25 Yrs Ago today! First American Silver Eagle was struck...
mariner67
Posts: 2,746 ✭✭✭
"..at the San Francisco Mint. With a drumroll from the Sixth Army Band and a cry of "Hi-Yo Silver Away!' Treasury Secretary James Baker struck the first American Eagle silver coin at the U.S. Mint's San Francisco Assay Office."
One million were minted before they were put on sale that year on November 24. Production capacity was 50,000 coins/day. Silver was $5.58 an ounce at the time.
"Demand is expected to come from investors who distrust the stability of other currencies or economic systems."
Previous to this the Treasury Department refused to consider bullion coin production because they did not want to be involved in creating a secondary U.S. currency!
Excerpted from today's San Francisco Chronicle.
One million were minted before they were put on sale that year on November 24. Production capacity was 50,000 coins/day. Silver was $5.58 an ounce at the time.
"Demand is expected to come from investors who distrust the stability of other currencies or economic systems."
Previous to this the Treasury Department refused to consider bullion coin production because they did not want to be involved in creating a secondary U.S. currency!
Excerpted from today's San Francisco Chronicle.
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Comments
Yes, I know 'no-one' reads a physical paper anymore. Old habits die hard. Kahlua, coffee, cream, and the Sunday paper.
That's funny!
You should post this on the PM forum.
In God We Trust.... all others pay in Gold and Silver!
<< <i>You should post this on the PM forum. >>
Good idea...done.
<< <i>Is the Mint going to do something to commemorate this? >>
<< <i>Is the Mint going to do something to commemorate this? >>
Calling Daniel Carr...
<< <i>Previous to this the Treasury Department refused to consider bullion coin production because they did not want to be involved in creating a secondary U.S. currency! >>
Congress, particularly Rep. Paul (TX) forced them to do so with legislation that required them to also mint enough "to meet public demand." This is why the bulk bullon coins get available blanks before any collector coins, and in times of shortages (2008 in particular) has caused low mintage with the collector versions.
Exit bunker, enter Matrix. LOL
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<< <i>Is the Mint going to do something to commemorate this? >>
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Prolly nothin....
<< <i>
<< <i>Is the Mint going to do something to commemorate this? >>
Calling Daniel Carr... >>
I was going to make a "1985" Silver Eagle over-strike, but I did the 2009-DC "proofed" coins instead.
I still might do the '85 at some point.