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What is Public Law 88 36?

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โˆ™ 2012-04-27 08:30:35

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In the 1960's Public Law 88-36 was passed and silver was eliminated as the underlying exchange for one and two dollar bills.According to Sir Thomas Gresham, a British Economist in the mid-16th century who formulated the principle known as Gresham's Law: "When coins of equal face value but different intrinsic value are put into circulation side by side, the coin with the higher intrinsic value will be hoarded and only the coin of lower intrinsic value will remain in circulation."

In 1965, the U.S. government discontinued minting U.S. dimes, quarters and half dollars with a 90% silver content and switched instead to cheaper cupro-nickel coins with less intrinsic value.

As Gresham's Law predicted, bad money drove out the good, and pre-1965 silver coins quickly disappeared from circulation. One of the results of that situation was that a new industry dealing in the sale of silver coins to investors was born.

I hope this answers your query![syed Amir]

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Yazmin Pagac

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โˆ™ 2022-09-30 16:45:41
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