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Until 1964, people in the U.S. could redeem Silver Certificate paper money for the old silver dollars made at the nation’s mints between 1878 and 1935. The Treasury’s supply of silver dollars dwindled until only about 3 million coins remained, most of them having come from the Carson City Mint, which ceased coining operations for good in June 1893. The Treasury Secretary exercised an option and from that time (1964) on, persons redeeming Silver Certificates would receive only bullion in exchange. The Treasury froze the stock of old silver dollars until the government could make a decision about what to do with the remaining stash. The silver dollars were transferred to the West Point Silver Bullion Depository in New York for safekeeping. In 1970, Congress authorized the General Services Administration to sell the hoard of silver dollars to the public. Officials devised a mail bid system, with minimum prices for each dollar established, and limits placed on the quantity any bidder could buy. The proceeds from the sales, in excess of expenses, would go into the national treasury.
Until 1964, people in the U.S. could redeem Silver Certificate paper money for the old silver dollars made at the nation’s mints between 1878 and 1935. The Treasury’s supply of silver dollars dwindled until only about 3 million coins remained, most of them having come from the Carson City Mint, which ceased coining operations for good in June 1893. The Treasury Secretary exercised an option and from that time (1964) on, persons redeeming Silver Certificates would receive only bullion in exchange. The Treasury froze the stock of old silver dollars until the government could make a decision about what to do with the remaining stash. The silver dollars were transferred to the West Point Silver Bullion Depository in New York for safekeeping. In 1970, Congress authorized the General Services Administration to sell the hoard of silver dollars to the public. Officials devised a mail bid system, with minimum prices for each dollar established, and limits placed on the quantity any bidder could buy. The proceeds from the sales, in excess of expenses, would go into the national treasury.