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City38
Penny Sorter Member
62 Posts |
 Posted - 12/24/2009 : 01:57:53
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Hey folks, just wondering what happend when the big change occured in 65. Were the silvers sorted like pennies today? Did the average joe know what was up? Did any of you sort for silver then?
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 12/24/2009 : 02:04:43
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| Yes, yes and yes. My father was pulling silver coins - helped him pay for university. Sure wish he has saved a few though. |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 12/24/2009 : 08:01:34
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I was a senior in High School in 1965. I didn't have any money at that time and if I did it all went to saving for college. However, I do remember when the first clads were found in circulation. Like any new coin, they seemed quite unique and very different. My mother called the new clads "play money". The average Joe knew that the older silver coins were more valuable than these clads and many put those found into jars pulling them out of circulation. The great SILVER melt of 1980 was fueled in large part by the SILVER the average person saved from circulation in the '60s and early '70s.
I think if the government changed the penny to aluminum or some other white metal, you would find the average Joe pulling the older copper coins from circulation just like 1965. I think when a new coin is produced that looks really different from the older more valuable coins in circulation, the older coins are pulled from circulation by the average person. My guess is that is that is why the clad-copper zinc penny was minted instead of aluminum or some other very different metal. |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 12/24/2009 : 13:34:10
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quote:
Originally posted by CountryMy guess is that is that is why the clad-copper zinc penny was minted instead of aluminum or some other very different metal.
So maybe it's Gresham's law with a twist: Bad money drives out good, unless they look similar enough to fool the average Joe. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/24/2009 : 14:41:39
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| I was pulling out silver coins in the eary 70's then one of the bankers saw what I was doing and that was the end of that as he got them first. But I was still high school so my funds were limited. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 12/24/2009 : 15:36:01
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quote:
Originally posted by Country
I think if the government changed the penny to aluminum or some other white metal, you would find the average Joe pulling the older copper coins from circulation just like 1965. I think when a new coin is produced that looks really different from the older more valuable coins in circulation, the older coins are pulled from circulation by the average person. My guess is that is that is why the clad-copper zinc penny was minted instead of aluminum or some other very different metal.
They did make an aluminum penny in 1974.
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CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 12/24/2009 : 16:15:45
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I was a youngster but Dad drove a truck for A&P food stores (he had a lucrative contract) and he saw that small coinage was disappearing in 1963 and had us kids run to the bank for a roll of quarters and halves every chance we could and he had the checkout girls on the lookout for Silver Dollars which occasionally showed up in Memphis, TN. Mom being Cajun owned a Seafood company and she had boucoup silver in sacks she brought home and stored in the safe. Tons of Half Dollars (so it seemed) was put up and later divided amongoust the kids (later).
Most folks watched their change and me too after 1964 since most folks wanted only the silver and tried to refuse the clad stuff at first. There was a coin shortage and it was blamed on "Coin Collectors and Hoarders" and propaganda on how the new coins would circulate alongside silver since with the demand for silver reduced due to coinage not being made of silver. WTF? A lunch lady at school would only accept silver if you had both types in your change, she extorted my brother to give her a silver quarter and silver dime for lunch (.35) at the time and my parents raised holy hell when they found out and she was chewed out for her actions (My brother got a silver dime and quarter back from her and that little charade ended at school lunch quickly, a new lunch lady was picking up the money the next day!!!! Mom had a stack of old ratty Silver Certificates in 1968 before the June deadline and she was given silver dollars especially sent in for that purpose to the banks to redeem silver certificates. After July 1968, they were only paper. Wheat pennies and war nickels were also saved, everything old diappeared, I remember my mother getting an 1859 dime in change which everything circulated before the Gresham swap.
