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What was the last year countries issued a circulating silver coin?
Blackborder
Posts: 2,797 ✭
i.e., for the U.S. it would be 1964 for 90% or 1969 for silver clad. (1970 being mint sets only, not circulating).
For the U.K. it was 1919 sterling and 1946 .500
For Canada it was 1968.
I think Germany issues circulating silver coinage until the mid 70's. Just wondering if anyone can add aditional countries. I thought it would be a neat collecting topic to get the "last silver issue" from as many countries as possible.
For the U.K. it was 1919 sterling and 1946 .500
For Canada it was 1968.
I think Germany issues circulating silver coinage until the mid 70's. Just wondering if anyone can add aditional countries. I thought it would be a neat collecting topic to get the "last silver issue" from as many countries as possible.
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--Severian the Lame
This was an interesting question and one I will have to research a little bit for my own edification.
Thanks for the question, I wait for others to chime in...
Rick
Edited for spelling
1836 Capped Liberty
dime. My oldest US
detecting find so far.
I dig almost every
signal I get for the most
part. Go figure...
I'm afraid to be alive without being aware of it
West German regular design 5 mark pieces were struck in silver (.625 fine) up until 1974, and commemoratives continued to be struck in silver until 1980; I'm not sure of mintages (my Krause doesn't report them) and I don't know how much they actually "circulated", but you could get them at face value from the banks.
As far as the general question is concerned, generalized answers aren't easy to give. Each country is different; you've got to scout through every single catalogue entry, looking for when silver disappeared. But here are some observations:
Many countries ceased (or drastically curtailed) their issue of silver coins after World War I, though most of these countries eventually resumed issuing silver for at least their "flagship" highest-denomination coins. The British reduction in fineness at this time is a good example of this.
Many countries ceased (or drastically curtailed) their issue of silver coins after World War II also; this time, it was more likely to be a permanent halt. This is the case with Britain, and many British colonies and dominions (eg New Zealand) followed their lead. The Australian reduction from .925 to .500 fine also happened at this time.
France apparently didn't think it's colonies were worthy of silver coins; French Indochina I believe was the only one in modern times to see silver coins issued in it's name. Post-WWII, France itself issued very little silver; only the 5 franc coins from 1960 to 1968 are silver. Some 50 and 100 franc coins were struck in the 1970's and 1980's and issued for face value from the banks, but like their German counterparts they can't really be considered "circulating".
Communists apparently had doctrinal issues with placing silver coinage in the hands of the people; the only communist country to issue circulating silver was the USSR and it's precursor state, the RSFSR, briefly in the 1920's. Otherwise, if a country has had a communist takeover, the year of that takeover can be regarded as the date of disappearance of circulating silver there.
Most of the "newer countries" in post-colonial Africa and Asia never issued circulating silver coins; by the time they became independent, silver was already on the way out, and most of these new governments couldn't afford silver coins anyway. Many of them coudn't afford circulating coinage of any kind.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded one DPOTD.
Pre-euro, you could get the 10DM coins in Germany at face value, and the 100FF coins in France. I spent a few extra 10DM coins in Germany once, the only time I have ever spent a silver coin.
<< <i>The last circulating Mexican silver coins were the bimetallic ones Weiss recalls. They were 10 pesos (KM# 553 and 606, 1992 to 1996) and 20 pesos (KM# 561, 1993-1995). These were the last circulation silver coins issued anywhere in the world, and the only circulation silver coin issued since the mid-1970's. >>
The 100 peso bimetallic (aluminum bronze/silver) state commemoratives were distributed to banks up until the end of the second series in 2007. Although there is no reason they couldn't have circulated, whether or not they actually did is another question.
The last circulating (or at least released at face) silver coins made by Canada was 1973. These were sterling silver. In 1973 Series I 5 and 10 dollar coins were made for the 1976 Olympics. In order to further legitimatize these coins, some were released to the banks at face. The village where I was staying in 1973 did not have them, but the bank 15 miles away in the next village did. Unfortunately my vacation plans and banker hours never lined up. I gather they were quite a curiousity but not many takers due to the high face value. Only series I out of VII made it to circulation.
<< <i>Don't have a Krause handy, but Switzerland issued silver 1/2, 1 & 2 franc coins up to the mid 60's sometime. >>
I think 1967 was the changeover for Swiss coins.
<< <i>I think France has recently come out with some circulating silver coins. The silver content is no way close to face value and the issue may be limited, but some of it is going into circulation for face value. >>
They issued a silver 5 francs (much smaller than the 19th century variety) in 1960 following their revaluation of the franc - I think these circulated until the late 1960s. They then issued a silver 10 francs, about the same size and appearance as the mid-1870s 5 francs, which lasted from about 1970 to 1975 or so. These were the first circulating silver coins for France since the 1930s!
