In 1792, the U.S. Mint was established under a law requiring that all coins be made of silver, copper, or gold. For many years following, the $10, $5, and $2.50 coins were made of gold. The half-dime, dime, quarter, half-dollar, and dollar were made of silver. The remaining coins--pennies and half-cent coins--were made of copper. During the Great Depression, the production of gold coin dimensions was stopped entirely. While silver was in short supply in 1965, it was no longer used in dimes and quarters. The silver content of the half-dollar was reduced from 90 percent to 40 percent until it was eliminated completely in 1971. A silverless half-dollar was introduced in 1971 following the popular years of the Kennedy half-dollar. All coins now are a combination of copper and nickel with a pure copper core and an outer layer of 25 percent nickel alloy and 75 percent copper with the exception of the nickel. The nickel does not have the copper core. Cost cutting had its effect on the composition of the penny. In 1982, it changed from five percent zinc and 95 percent copper to 2.5 percent copper mix and 97.5 percent zinc. In addition to cost cutting, this measure also made the penny weigh less. Throughout the years, commemorative U.S. coins have been issued in various denominations to honor people, places, and events. Some of the most popular and collectible ones include the Susan B. Anthony dollar and those minted for the World Columbian Exposition in Chicago. The state quarters, which began in 1999, represent the latest commemorative endeavor by the U.S. Mint. With the production of five quarters per year until all 50 states are recognized, this series has been highly popular among hobbyists and serious collectors alike.
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