Moms family in Louisiana only saved the dimes and but when the mess caught fire in 1970 with the rise in silver and appearance of clads, everyone was on to the hunt and silver was hoarded. A cousin at the bank would call the family when a new shipment of coins came in with silver and she would hold it until someone could get there, even as late as 1980, wehn she quit, I would stop by the bank and get $25 to $50 worth since she could only keep it so long, I was the family Numismatic, L'collectete d'argent so I would look through the family hoard seeing if any thing valuable was there, found a few key coins!!!!
Silver was gone out by 1980 since the rise of the price thanks to Mr. Hunt had made silver coins very valuable and everybody was selling but after the price drop, most folks just held on to their stashes and hoped the price would rise.
I have bought several hoards but most folks think they are sitting on a fortune even with 1963 dimes!!
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 12/24/2009 : 16:30:52
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My banker Aunt told us kids to sort and save in the late 60s. She did the same and when she died her son pulled thousands of dollars of 90% out from between the walls in her house.
But most people thought it would never be worth sorting and holding on to 90% silver coins. If you told most people that you were doing so they may have either told you that they were going to start "someday' or that you were weird for doing so. |
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zerocd
Penny Hoarding Member
555 Posts |
Posted - 12/25/2009 : 05:43:17
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I remember silver disappearing amazingly fast. We stuck away anything that moved. I remember getting a silver dollar in change from the milkman, 1965. We were too poor to get and save whole rolls at the bank and getting silver dollars was a huge deal, even though they were availvable. We could still find Barber dimes and Murcury dimes were a big favorite.
I was too young to do much but watch it happen with only a young childs perceptions.
I am overwhelmed to discover that silver is still available and am thrilled with all the coins returning to circulation from hard times.
My main dump bank had a nice big line yesterday for the two counting machines. People had bags, coffee cans and jars.
(I had a drywall bucket and a large pretzel barrel)
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City38
Penny Sorter Member
62 Posts |
Posted - 12/25/2009 : 14:55:11
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| hey thanks guys, I was wondering if the silver went fast or not. Its amazing that some are still out there. I remember my dad telling me that a quarter I had was silver when I was maybe 10 or so. He said to keep it and it has been in the back of my mind since. I found a dime and quarter in Reno almost back to back from a vending machine. Any sorters in Nevada? Whats the percents like there with all the slots? Keep the posting stories, I love to read and get a feel for the past and the mindset/circumstances of that time! |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 12/25/2009 : 19:17:54
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quote:
Originally posted by City38 He said to keep it and it has been in the back of my mind since.
Gross. 
But seriously, I asked my grandpa (who is 81) how long it took for silver to dry up from the everyday coinage supply. He said that he seems to remember that it went pretty quick (by the end of the 60's). Of course he wasn't looking for silver. He was always sorting through cent bags for the 1955 doubled die. |
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Edited by - uthminsta on 12/25/2009 19:20:17 |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/25/2009 : 20:42:37
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| did he find one? |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 12/25/2009 : 21:04:00
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quote:
Originally posted by dakota1955 did he find one?
Nope, never. My mom tells me that when they were young (late 50's and early 60's), they would go through bags of pennies and pull out all the Indians. And they were supposed to keep their eyes open for any 55 plains. He actually bought one years ago, but then he sold it soon after. Just wanted to say he had owned one. Bought a 9-S-VDB too, for the same reason. The guy who sold it to him made him promise that if he ever sold it, he would give him first chance to buy it back. Strange. I don't know if he ever had a 22 plain. I wish he would have kept any of those for me!!! |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 12/25/2009 : 21:19:22
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uthminsta,
perfect point on the similar look of the zinc penny to the old. The mint had already learned after having to mint 1964 silver dimes for 2 extra years trying to fool the public into believing that no one was hoarding them, so with the pennies they saved themselves the headache and made them look the same....now we have finally caught on to this switcheroo also. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 12/29/2009 : 00:00:14
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| Buddy of mine saved the too but was a kid in the 60's. Saved all he could since then too. says they dried up in late 60's as well.I'll be bringing him the the fun Show on Fri if anyone wants to talk to a guy tha't been saving for 45+ yrs. |
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what happened in 65?
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