Silver proof coins

[Dozer D]

With all the glamour that is given to the ASE as .999 fine silver, how come the silver proof coins, .10, .25, $.50, are not made of the same .999 fine material like the ASE?

 

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[Ben Cartwright SASS]

I have to assume it is because they make them in the "traditional" 90% as they did all silver proofs before 1965

 

[A2coins]

Yep exactly

 

[Diver_Down]

It has to do with legislation and approved sources. The treasury has always been authorized to mint coins and commemoratives by specific weight, diameter, and fineness. The ASE was authorized under the Liberty Coin Act (1985) as an amendment, but the driving force goes back further. As a nation, we had a strategic stockpile of silver for National Defense. In the early 80's, Reagan had wanted to sell off some of the stockpile to balance the budget. But of course, with the low silver market price (post-Hunt Brothers), doing so would effect silver mining jobs and the effort was blocked by Idaho senators in the interest of the silver mining industry. The ASE authorization was later slipped into the Liberty Coin Act as an amendment that specified the source be derived from the strategic stockpile. The stockpile served as the source for ASE until 2002 when it was depleted and an extension to reauthorize the ASE authorized the source to be from private mining interests.

 

[Argentium]

Sounds like you have done some serious research Diver Down - good stuff !

 

[Dozer D]

Thanks for the top notch info, now I can sleep easier at night., [emoji1][emoji108]

 

[63bkpkr]

So what they (Our Government in favor of Industry $'s) did was to charge the purchasing public super high prices (if you purchase proof coins from the US Mint) so that the mining operations would not loose money and would in fact make a super high profit based on this act. Notice it is called an "ACT" as they are playing 'we the citizens' like an old vaudeville act. And we wonder why the Colonists Revolted against a government that acted upon them 'without representation', we are getting close to that now. Odd how "Our Government" wants to remove the firearms from this countries citizens that actually Work to make a living and therefore pay all the taxes that Our Government is throwing away.

However, having just looked at the US Mint site, the "Proof Coins ARE made from 0.999 fine silver" where the bullion coins are made from "at least 90% pure silver". However, the mint Will NOT sell bullion coins (legal tender in the USA and around the world) to us citizens, we can only purchase them from a dealer who is making an additional profit off of us citizens. Either way, we are paying way more than we should be for what our country (paid for by our sweat) is selling back to us. As always it is still Buyer Beware. [Note: Proof Coins are purchased by collectors so the coin is not expected to be put into circulation [why would you use a coin you paid ~$56 for when at a store it is only worth one dollar] where as the Bullion Coins Might be used for business transactions so maybe they are alloyed to make them more impervious to wear.…………...63bkpkr

[this might be the end of my rant on this subject]