Over 270 Million of These Coins Were Melted
CoinWeek
"Over 270 million Morgan silver dollars met their fate in the melting pot under the provisions of the Pittman Act of 1918. The U.S. government ordered this dramatic move to save Great Britain from a banking collapse and may have also helped the Allies win the war. How did this great silver meltdown come to pass? Back then, international trade was conducted in gold. Allies were buying steel, food, and supplies to maintain their massive armies and paying in gold bullion. Gold became scarce. Hoarding was popular as the price was rising and exceeded the face value of the coins. Great Britain resorted to silver certificates to pay for goods from India, its colony at the time, which was a major contributor to the war effort."
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United States Circulating Coin Values
This table does not reflect U.S. Mint production costs, but the pure base metal value that composes the coin. Calculations are based on coin weight, metal composition, and base metal prices. The "Metal % of Face Value" column represents the percentage of metal that comprises the denomination's purchasing power. A coin that is over 100% in this category has more base metal value than purchasing power.
Table based on November 15, 2019 close base metal prices:
Copper $2.6503/lb  0.0001 |
Zinc $1.1050/lb 0.0043 |
Nickel $6.8424/lb 0.0002 |
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United States Circulated Silver Coin Values - Updated Every Minute
These coins were in standard circulation until silver was removed from all coinage in 1965 and 1970 (40% silver half-dollars). I recognize that the silver Eisenhower dollar was issued as a collectible only, but I'm still categorizing it with this group. This table illustrates how far the metal value has progressed compared to the denomination's purchasing power after the debasement.
Table based on November 21, 2019 4:52 AM PST silver prices:
Silver $17.10/oz  -0.05
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