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Sovcit trying to pay their mortgage. (lemmy.world)

submitted 7 months ago by [email protected] to c/[email protected]

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[–] [email protected] 0 points 7 months ago* (last edited 7 months ago) (2 children)

Nope lol. According to Wikipedia its nickle and copper:

Its current version is composed of two layers of cupronickel (75% copper, 25% nickel) clad on a core of pure copper.[2] With the cupronickel layers comprising 1/3 of total weight, the coin's overall composition is therefore 8.33% nickel, 91.67% copper. Its weight is 0.1823 troy oz. or 0.2000 avoirdupois oz. (5.670 grams).

Official US Mint description:
https://www.usmint.gov/learn/coins-and-medals/circulating-coins/quarter

[–] [email protected] 1 points 7 months ago (2 children)

To be fair, it could be a pre-1965 quarter. Those had silver in them. I don't think .9 oz, but maybe one year?

[–] [email protected] 1 points 7 months ago (1 children)

A silver dollar contains 0.9oz silver.

A silver quarter is 0.225oz.

[–] [email protected] 1 points 7 months ago

There you go, they're not even right if it's a silver quarter. Thanks.

[–] [email protected] 1 points 7 months ago* (last edited 7 months ago)

Nah, these coins are minted for collection and investment purposes and are not meant to use as direct payment (although you can because they hold a nominal value). It doesn't make sense for any government to use material that is 100 times more expensive than the value they want to attach to it.

Sovcit just payed of $0.25 of their debt with a $28 coin because they are incredibly smart.

[–] [email protected] 1 points 7 months ago* (last edited 7 months ago)

Quarters minted before 1964 are indeed 90% silver. However, the weight is way off from sovcit's testimony.

Edit: A word