Week # 141 - Who has the quickest draw?

[Danielle C.]

QUESTION:

 

Why were only enough half dollars coined in 1970 for the proof and mint sets?

 

Good Luck!!

 

Our first place winner will receive The Complete Guide to Buffalo Nickels (second edition) written by David Lange.(SIGNED) We will also give a prize to a randomly selected player.

 

REMINDER: The Numisma-Quest ends/ended on Saturday at midnight EST. Entries after that time will not be valid. See the Trivia Info post for more details.

When you post your answer, only the administrators can see it. Stop back each Monday. We will make all the posts visible and announce the winners.

[Hoot]

Widespread hoarding of silver had driven the price up high enough that minting the 40% pieces for circulation was not economically feaseable. Since the sets had to be purchased from the Mint, the premium on the sets covered the silver cost.

 

Hoot

[ziggy29]

The public were hoarding the 40% silver halves and spending clad coinage (Gresham's Law at work)...and by 1970 the decision was being made to move to clad halves. But the clad halves wouldn't be minted until 1971, and they needed halves for the annual coin sets. So they only minted them for the proof and mint sets and released none for general circulation.

[topsman]

The mint only had time to make 40% silver halves for collector sets due to the late issue of a bill which required that any circulating kennedy half dollar coins be made of the clad composition. The mint was unable to produce a large enough quantity of clad halves to be released during 1970 and waited until 1971 to put them out into cirulcation.

 

Huh! Huh! Maybe.....

[reid1836]

To prevent hoarding for their silver content

[chrisfuccione]

Because of the 40% siver to clad change theuy were not going to be issed for ciculation that year

[wildjag-migration]

 

The 1970-D halves were struck only for mint sets, which were intended for collectors. Proof sets are already intended for collectors. This marked the first time in U.S. coinage history that a circulation strike coin was issued for a purpose other than circulation.

 

 

Am taking a guess and hope I am right

[bpobannon-migration]

The 1970 half dollars were struck only to fill that year’s orders for proof & mint sets, pending the change to copper-nickel coinage; the silver-clad, bicentennial halves were likewise coined only for collectors.

[pawnee101]

People were hoarding up the 40% halves from circulation , none were being used, so they decided to just make enough for collectors untill the clad coins came out

[Danielle C.]

QUESTION:

 

Why were only enough half dollars coined in 1970 for the proof and mint sets?

 

ANSWER:

 

Legislation was pending all that year to eliminate silver from the half dollar.

 

 

Congratulations Topsman!!! You are this weeks Numismaquest winner. Your prize is a copy of The Complete Guide to Buffalo Nickels (second edition) signed by David Lange.

 

Runner up winner is bpobannon! You will be receiving a display box.

 

Thanks for playing and stop back next week for another question. Keep up the good work!

[topsman]

I got the book today! Looks great, I can't wait to read it.

 

Thanks again!