Edited: Doh! I think Sapyx is right on the values of the later franc coins... shows me to post without a handy Krause!
I just assumed that they couldn't afford it. What were the doctrinal issues?
the only communist country to issue circulating silver was the USSR and it's precursor state, the RSFSR, briefly in the 1920's. Otherwise, if a country has had a communist takeover, the year of that takeover can be regarded as the date of disappearance of circulating silver there.
Mongolia issued silver coin in the 1920s, around the same time as the Soviet silver coinage.
<< <i>Communists apparently had doctrinal issues with placing silver coinage in the hands of the people; the only communist country to issue circulating silver was the USSR and it's precursor state, the RSFSR, briefly in the 1920's. Otherwise, if a country has had a communist takeover, the year of that takeover can be regarded as the date of disappearance of circulating silver there. >>
This is generally true and an interesting observation about the mindset of the communists. After the communists took over in Poland in 1945, all of the circulating coinage was base metal. Interestingly, however, they issued a few circulating commemoratives that were silver -- the 100 zloty dated 1966, and the 200 zloty dated 1974, 1975, and 1976. The Polish catalogs list values for each of these in grades as low as VF. However, I understand from people in Poland that these didn't really circulate, were very hard to come by, and were squirreled away as soon as they appeared.
<< <i>Not to derail my own thread, but your sig line intrigued me. Thanks for the Gene Wolfe introduction, I'm going to put Latro in the Mist on my reading list. >>
Always happy to encourage the reading of Wolfe. I strongly recommend the four books of the new sun (Shadow/Claw, Sword/Citadel). I've read them many, many times over the last 20 years and anxiously await each re-reading. FWIW, coins play an interesting role in the series and receive several mentions.
--Severian the Lame
<< <i>Surprise!
The last circulating (or at least released at face) silver coins made by Canada was 1973. These were sterling silver. In 1973 Series I 5 and 10 dollar coins were made for the 1976 Olympics. In order to further legitimatize these coins, some were released to the banks at face. The village where I was staying in 1973 did not have them, but the bank 15 miles away in the next village did. Unfortunately my vacation plans and banker hours never lined up. I gather they were quite a curiousity but not many takers due to the high face value. Only series I out of VII made it to circulation. >>
When the bottom fell out of the silver market, I recall a story about someone trying to deposit a large hoard of these Olympic silver coins at a Canadian bank at face value. I believe there was some litigation and the bank did not have to accept the deposit.
To further define what I was thinking, it was what I'd call "true" circulating silver coinage. i.e. released by banks and placed in circulation as part of daily busines, not really the type that was released at face value but you had to specifically ask for them.
Can we list some more countries, even with specific denominations etc.? Might be fun to look into further.
That is an excellent clarification. But I can think of two gray areas.
Should we give 1966 or 1964 as the US 90% end date? 1964 dated 90% silver coins were still being produced in 1966.
Should the 1965-1969 40 % silver halves count? That was something we had to ask for in these parts. It was always most unusual to find one in circulation.
Glancing through Krause, I note the following late issuing silver countries. Mintages would appear to be for circulation.
Germany 5 marks. 1974 was the last year. 17.784 million mintage - somewhat more than normal
Italy 500 lira 1966 extraordinary high mintage. 1967 was low. 1968 - 1995 extraordinarily low.
Switzerland 1967
Venezuela 1965 extraordinarily high mintage
<< <i>To further define what I was thinking, it was what I'd call "true" circulating silver coinage. i.e. released by banks and placed in circulation as part of daily busines, not really the type that was released at face value but you had to specifically ask for them. >>
How do you get coins from banks without specifically asking for them?
One way would be to cash a check for $9.99. I predict you will get coins but no halves nor dollar coins.
<< <i><<To further define what I was thinking, it was what I'd call "true" circulating silver coinage. i.e. released by banks and placed in circulation as part of daily busines, not really the type that was released at face value but you had to specifically ask for them. >>
That is an excellent clarification. But I can think of two gray areas.
Should we give 1966 or 1964 as the US 90% end date? 1964 dated 90% silver coins were still being produced in 1966.
Should the 1965-1969 40 % silver halves count? That was something we had to ask for in these parts. It was always most unusual to find one in circulation. >>
I would say 69 on the halves since they were still "silver", even though only 40%.
Edited for the "i" before "e" except after "c" rule.
