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By W. M. Peirce

COAL'S importance in the metallurgy of zinc may be gauged by the fact that approximately a million and a half tons is so employed annually in the United States. This brief paper will show in what way the various steps in the treatment of zinc ores utilize this fuel, either in its primary form or as coke or gas, and to what extent. The first step in zinc metallurgy that requires the use of fuel is roasting the sulphide ore, which is the type of ore in which zinc commonly occurs. Since the roasting is nearly or completely autogenous, however, this use of fuel is too minor to warrant further attention. Concentration of zinc ores is usually carried out by conventional milling methods, but a pyrometallurgical method, the Waelz process, is used to concentrate certain low-grade ores, and to recover the zinc content of certain residues in concentrate form. The Waelz process uses a continuous rotary kiln in which a mixture of coal and zinc-bearing material is heated to a

Jan 1, 1948

By Herbert Clark Hoover, Lou Henry Hoover

SINCE the Sixth Book has described the iron tools, the vessels and the machines used in mink, this Book will describe the methods of assaying1 ores; because it is desirable to first test them in order that the material mined may be advantageously smelted, or that the dross may be purged away and the metal made pure. Although writers have mentioned such tests, yet none of them have set down the directions for performing them, wherefore it is no wonder that those who come later have written nothing on the subject. By tests of this kind miners can determine with certainty whether ores contain any metal in them or not ; or if it has already been indicated that the ore contains one or more metals, the tests show whether it is much or little ; the miners also ascertain by such tests the method by which the metal can be separated from that part of the ore devoid of it ; and further, by these tests, they determine that part in which there is much metal from that part in which there is little. Unless these tests have been carefully applied before the metals are melted out, the ore cannot be smelted without great loss to the owners, for the parts which do not easily melt in the fire carry the metals off with them or consume them. In the last case, they pass off with the fumes ; in the other case they are mixed with the slag and furnace accretions, and in such event the owners lose the labour which they have spent in preparing the furnaces and the crucibles, and further, it is necessary for them to incur fresh expenditure for fluxes and other things. Metals, when they have been melted out, are usually assayed in order that we may ascertain what pro- portion of silver is in a centumpondium of copper or lead, or what quantity of gold is in one libra of silver ; and, on the other hand, what proportion of copper or lead is contained in a centumpondium of silver, or what quantity of silver is contained in one libra of gold. And from this we can calculate whether it will be worth while to separate the precious metals from the base metals, or not. Further, a test of this kind shows whether coins are good or are debased ; and readily detects silver, if the coiners have mixed more than is lawful with the gold ; or copper, if the coiners have alloyed with the gold or silver more of it than is allowable. I will explain all these methods with the utmost care that I can.

Jan 1, 1950

By M. E. Steidlitz

FABRICATION of semiconductor devices.requires the formation of electrical contacts, often involving the use of lead, tin, and lead-tin solders. In several recent instances when germanium had been bonded to nickel with lead, a new metallic phase appeared, unattached to either germanium or nickel, but rather suspended as a continuous foil wholly contained within the lead matrix. Since such metallic structures do not form in nickel-lead or lead-germanium systems under identical conditions, a brief study was made of the characteristics and possible formation mechanisms of this material. EXPERIMENTAL Specimens were prepared by placing single crystal, transistor-grade germanium discs, 30-mils in diam by 6-mils thick, into a depression in a graphite boat. =A* nickel washers, 125 mils in diam by 5-mils thick, containing a center hole of 10-mils diam, and coined into a soup bowl shape, were loaded on top of the discs, so that the bottom of the

Jan 1, 1959

By James P. Sloss

A PERMANENT assay office is commonly established as part of the general plant equipment of operating gold and silver properties, but during the development stage of a mine, the cost of such an office is usually so assay work must be done elsewhere. In most instances only a few samples will be taken each day, but if the mine is to be developed scientifically, the analyses of those samples will guide further development. Under such circumstances, the time element in assay returns is important, since the lapse between the taking of the samples and the receipt of results may determine the success or failure of a small-mine operator. The following description of fur-

Jan 1, 1935

By F. Lowell Lawrance

JOHN SMITH, citizen of the U.S.A., has become so accustomed to reading that Congress has appropriated billions of dollars to pay war costs. that he no longer is impressed by relatively small figures, such as several hundred thousand or a few million, in connection with Government departments.

Jan 1, 1944

By Charles Hardy, George D. Cremer

POWDER metallurgy has been established for some time as a novel method for manufacturing a great variety of articles generally specialties that could not be made conveniently by any other method. In this category are such parts as porous hearings cutting tools of sintered carbides, and electrical contacts in which the metallic constituents do not tend to alloy in the proportions employed. The industry, however, is now at a stage where it has begun to manufacture articles that can and have been made by other methods. Thus, powder metallurgy is now preferred technique for the production of numerous machine parts characterized by high strength, accuracy of configuration, and substantial lack of porosity. Manufacture of such machine parts from metal powders has no doubt been stimulated by the war, although the trend in this direction has been apparent for several years. In any case, quantity production of high-density precision pieces by ponder metallurgy is now in full suing in the United States, and such production can and should continue to expand during and after the war.

