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In 1964 The U.S. Mint Used 550 Million Ounces of Silver To Produce Coins For Every Day Use

The United States Mint used the equivalent of 67% of today's total world-wide silver mining production to mint 1964 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.*

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).

New research not found elsewhere:

Charts and more data: http://smaulgld.com/amount-silver-used-u-s-coins-1964/




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I wonder why the U.S. Mint

I wonder why the U.S. Mint did not mint in San Francisco? The Silver Nevada mines are a lot closer to San Francisco than Philadelphia, thats 2,000 miles closer.

They did mint in Carson City

at the turn of the century which was right outside the silver mines and they minted New Orleans too.
The san Francisco mint has almost never been the top producing US mint-Philadelphia and Denver produce the most coins.
Perhaps the stock piles of silver were kept back east.

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Lyndon Johnson WHOPPER from 1965 re 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.”
http://smaulgld.com/amount-silver-used-u-s-coins-1964/

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Hunt Brothers Didn't Get the Memo

16 years later they succeeded in cornering the market... until the COMEX stepped in.

http://en.wikipedia.org/wiki/Silver_Thursday

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

Funny- the Hunt Brothers tried and that they were successful

highlights how small the silver market was, how little physical silver there is available for purchase and how wrong Johnson turned out to be.

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Something to keep in mind is

Something to keep in mind is that the existing silver blanks were minted for years after 1964 while still using the 1964 dies.

Silver quarters and dimes were produced well into 1965, while still bearing the 1964 date. I think half dollars dated 1964 were minted for considerably longer than that.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

I have a section in the footnote

and also here is Lyndon Johnson's threat not to horde silver
http://www.dailypaul.com/248955/president-johnson-warns-dont...

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I love how often going

I love how often going directly contrary to government advice will make you a profit.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

and people removed the coins as fast as they were issued!

1964 was an anomaly. That is why I also show 1963 mintage figures -was still a lot of silver used by not 550 million.

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My dad was doing it when he

My dad was doing it when he was ten!

As a child, I found out the spot price of silver (4 something) and determined immediately that I wanted silver rounds more than I wanted four dirty dollar bills. I immediately put everything I had into silver bullion.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

so the sliver from 1964....

where did it come from? Domestic mines? or imported?

technically that would debt free currency/coinage/money. Since they were not FED notes. So I assume that the money /coins were like Treasury notes? (except that they were not notes/IOU's)

The US used to have stock piles of silver

in 1942 the US had 5.9 billion ounces by 1999 it had 21 million ounces held by the Defense Department. Now it has none. The US had massive silver mines in the western states like Nevada.
The US mint supposedly mints the current silver coins from domestic mining production.
Back during the times of silver coinage I believe some of the silver may have been imported...checking
You are correct though if the US mined its own silver for its own coins only the cost of mine and coin production would be the cost of issuance, but no fake money printing would be involved

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Probably a great deal of it

Probably a great deal of it recycled old "slick" coins from previous generations.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417