2019 silver proof sets made were 99.9%
Posted: Fri Dec 27, 2019 9:57 amOne story I heard was:
In about 2017 the Department of Commerce updated their rules. "Coin" is a term that can only apply to Silver that is 99.9% pure, and gold that is greater than 90% pure.
This caused a bit of a problem for the Mint, as part of the Department of the Treasury, by the Commerce Department rules the "mint" was producing "counterfeit" coins.
The compromise was the mint could continue to produce pennies, nickels, dimes, quarters, halfs, and "golden dollars" and call them "coins," but the mint would be required to change the silver proof sets to 99%. The gold coins would still be ok at 90%.
Before this only the U.S. Mint had authority to label a coin as a "coin." Remember the 1933 double eagles which the mint stole from the family which had asked the mint to authenticate them? The mint declared the coins had not been declared "coins," thus the family owned them illegally and the mint stole them. Millions of dollars of coins stolen and the family threatened with jail time if they asked again.
The other story I heard was:
The U.S. Mint is unable to source 90% silver because silver is produced at 99%+ mostly for rounds and bars.
The U.S. Mint is too small of a producer to produce their own or to make a high enough demand for refiners to make the 90%, so they have to settle for the 99% pure silver.
If anyone has details or sources it would be good to hear.