What Year Did US Quarters Stop Being Silver?
Learn the pivotal year US quarters transitioned from silver, the economic forces driving this change, and how coin composition evolved.
The composition of United States coinage has evolved significantly, reflecting economic conditions and technological advancements. The U.S. Mint has adapted coin production from precious metals to ensure a stable and efficient monetary system.
The Transition Year for Quarters
United States quarters ceased being made primarily of silver in 1965. This change was enacted by the Coinage Act of 1965, signed into law on July 23, 1965, by President Lyndon B. Johnson. This legislation marked a significant shift in coinage policy, moving away from precious metals for circulating currency. Quarters minted in 1964 were the last to contain high silver content; new clad coins began entering circulation in late 1965.
The Coinage Act of 1965 eliminated silver from dimes and quarters, and reduced silver content in half-dollars from 90% to 40%. This action addressed a growing coin shortage and economic pressures. Quarters produced for general circulation after 1964 no longer contained the high percentage of silver.
From Silver to Clad Composition
Before the transition, U.S. quarters, from 1796 to 1964, were composed of 90% silver and 10% copper. A typical quarter from this era weighed 6.25 grams and contained 0.18084 troy ounces of pure silver. This high silver content meant their intrinsic metal value was directly tied to the market price of silver.
Following the Coinage Act of 1965, quarters adopted a “clad” composition. Clad coinage involves bonding multiple layers of metal to form a coin. Modern quarters consist of an inner core of pure copper sandwiched between outer layers of a copper-nickel alloy. The overall composition is 91.67% copper and 8.33% nickel, with the outer layers being 75% copper and 25% nickel.
Driving Factors Behind the Change
The decision to remove silver from U.S. quarters was driven by economic factors, particularly the rising market price of silver in the early 1960s. As silver prices increased, the intrinsic value of the metal in dimes, quarters, and half-dollars began to exceed their face value. This made it profitable for individuals to hoard silver coins or melt them down for their metal content rather than use them as currency.
This widespread hoarding led to a significant shortage of circulating coins, disrupting everyday transactions. The U.S. Treasury’s silver stocks, used for coinage, were dwindling rapidly, threatening to run out by 1968. President Lyndon B. Johnson emphasized the necessity of maintaining an adequate coin supply to avoid economic chaos. The shift to a less expensive clad composition was a practical solution to ensure a stable and sufficient supply of coinage.
Post-Transition Silver Quarters
While circulating quarters stopped containing silver in 1965, some quarters minted after this year did contain silver, primarily for collector purposes. For instance, Bicentennial quarters, dated 1776-1976, issued in 1975 and 1976, included special collector versions with 40% silver content. These were distinct from standard copper-nickel clad Bicentennial quarters intended for general circulation.
The U.S. Mint began producing 90% silver proof sets for collectors starting in 1992. These silver proof quarters, part of commemorative series like the 50 State Quarters and America the Beautiful Quarters programs, are not intended for general circulation. They serve the numismatic market, offering collectors the opportunity to own quarters with precious metal content, separate from standard clad coinage used daily.