3 cent silver and 3 cent nickel. Why?
BigE2
Posts: 1,037 ✭
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BigE2
Posts: 1,037 ✭
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Now if your question was why did they change from the silver three cent piece to the nickel three cent piece, I will yield to the more knowledgable members here who can give you the details. I'm sure they will include such things as the increasing cost of silver, Mr. Wharton, and the nickel lobby.
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....something about off metal coins only being legal tender to 10x face value kept the silver 3 cent in production /
Although their day was short indeed, they were a sucess story, but their sucess perhaps led to their sucessful replacements.
After gold was discovered in California, a dollar in silver coins silver rose to $1.03-1/2 in terms of gold. Silver coins disappeared from trade amnd were exported. The 1851 3 cent piece was initially made to be worth 86% of face value and hence circulated and was intensely popular as the highest value circulating coin under $1. It was so sucessful that in 1853 all silver coins under $1 were made approximately 7 % lighter. Now, who needs a three cent piece when we have a good circulating half dime. Mintage of the silver 3 cent piece never recovered.
Now comes the Civil War and all silver is hoarded as is even the copper-nickel cent. In 1864 is invented the bronze 2 cent piece which becomes the highest value circulating coin. In 1865 is invented the 3 cent nickel which becomes the highest value circulating coin. In 1866 is invented the "nickel" 5 cent piece which becomes the higest value circulating coin. Now, with circulating 5 cent pieces, who needs a lot of 2 and 3 cent pieces. Mintage never recovered on these two items.