the law.

For example, the face value on bullion coins such as the Canadian Silver Maple Leaf, is one Canadian dollar ($1 CAD). But the intrinsic value is based on silver spot price.

Silver rounds are similar to coins in shape, composition and dimension. They are designed to mimic the feel of coins and have the similar composition and silver purity.

The distinguishing factor is that silver rounds are produced and distributed by private mints and have no legal tender face value. One ounce silver coins and rounds share the exact same intrinsic silver value.

Premiums on silver rounds are lower than coins because of the face value and they have the backing of a trusted sovereign government.

Silver rounds from private mints will typically be less expensive than coins.

December 4, 2022September 11, 2024

Modern History of Silver Coins in the US Economy

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Precious metals coins have been found by archaeologists and historians that date back thousands of years.

Historians and archaeologists from around the world have unearthed precious metal coins from cultures that vanished long ago. Many notable examples from China, India, Ancient Greece and Egypt are on display in museums.

Silver, Gold and other precious metals are found in natural deposits throughout the world. Coins minted from silver and gold have been valued, exchanged as the purest form of money since ancient civilizations.

The earliest known was the Lydians, an ancient Mediterranean civilization that has been discovered in part of modern day Turkey.

The Lydians are the first known culture to create coins from gold and silver. The earliest coins discovered were minted of an alloy similar to electrum. Electrum is a naturally occurring alloy containing gold and silver that also contains trace amounts of copper and other metals.

The Lydian stater coins have often been reported to be struck from this naturally-occurring alloy. However, modern analysis has shown that many were actually made from a specific and rather consistent alloy. A mixture of approximately 55% gold, 45% silver, and a small balance of copper.

In Ancient Greece, the silver drachma was the standard used for hundreds of years even into the early Roman Empire. Each drachma was minted with 4.3 grams of silver. the largest know, the Decadrachm contained 43 grams of silver.

Colonial times and long ocean voyages to the new world helped to establish a new routes for international trade. The economies of the Europe were funded by exploits gained through colonial expansion. Ships returning to Europe brought goods like sugar, corn and tobacco. The New World was also filled with treasures made from gold and silver.

Locally struck coins dating to as early as 1497 have been discovered at early settlements in the Caribbean.

The Spanish were the first to establish a mint in the New World in what is today in Mexico City. La Casa de Moneda was built by Spanish Colonial settlers in 1536 by order of King Charles I of Spain.

La Casa de Moneda has operated continuously as the oldest operating mint in North America. The flagship bullion coin is the Mexican Libertad Silver Coins which are minted on an annual basis.

Silver coins were also struck in mints established throughout the British colonies. The US Mint was established in Philadelphia in 1792 following the American Revolution.

Silver Coinage in the US economy

Silver is a store of value and wealth that has stood the test of time and technology. Silver was part of the bedrock that the American economy was built on. The Founding Fathers even included a mention of gold and silver in the Constitution.

Everyday Americans carried and used silver coins in everyday life for more than 173 years. Coins minted from alloys of silver were in circulation up until the 1960s.

Congress passed the Coinage Act of 1965. The passage of this act led to further debasement and ushered in the transitioned the dollar away from a gold-standard.

Prior to 1965, all dimes, quarters, half-dollar and dollar coins were 90% silver. Half dollar coins were debased to 40% silver in 1965. The final 40% silver coins intended for circulation were minted in 1970.

The debasement of the dollar and removal from the gold standard continued during Nixon’s first term as president.

For good reason, people began to horde old circulated silver coins. Sometimes old jars of these coins are found buried in someones backyard while doing renovations.

Today, these old circulated silver coins are referred to as Junk Silver. They are bought, sold, traded by investors, stackers, preppers, collectors. Having a few rolls or stacks of old silver coins provides some additional financial security. It’s easy to buy

Modern Silver Bullion Coins

In the late 1970s the Hunt Brothers manipulated prices in the silver market. Their manipulation led to the famed Silver Thursday event in 1980.

The price of silver was driven up to over $50 per ounce on January 18, 1980. At the time the Hunt Brothers were reported to have been holding over 100 million physical ounces at the time.

In response, COMEX created a new trading rule called the “Silver Rule 7”. The new rule suddenly forced the brothers into covering debt borrowed to finance futures contracts. The abrupt change of rules caused the price of silver to drop by more than 50% in just four days.

American Silver Eagle Coins

The US economy suffered through a three year long recession in the early 1980s. In 1985, Congress passed the Liberty Coin Act as a way to help restore faith.

The law established that the first coins were to be released the following year meeting specifications for composition. The US Mint debuted the 1986 American Eagle, minted from .999 fine silver with a design that remained for 35 years.

In 2021, the US Mint updated the reverse with a new design that was introduced part-way into year. There are two distinct reverse designs for the 2021 American Silver Eagle.

During the first part of the year, the coins continued to be minted using the existing design. The coins featuring the new reverse that shows an eagle grasping an olive branch with both talons.

