Annual Average Silver Price
139
Annual Average Silver Price
(Dollars per troy ounce)
0
5
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35
40
1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998
YEAR
DOLLARS
1992 dollars
Current dollars
Ag
Silver
by Henry E. Hilliard
Significant events affecting silver prices since 1958
1950-68 Huge U.S. Government silver holdings largely depleted
1963 Silver Purchase Act and various other legislation repealed; U.S. Treasury authorized to print Federal Reserve
Notes, which were not redeemable for silver, for circulating currency
1965 Silver eliminated from all U.S. coins except the half dollar, which has its silver content reduced from 90% to 40%
1967 Announcement by U.S. Government that all silver coins would be withdrawn from circulation
1968 Redemption of silver certificates for silver could only be made until June 24; thereafter, silver certificates would be
exchanged for Federal Reserve Notes
1979-80 Attempt to corner the silver market
1985 U.S. Mint authorized to begin minting a silver bullion coin
Silver has been used for thousands of years as ornaments
and utensils, for trade, and as the basis for many monetary
systems. Of all the metals, pure silver has the whitest color,
the highest optical reflectivity, and the highest thermal and
electrical conductivity. Also, silver halides are photosensitive.
Owing to the above properties, silver has many industrial
applications, such as in mirrors, electrical and electronic
products, and photography, which is the largest single end use
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