Silver currency is among the earliest known forms of money, first appearing in what is now Turkey around 600 BC. It was also remarkably widespread, with documented use in every major empire, from ancient Greek and Roman societies through the colonial United States. Before purchasing silver coins, it was helpful to examine the history of this precious metal’s use as currency in the United States.
The Establishment of Silver Currency in the U.S.
Silver’s role in U.S. money began alongside the nation itself. After the Constitution formally became effective in March 1789, Congress received authority to coin both gold and silver for use as currency. In 1792, Philadelphia became home to the U.S. Mint, which initially struck silver coins only. Those early denominations included the silver dollar, half dollar, quarter dollar, dime, and half dime.
A History of Silver Coin Designs
The Flowing Hair series was the earliest design used for U.S. silver currency, and it was minted for only two years, 1794-95. It was followed by the uncommon and highly regarded Draped Bust series, which remained in use through 1807. Collectors later gave the 1804 Draped Bust coin the name “The King of American Coins.” The Capped Bust series and the Gobrecht dollar were used through 1839. The Seated Liberty series, including the final half dime, continued through 1891. Later notable designs included the Benjamin Franklin tribute, the Franklin Half Dollar (1948-1963), and the Franklin Delano Roosevelt tribute, the Roosevelt Dime (1948-1963).
The End of Silver Money
The United States moved away from silver currency when the Coinage Act of 1965 was enacted. It eliminated silver from nickels and dimes. The law also lowered the silver content of the Kennedy Half Dollar, produced from 1965 through 1970, from 90 percent to 40 percent.
After silver money was discontinued, the currency became substantially more value to both investors and collectors.