Today, American Silver Eagle investment coins are considered to be the most widely trusted and recognized silver bullion coin worldwide.

The number of coins manufactured each year varies on demand from investors. The coins are minted based on sales. This helps the US Mint to implement a business model that allows for flexibility in scaling capacity.

Silver bullion coins are sold only to Authorized Purchasers who are approved US Mint. The wholesalers acquire freshly minted silver eagle coins from the mint at a fixed premium over spot price. The premium from the mint to wholesalers is $2.35 over the LMBA silver spot price.

The list of Authorized Purchasers includes investment banks and online bullion dealers APMEX and A-Mark. A-Mark is the parent company of well-known online bullion dealers including JM Bullion, Silver.com, Provident Metals and BGASC.

This year, it has been widely reported that the US Mint has been unable to keep up with investor demand. This is the first time in the 36 year history of minting bullion coins. High premiums at retail have led to some investors to buy generic silver bullion.

Manufacturing delays of planchets from private refineries forced the mint to cancel several eagerly anticipated releases.

The American Silver Eagle coin is only available in a one troy ounce denomination which has a $1 USD face value legal tender designation.

August 29, 2022September 11, 2024

Beginning the Dollar Debasement in the mid-20th century

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After the creation of the Federal Reserve in 1913, the US economy continued a slow debasement that coincided with the introduction of fiat paper currency. After the gold confiscation in 1933 by Roosevelt, the amount of currency in circulation began to increase exponentially.

According to data from the St Louis Fed, the amount of USD circulating during the 1920s remained steady at around $4.5 billion. During the 1930s, the number of dollars in circulation began to steadily increase, before skyrocketing during World War II to over $27 billion.

Prior to 1965, most of the coins that circulated throughout the United States were minted from an alloy of .900 pure fine silver. Historically, this alloy is known as “coin silver” and it was regularly found in colonial America for use in utensils, serving ware and other household items. In 1837, the US Mint began to issue various denominations in a 90% silver alloy.

Today, it’s difficult to believe and even harder to quantify that billions of silver coins were minted on behalf of the Treasury and circulating throughout the economy prior to the debasement of the dollar during the 20th century.

Junk silver is the simple term given to circulated silver coins from this era that have little to no numismatic value to collectors. These coins maintain their intrinsic value due to their silver content.

Circulated 90% silver coins can be purchased at most local coin shops, pawn brokers and some antique stores. Investors looking for the lowest premiums on junk silver are stacking large quantities of circulated coins. It’s not junk at all and is very easy to identify and authenticate with some basic information.

Despite these coins being readily available from local suppliers, still the most popular option is to make regular purchases from the lowest priced online bullion dealers and having bags of coins shipped directly to your door or stash location.

Coinage Act of 1965

Debasement continued on June 3, 1965, when Lyndon Johnson sent a special message to Congress requesting immediate legislation to remove silver from dime, quarter coins and to reduce the silver content in half-dollar coins.

The Coinage Act of 1965 was introduced by Senator Absalom Robertson, a Democrat from Virginia who staunchly opposed Civil Rights. He was also the father of televangelist Pat Robertson.

The composition of the half-dollar coin was reduced to 40% and a new coin was designed around a structure core, encapsulated by a silver alloy cladding.

The core alloy at the center of the coin would be minted of an alloy containing 21% silver mixed with base metal. The surrounding face cladding of the coin would be minted with an alloy containing 80% silver for a smooth and durable finish that could better withstand wear and tear that occurs with circulation.

This legislation helped to keep the silver prices artificially low by eliminating the use of silver in circulating coinage and dumping additional silver onto the market. The era of this price manipulation continued until silver hit a low of $12.08 in May 1967. Within one year, the price of silver has rise to $21.67 an ounce.

The Coinage Act of 1965 transferred millions of tons of silver from the US economy into industry.

At the time, silver was being consumed in mass amount by technological advances in photographic film on both the consumer level and in medical and industrial imaging. As the industrial consumption of silver continued to grow, so did silver prices.

During this period, Kodak had become an important innovator of photographic films and other imaging technologies. These advancements led to the mass consumer adoption of cameras and photography, in addition to be used by the military and intelligence agencies.

Photographic and X-Ray films included silver halide grains and crystals sandwiched in an acetate film. The more time that silver halide crystals are exposed to light, a chemical reaction occurs that creates the dark shades and contrasting shadows that are made from the familiar black and white film.

Under the leadership of William Vaughn, Kodak invented and manufactured high-resolution, grain-dense photographic films for CIA that were used in imaging systems like those in the SR-71 Blackbird, U2 spy planes, and other aerial intelligence aircraft that were used during the Cold War. The use of film in reconnaissance activity until the advancement of digital satellite imaging.

Silver is also consumed by medical devices and button-sized and smaller batteries were invented for use in things like hearing aids and other common assistive medical devices.