<< <i>
<< <i>Communists apparently had doctrinal issues with placing silver coinage in the hands of the people; the only communist country to issue circulating silver was the USSR and it's precursor state, the RSFSR, briefly in the 1920's. Otherwise, if a country has had a communist takeover, the year of that takeover can be regarded as the date of disappearance of circulating silver there. >>
This is generally true and an interesting observation about the mindset of the communists. After the communists took over in Poland in 1945, all of the circulating coinage was base metal. Interestingly, however, they issued a few circulating commemoratives that were silver -- the 100 zloty dated 1966, and the 200 zloty dated 1974, 1975, and 1976. The Polish catalogs list values for each of these in grades as low as VF. However, I understand from people in Poland that these didn't really circulate, were very hard to come by, and were squirreled away as soon as they appeared. >>
Is it generally true because these were communist states or was there some other reason?
<< <i>
<< <i>
<< <i>Communists apparently had doctrinal issues with placing silver coinage in the hands of the people; the only communist country to issue circulating silver was the USSR and it's precursor state, the RSFSR, briefly in the 1920's. Otherwise, if a country has had a communist takeover, the year of that takeover can be regarded as the date of disappearance of circulating silver there. >>
This is generally true and an interesting observation about the mindset of the communists. After the communists took over in Poland in 1945, all of the circulating coinage was base metal. Interestingly, however, they issued a few circulating commemoratives that were silver -- the 100 zloty dated 1966, and the 200 zloty dated 1974, 1975, and 1976. The Polish catalogs list values for each of these in grades as low as VF. However, I understand from people in Poland that these didn't really circulate, were very hard to come by, and were squirreled away as soon as they appeared. >>
Is it generally true because these were communist states or was there some other reason? >>
I never really looked into it, but I would think in general, poorer nations (which would be communist among others), would tend to have base metal coinage rather than precious metal coinage, just because of the economics involved.
<< <i>I just assumed that they couldn't afford it. What were the doctrinal issues? >>
I believe the core doctrine could be summed up by the statement, "Money is a necessary evil". I would assume their logic would run something like this:
In the ideal socialist utopia (which all good communists claimed to be striving for) there would be no money, no coins and indeed no concept of private wealth at all. One of the final symbolic acts of demonstrating their evolution beyond capitalism would have been for everyone to throw away their money, voluntarily, because they no longer needed it. So the closer a communist government believes it gets to attaining this goal, the more intrinsically worthless their money should become. The obvious first step is to use common, worthless substances such as aluminium, brass and paper to make money out of, rather than rare and valuable things like silver and gold. Much easier to throw away when the time comes.
Only the Khmer Rouge in Cambodia actually went to the extreme of abolishing money, but they're hardly good role models for communism, and it was hardly a voluntary withdrawal.
Secondly, communist countries in the 20th century were inhabited by human beings, not fully evolved socialists. Since money is apparently regarded as necessary by the people living under communism, it should be provided for them as a government service. But it should be seen as symbolic, an act of the benevolence of the State, rather than an actual object of value. In other words, if silver coins were placed into circulation, a citizen could misguidedly place their faith in the silver coins themselves, rather than in the government that issued them. This was to be avoided at all costs, since the people's faith in the State to supply all their needs was key to the successful working of a communist economy.
Finally, there are the pragmatic reasons. Silver is silver and doesn't care what ideologies or slogans are stamped on it - it's still intrinsically valuable in the capitalist world. Someone attempting to flee a communist country with all their worldly wealth can't easily take any actual "wealth" with them if all the money is in the form of intrinsically worthless, non-exchangeable pieces of paper or base-metal. The thought of losing what little they had probably kept many communist citizens from contemplating escape.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded one DPOTD.
I believe Australia may have been the only country to increase the fineness of it's silver coins during the silver spike of the mid-1960's. Australia's predecimal silver coins (the pounds, shillings and pence) were sterling (.925 fine) up to 1946 and .500 fine from 1946 to decimalization in 1966. When decimal currency was introduced, most of the formerly silver coins were cupronickel, but the flagship coin, the round 50¢ piece (KM# 67) was made of "South African silver", .800 fine. This was a circulating silver coin, but shortly after the coin was released the price of silver rose until there was more than 50¢ worth of silver in it, at which time the coin effectively disappeared from circulation. No subsequent silver coin was issued by Australia for face value, so KM# 67 is without a doubt the last Australian silver circulating coin.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded one DPOTD.
<< <i>
Communists apparently had doctrinal issues with placing silver coinage in the hands of the people; the only communist country to issue circulating silver was the USSR and it's precursor state, the RSFSR, briefly in the 1920's. Otherwise, if a country has had a communist takeover, the year of that takeover can be regarded as the date of disappearance of circulating silver there.
>>
As has been pointed out, Poland issued silver commems that were quickly squirreled away, but so did Hungary and Czechoslovakia and even E. Germany.
As a side, I collect the early coins of the USSR:
The main purpose of these silver issues was to afford stability to the ruble, it had gone through 7-8 revaluations and hyperinflations in about 6 years. By 1923 the RSFSR and subsequently the USSR decided enough was enough and issued a hard currency to afford stability until they could completely dominate and collectivize the economy - by which they believed they had performed by 1931-32 when they went back on a fiat money system.
