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The Silver Proof set became a standard product of the United States Mint in 1992, containing a dime, quarter, and half dollar composed of 90% silver. The compositions for the penny, nickel, and dollar (introduced to the set in 2000) remained the same as in the standard proof sets. [ 21 ]
Following the rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873).
Half-dollar coins minted between 1965 and 1970 are 40% silver, but from 1971 on, contain no silver. After silver was removed from US circulating coins the US Mint made special commemorative coins minted for sale to coin collectors and, starting in 1986, bullion coins primarily sold to investors. Both types, although legal tender, are not ...
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The production of large numbers of U.S. gold coins (The first $1 and $20 gold coins were minted in 1849) from the new California mines lowered the price of gold, thereby increasing the value of silver. By 1853, the value of a U.S. silver dollar contained in gold terms, $1.04 of silver, equal to $38.09 today.
The average gold/silver price ratio during the 20 th century, however, was 47:1. [ 13 ] The price of silver has risen fairly steeply since September 2005, being initially around $7 per troy ounce , but reaching $14 per troy ounce for the first time by late April 2006, and the average price of the month was $12.61 per troy ounce.
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