Cash for Currency

Mike Levine

Did you know that all silver dimes, quarters and half dollar coins minted 1964 or earlier in America are composed of a slew of silver? Today’s coins, on the other hand, are composed of copper and nickel. So why the “change?”

Silver Through History
Considered one of the earliest forms of currency, silver has been used as a way of bartering for trade since as far back as 600 BC. It was mandated as legal tender in this country in 1789, following signing of the U.S. Constitution. In Article 1, Section 10, our forefathers declared that “no state shall… make anything but gold and silver coin a tender in payment of debts.”

Bye-Bye Silver
In 1965, in the Coinage Act of 1965, then President Lyndon Baines Johnson signed into law the new act that eliminated silver content from dimes and quarters. The act also reduced silver content from a whopping 90% down to 40% in Kennedy half dollars. Johnson warned against folks hoarding coins and claimed that there would be no profit in “holding out in circulation for the value of their silver content.” Was Johnson right?

Today’s Value
Today, the intrinsic silver “melt” value of those pre-1964 coins is worth more than the original face value, with amount dependent on the current value of silver per troy ounce, a value that, like gold, constantly rises and falls. But, as an idea, if you had “hoarded” 25 Washington quarters minted between 1932 and 1964, that $6.25 worth of quarters might bring you close to $200 today for silver content, not taking into consideration any possible numismatic (collector) value for rare coins. As an example, according to SD Bullion, a doubled die obverse Washington quarter from 1937 could be worth around $600 to a keen collector.

Volatile Fluctuation
The price of silver jumped approximately 70% in the last year, trading at $27/ounce a few months ago versus $15/per ounce the same time the previous year. The reason for the dramatic rise was attributed to industrial demand, according to CNBC, since silver, with a high level of electrical conductivity and durability, is an integral component of many everyday products including computers, cars and mobile phones. As of October 6th, the value of one troy ounce of silver (31.10 grams) was nearly $21. That’s about the equivalent of 14 silver dimes which each contain .0723 ounces of silver.

Trade Them In
David Craig Jewelers is a great place to visit to trade in your silver coins. We buy gold and silver, (as well as diamonds, platinum and various antique jewelry) and pay top dollar. Call us at 215-968-8900 and make an appointment for a fast, hassle-free quote from one of the area’s most knowledgeable precious metal, gem and diamond experts. No obligations!

And look for more little tidbits about silver from us. It’s one of our favorite precious metals and deserves some highlighting here and there!

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