|Coinage Act of 1965|
The Coinage Act of 1965 was a law enacted on July 23, 1965 that eliminated the silver from the dimes and quarters in circulation and lowered the silver content of the half dollar from 90% to 40%. It was a response to coin shortages as a result of the rising price of silver.
In addition to the requirements listed above, the act:
- Allowed the Secretary of the Treasury to continue striking 90% silver coins for up to five years, until the Secretary determined if there was an adequate supply of clad coinage. This right was exercised in 1966, though the coins minted bore the date, 1964.
- Forbade minting silver dollars for five years.
- Made all United States coins and banknotes legal tender. This was taken to reverse the demonetization of the trade dollar.
- Gave the Secretary the ability to enter into contracts to maintain an adequate amount of clad coins, without regard to public procurement laws.
- Established a Joint Commission to recommend changes or ideas regarding United States coins and paper money.