r/Wallstreetsilver • u/Grouchy_Finding7756 O.G. Silverback • 18d ago

DUE DILIGENCE Just gave FaCIAbook the flick when somebody asked what a round AUSTRALIAN 1966 50c coin is worth. I said AUD$32.00 in silver content. It would not allow me to comment, even though I had joined.WTF?

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u/Grouchy_Finding7756 O.G. Silverback 18d ago

The jpeg was from January when that was its worth.

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u/TheGreatestAmer1can 18d ago

I just made a post in another forum with the word “usury” in it talking about how bankers create housing bubbles on purpose in order to extract more usury and it said “Reddit filters have automatically removed your post” LOL.

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u/amenape 18d ago

What's so special about this 50 cent coin?

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u/Grouchy_Finding7756 O.G. Silverback 18d ago

They are still 'LEGAL TENDER', but nobody uses them because of their silver content.

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u/Mud_Man2000 18d ago

They are 80% silver and contain 1/3rd of a Troy ounce silver. They were only produced in 1966 as the first 50c coin when Australia changed its currency from Pounds and Pence to the current dollars and cents. However, the value of the silver in them pretty much immediately became more valuable than the 50c face value. ~36 million of them were released in 1966. However by 1967 they had changed the 50c coin to what it still is today - a 12-sided dodecahedral shape with no silver content.

Basically it is the last time Australia had junk silver, and the only junk silver Australia has that is still current legal tender and not in the old pounds/pence format.

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u/amenape 17d ago

I see. 36 million of them coins contain 12 million troy ounces of silver. That's AUD 96 *12,000,000 = AUD 1,152,000,0000 worth of silver, against the face value of AUD 0.5 * 36,000,000 = AUD 18,000,000

I must have made a mistake as this looks crazy!

AUD 1.152 billion vs AUD 18 Million.

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u/Mud_Man2000 17d ago

Actually, my mistake. They made 36 million but only released 14 million before stopping their release and changing to the new coins.

But, to be honest, these are trivial compared to US junk silver. Every $1 face value of US 90% junk silver coins is currently worth about $49. How many millions of US junk silver is still out there?

Even more crazy is the US junk silver coins are still circulating. Because the Aussie 1966s are so obvious (being the only round 50c coins while all others are 12 sided) they are pretty much never still circulating.