Lawrence Boyles, Your Professor for a Successful Retirement
Pure Silver Coins – A Warning Sign from 1965
In 1965 I was 10 years old. I lived with my parents and 3 sisters in a house in the suburbs of Detroit. My mother stayed at home and my father was a sales engineer for the Olin Corporation . The Olin Corporation was a leading manufacturer of brass, copper, and aluminum sheet and strip. Olin had just given their employees a memento to celebrate a big contract win received from the U. S. Mint. The memento was a new 1965 quarter; it had a thick core of Olin copper sheet sandwiched in between two thin pieces of copper-nickel alloy. 1965 was the first time that United States dimes, quarters, and fifty cent pieces were debased from their almost pure silver by the addition of the thick copper sheet and copper-nickel*. Unlike his employer, my father was not celebrating. Because my father knew economics and history he was disgusted and frustrated by the economic and moral weakness of his country that led to its debasing of its currency. My father told us that ancient Rome had similarly debased its coins as its empire began its downhill slide. I was too young to comprehend what my Father was talking about.
Today our U. S. coins continue to be debased and our paper money is also debased since its government backing of gold was removed in twin pronged steps carried out in 1933 and 1971. Today pre-1965 U. S. silver coins sell for 11.5 times face value.. This factor of 11.5 times is a good indicator of the amount of true currency devaluation we have experienced since 1965. I expect this currency devaluation to continue.