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New Order for Silver Dollars

Nov. 21, 1963 - The United States Mint is getting ready to crank out 50 million silver dollars — the first to be struck in 28 years. The plans were revealed today when President Kennedy asked Congress for authority to transfer existing Treasury funds to the mint to meet the cost of making the new coins. The request indicated that the cost of making $50 million worth will be about $675,000. Silver dollars, first coined in 1794, were minted in great numbers in the 1920s, but were turned out for only two years in the 1930s — 1934 and 1935. They have not been made since. There now are 432 million silver dollars in circulation. The Treasury must be prepared to hand over a silver dollar to anyone who demands on in exchange for a certificate. All $1 bills now are silver certificates. It has not yet been decided whether the new silver dollars, assuming Congress approves the move, will resemble old coins or whether there will be a new design.

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