United States quarters minted in 1964 and earlier contained 90% silver and 10% copper. These coins are often referred to as “silver quarters” due to their composition, distinguishing them from later clad coinage. The presence of silver gave these quarters a higher intrinsic value compared to their face value, particularly as the price of silver fluctuated.
The replacement of silver in circulating coinage stemmed from the rising cost of silver bullion during the early 1960s. Silver prices increased to a point where the bullion value of the coin approached its face value. This encouraged widespread hoarding of the silver coins, threatening to deplete the nation’s coin supply and necessitating a change to a more economical composition. The decision to remove silver from dimes and quarters was a significant moment in U.S. numismatic history.
