![]() dimes, quarters and half dollars with a 90% silver content and switched instead to cheaper cupro-nickel coins with less intrinsic value.Īs Gresham's Law predicted, bad money drove out the good, and pre-1965 silver coins quickly disappeared from circulation.Įach 90% silver bag contains either 4,000 U.S. That is exactly what happened in the 1960's when Public Law 88-36 was passed and silver was eliminated as the underlying exchange for one and two dollar bills. According to Sir Thomas Gresham, a British Economist in the mid-16th century who formulated the principle known as Gresham's Law: "When coins of equal face value but different intrinsic value are put into circulation side by side, the coin with the higher intrinsic value will be hoarded and only the coin of lower intrinsic value will remain in circulation." legal tender and can still be used to purchase goods and services, their actual and true value is based on the amount of pure silver they contain, and that value today is substantially higher than the coins' face value. 90% Silver coins in circulation, nowadays! Why? Because, they are U.S. $("#product-carousel").You rarely see these pre-1965 U.S. ScrollToHash($(this).attr('href').substring(indexOfHash)) Var indexOfHash = $(this).attr('href').indexOf("#") With anchor, push the page 50 px down because of sticky header
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