During the era of the USSR it was illegal to own appreciable quantities of either silver or gold or to even collect coins. But of course such acts only encourage people to do just what the acts aim to prevent. As a westerner in the USSR I had people offer me Nicholas II 5 and 10 ruble coins for dollars on the street several times.
I note Venezuela had no coinage of what had been silver issues in 1966 and Australia had no 50 cent coinage in 1968-1969.
Venezuela often had gaps in coinage dates though. A mere 1 year gap is probably not noteworthy.
Although what follow are what I wouldn't dare call circulating coins. I can't resist noting the symmetry. Great Britain Maundy money was .500 in 1946 and .925 in 1947. The regular circulating coinage went from .500 to 0 at that point in time.
<< <i>
<< <i>I just assumed that they couldn't afford it. What were the doctrinal issues? >>
I believe the core doctrine could be summed up by the statement, "Money is a necessary evil". I would assume their logic would run something like this:
In the ideal socialist utopia (which all good communists claimed to be striving for) there would be no money, no coins and indeed no concept of private wealth at all. One of the final symbolic acts of demonstrating their evolution beyond capitalism would have been for everyone to throw away their money, voluntarily, because they no longer needed it. So the closer a communist government believes it gets to attaining this goal, the more intrinsically worthless their money should become. The obvious first step is to use common, worthless substances such as aluminium, brass and paper to make money out of, rather than rare and valuable things like silver and gold. Much easier to throw away when the time comes.
Only the Khmer Rouge in Cambodia actually went to the extreme of abolishing money, but they're hardly good role models for communism, and it was hardly a voluntary withdrawal.
Secondly, communist countries in the 20th century were inhabited by human beings, not fully evolved socialists. Since money is apparently regarded as necessary by the people living under communism, it should be provided for them as a government service. But it should be seen as symbolic, an act of the benevolence of the State, rather than an actual object of value. In other words, if silver coins were placed into circulation, a citizen could misguidedly place their faith in the silver coins themselves, rather than in the government that issued them. This was to be avoided at all costs, since the people's faith in the State to supply all their needs was key to the successful working of a communist economy.
Finally, there are the pragmatic reasons. Silver is silver and doesn't care what ideologies or slogans are stamped on it - it's still intrinsically valuable in the capitalist world. Someone attempting to flee a communist country with all their worldly wealth can't easily take any actual "wealth" with them if all the money is in the form of intrinsically worthless, non-exchangeable pieces of paper or base-metal. The thought of losing what little they had probably kept many communist citizens from contemplating escape. >>
This is a brilliant analysis.
My guess is that there were several reasons why the communists generally issued just base metal coins. One reason would be that precious metals offered them a ready means of foreign exchange, since they didn't have much apart from commodities to export (Yugo cars notwithstanding).
Another reason, probably more important to them doctrinally, was to have control over the "wealth" of the nation. Giving people actual silver and gold would disperse the economic power in society to private people, and for the communists that was a definite no-no. This is along the lines of what Sapyx pointed out.
A third reason is to prevent arbitrage. The communist states did not have freely floating currencies; rather, the exchange rates were fixed at official levels against "hard currencies" like the dollar (let's say, 100 Polish zloty to one US dollar). Travellers who went to Poland on a trip had to exchange a certain amount of money at the fixed rates. However, there was a private black market rate which was usually much, much higher (let's say, 500 Polish zloty to one US dollar). That black market exchange rate was the "real" value of the currency, and if you had coins made of silver you would have seen a tremendous drainage of them out of the country. (From what I recall, gold and silver - jewelry, etc. - tended to be priced in government stores at rates that reflected the black market value of the zloty, not the official value.)
As for Australia,their last circulating silver coin was the 1966 silver 50c. coin.
Ireland issued the silver 10 Shillings in 1966,but they were pulled from circulation shortly after.
Botswana issued the 1966B silver 50c. coin,but there is evidence that this did circulate.
Aidan.
Bermuda minted 470,000 crowns in 1964 (+30,000 proofs). That surely must be enough for the population of Bermuda. This was estimated as 66,163 in 2007
Meanwhile here in the good old USA the silver dollars in circulation disappeared in 1964. This cramped the style of certain mid Atlantic gambling establishments.
Customers kept the silver dollars they got. The casinos drilled holes in USA dollars. The customers kept those. The casinos imported Bermuda crowns. The customers kept those. The casinos drilled holes in the Bermuda crowns. The customers kept those. The casinos gave up on silver coinage. I don't know what happened after that. Perhaps they went to Franklin Mint tokens.
corrected two spelling errors.