The Coinage Act of 1792 defined the US dollar as 371.25 grains of pure silver, effectively setting silver at $1.29/oz. Silver was the backbone of American currency for nearly a century until the "Crime of '73" (Coinage Act of 1873) demonetized silver, removing the silver dollar and triggering decades of deflationary pressure.
The modern silver story is defined by two forces: the Hunt brothers squeeze of 1980 ($6 to $49.45 in months) and the solar demand explosion of the 2020s. The photovoltaic industry consumed 232 million oz in 2024 — nearly 30% of annual mine supply — making silver both a precious and critical industrial metal.
Why log scale matters: Silver's price ranged from $0.33 (1930s Depression low) to $90+ today. On a linear chart, everything before 1970 is invisible. Toggle LOG scale to see the proportional moves — the Crime of '73 crash and the Hunt brothers spike are equally dramatic on a log chart.
Key Events in Silver History
Decade-by-Decade Gold Prices
Click any decade to expand. All prices USD per troy ounce.
Frequently Asked Questions
Silver hit $49.45/oz on January 18, 1980, during the Hunt brothers' squeeze. Barely surpassed at $49.51 on April 28, 2011. By 2025, silver broke past $70/oz on solar demand.
The Hunt brothers accumulated 100M+ oz, driving silver from $6 to $49.45. COMEX changed rules to "liquidation only" on Jan 21, 1980. Price crashed. The Hunts declared bankruptcy.
About 232 million troy ounces in 2024, up from 50 million in 2014 — a 364% increase. Solar now consumes nearly 30% of annual mine supply (800M oz).
About $1.29/oz. The Coinage Act of 1965 removed silver from dimes and quarters because metal value was approaching face value. Pre-1965 coins are now "junk silver."
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