United States quarters minted in 1965 don’t include any silver. Previous to 1965, circulating U.S. quarters had been composed of 90% silver and 10% copper. Nonetheless, as a result of rising silver costs, the composition of the quarter was modified to a clad steel consisting of outer layers of 75% copper and 25% nickel bonded to a core of pure copper. Subsequently, the absence of the valuable steel is a defining attribute of the 1965 quarter.
The shift away from silver coinage was a major occasion in U.S. numismatic historical past. The change mirrored the growing price of silver relative to the face worth of the cash, making it economically unsustainable to proceed producing cash with a excessive silver content material. This transition impacted the worth and collectibility of pre-1965 silver cash, differentiating them from their later counterparts.