Obama signs law to change composition of 90 percent Silver coins

Jon Banking, Blogosphere, Economy, Government, Market Commentary, Precious Metals, Silver

Treasury Department and U. S. Mint officials now have authority to change the 90 percent silver and 10 percent copper alloy used for commemorative silver dollars and the coins in the annual Silver Proof sets.
They were granted the authority when President Obama on Dec. 4 signed into law H. R. 1698, also called The Bullion and Collectible Coin Production and Efficiency and Cost Savings Act.
The technical correction legislation was included in a large transportation bill signed into law by Obama.
The Roosevelt dime, America the Beautiful quarter dollars, and Kennedy half dollar currently produced in Proof at the San Francisco Mint for several annual Proof sets, all modern commemorative silver dollars, and various other special silver collector coins, are composed of 90 percent silver and 10 percent copper. That composition was first authorized to be used for U. S. silver coinage in the 1830s. While abandoned for circulation coinage under the Coinage Act of 1965, the alloy was resurrected with the resumption of commemorative coin production in 1982 and Silver Proof sets in 1992.

This post was published at TruthinGold on December 8, 2015.