The Diminishing Popularity of Silver Dollar Money

While silver dollar money was the only source of legal tender in centuries gone by, it has diminished in popularity and in some instances has been removed from circulation by the U.S. Mint. It is rather a strange phenomenon when you look at other countries-the United States is the only country to focus on wide spread use of paper money in such a small denomination. Why is it so unpopular here yet popular in other countries? Perhaps it is because we have become accustomed to paper money since it has been around for so many years now.

One of the major advantages to paper money over silver dollar money is the weight. While the silver dollar is rather heavy paper can easily be shoved into a pocket or wallet. Many people tend to toss their change into jars because they don't like carrying it around, so having paper dollars is more convenient. It also makes it easier for retailers who don't have to track an additional roll of coins for the register-or in the event of both, having to track both types of money during a busy day.

Strangely, as much as people claim to dislike silver dollar money they are anxious to get hold of it when new issues come from the mint. Several years ago when gold dollar coins came on the market everyone was more than happy to grab some from the bank instead of paper. Silver money in any denomination is much easier to handle if you are putting it into your pocket while paper money is more convenient for your wallet. The silver dollar first came off the mint in 1794 and was in circulation until 1803. Several other mintings were put into circulation before the government replaced the silver dollar with paper dollars.

The way silver dollar money is circulated is good for the collector since there are always limited coins put into circulation. This makes the market a perfect one for the collector who can gather pieces for his collection while they are still in circulation at face value an watch it increase in value once the coins are out of circulation customarily within a few years. This leave the collector open to use his available funds to purchase old and rare coins that will increase in value much sooner than the newer ones.

Another thing to remember is the content has changed over the years. At some points in its history the only thing silver about it was its color. It has gone through many transitions in its metal content including that of platinum, partially silver, silver mixed with gold elements and much more. At one point the silver dollar was replaced with foreign coins that were heavier in weight than the U.S. variety, thus allowing for melting and the additional silver content being maintained by the exporter. The types of metal in the coins also have an affect on the value of the coin.

Rachel_Barr

Enter Your Email Address For Update :

FeedBurner

Related Post :