i work in a bank and you'd think it would be easy to find coins before 1964 but after looking through a couple thousand dollars worth of coins Ive come up with 4. Did Fed take them out of circulation or are people hoarding them?? And no smart *** answers please
2007-12-28 05:47:03 · 5 answers · asked by Stephanie 2 in Games & Recreation ➔ Hobbies & Crafts
Well the person who said that the coins after 1964 were no longer silver, at least the dime and quarter, the half was changed to 40% silver until 1970. Our dumb goverment actually thought the clad and silver coinage would circulate together. With the price of silver well beyond the value of the clad stuff the silver disapeared over night. Cents and nickels before 1965 are around and I find them all the time. I even find a lot of 40% silver 1/2 dollars from the banks in my area and I live in the north counrty of New Hampshire where the nearest bank is 1/2 hour drive. Grisham's law states that bad money will drive good money out of circulation, so all the silver is disapearing into hoards or collections. This law has been around for a few centuries and has proven true very often.
2007-12-28 13:40:25 · answer #1 · answered by Taiping 7 · 2⤊ 0⤋
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RE:
why cant I find coins before 1964????
i work in a bank and you'd think it would be easy to find coins before 1964 but after looking through a couple thousand dollars worth of coins Ive come up with 4. Did Fed take them out of circulation or are people hoarding them?? And no smart *** answers please
2015-08-09 15:25:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Possibly because pre-1964, many US coins were minted with 90% silver - and thus may have become collector's items. People speculating in silver would have contributed significantly to taking them out of circulation.
2007-12-28 05:51:27 · answer #3 · answered by Maz T 3 · 2⤊ 0⤋
As I recall in 1964 they stopped minting coins in silver. Coins made out of silver have a greater value based upon the amount of silver they have in them than they do on face value. It's unlawful to melt down US coins, but I wouldn't be surprised to learn that it happens. Even pennies today are worth more as pure copper than their face value would dictate.
2007-12-28 05:54:40 · answer #4 · answered by colder_in_minnesota 6 · 1⤊ 1⤋
its a little bit of both.
2007-12-28 05:49:54 · answer #5 · answered by Sean F 2 · 0⤊ 2⤋