Jan 1, 1942

MR. Woo's succinct description of the mining and smelting of silver-lead in Mongolia, with the roasting-and-reduction process and cupellation, has much interest as a picture of methods that not only may have been in use, as he suggests, a thousand years ago, long before the existence of mining schools or chemical laboratories, but probably vary little, if at all, from the practice of prehistoric times, when King Priam's handsome silver vases, cups and bowls were formed. For it is highly improbable that such large objects were made from comparatively rare native silver, and the metal must have been smelted from ore, and most likely in great part from galena,, with cupellation of the lead. Dr. W. A. P. Martin, in his excellent book on the Lore of Cathay, points out that Chinese alchemy is over 2000 years old, antedating the European by at least six centuries; and he infers that the Chinese skill in metallurgy and many branches of practical chemistry owes its origin to " those early devotees of the experimental philosophy who passed their lives among the fumes of the alembic." Those alchemists, however, may have more likely derived some of their leading ideas from the mys terious, and at that time wholly unexplainable results observed in already very ancient metallurgical processes; in which, for example, certain stones were transmuted, as it were, into metals widely divergent in character from their ores, and even silver and gold were obtained from the most unlikely-looking mate rials. It is therefore, in any case, not improbable that the Chinese may have preceded western nations in the discovery of metallurgical methods. At all events, it is now evident that the Japanese acquired these arts from China, the former source of all their higher civilization. My own observation of old-fashioned silver-smelt ing at Hosokura, on the main island of Japan, and about 220

Jan 1, 1903

By David H. Browne

(Pittsburg Meeting, March, 1910.) NICKEL has always been a fruitful mother of problems. Previous to the year 1906 nickel was regarded as an element replacing iron in copper-mattes, and it was believed that the same laws which governed the elimination of iron could be applied-to nickel. This conception has lately undergone a complete change, and nickel in all its stages is now regarded as an element replacing copper; in other words, copper-nickel is considered now as two elements, but as one metal. When we commenced our investigations on Monel metal we made a great many experiments on the conversion of mattes, both high copper and high nickel. We studied closely the composition of the mattes and the changes produced by the blow. We found in all cases certain agreements which we believe are due to some law. Briefly stated, our conclusions are as follows 1. Nickel is not an element replacing iron in matte. 2. Nickel-copper alloys act in the matte-blow like one metal. 3. Nickel-copper alloys follow, during the matte-blow, exactly the same laws as govern. the behavior of copper alone. This brings up the question : What are the laws governing the production of metallic copper, and what are the relations copper to sulphur and iron during the Bessemer blow ?

Apr 1, 1910

By R. L. Whiting, H. J. Ramey

The basic study from which this paper was prepared was started as the result of the growing need throughout the world for increasing quantities of energy in all forms. Quite obviously, natural forms of energy that are readily available at low development cost are those in greatest demand. The underdeveloped countries — and particularly those having little or no petroleum resources — are the countries in which the most interest is being shown in the newer energy sources. One of the least expensive energy sources is natural geothermal steam.'-* Although this form of energy has been recognized for centuries, it has been only during the past 20 years that serious efforts have been made to harness it. Natural geothermal steam energy in Italy, New Zealand, Mexico, Japan, and California is now being produced through wells to drive turbines and generate electricity. Further, active exploration for natural geothermal steam is being conducted in Hawaii, Fiji, Taiwan, Chile, Russia, Greece, and Katanga. It is surprising to find that most geothermal steam exploration is in the "steam seep" stage. That is, surface studies are made and exploratory wells are drilled in the general area of steam seeps. However, in the larger geothermal steam areas, there have been efforts to apply the most modern geological and reservoir engineering principles in order to define the reservoir parameters, particularly those relating to estimates of reserves and future productivity. This paper is concerned with the development of appropriate equations and techniques to facilitate these estimates. Production of natural steam or hot water presents problems different from those experienced in the production of oil and gas. For example, steam or hot water systems may be essentially single-component systems, while hydrocarbon systems are most frequently multicomponent fluid systems. Heat effects are much larger for water than for hydrocarbon systems; and the natural steam production may or may not be isothermal, while production of petroleum reservoirs is considered normally to be isothermal. Petroleum reservoir engineering principles may be applied to natural steam or hot water reservoirs if the inherent differences in the systems are considered. The basic considerations involved in geothermal steam reservoir engineering are: thermodynamics, physical and thermal properties of water, materials and energy balances, fluid influx, and performance matching and predicting. Thermodynamics Fig. 1 is a pressure-temperature diagram for the liquid-vapor region for pure water, showing the critical point and five other points representing possible initial conditions for a geothermal steam reservoir. To generate a physical appreciation for the mechanics of natural steam production, it is helpful to consider

Jan 1, 1970

By R. W. Parsons

The over-all apparent single-phase permeability of fracture-rock systems was studied using two different two-dimensional models. In a strict sense the results are applicable only to these models, yet may give some insight into real reseruoir behavior. The regular fracture-matrix model can have any number of regular fracture sets. All fractures within each set have the same orientation, width and spacing. The gross behavior is amlytically equivalent to that of an anisotropic permeable medium. In the heterogeneous fracture systems, individual fracture conductivities vary within a two-dinensioml network pattern. A computer program calculates the overall permeability after the conductivities are randomly placed in the network. The calculated permeability depends upon the distribution of these conductivities and the particular fracture pattern into which they are placed. Although detailed information on actual reseruoir fracture systems is not available, this study shows how some of the possible variables may affect obserued gross reservoir characteristics. INTRODUCTION Characteristics of reservoir rocks are determined by direct (core analysis) or indirect (logging and production tests) examination. Both methods, singly and together, are widely used in reservoir evaluations. For fractured reservoirs a problem exists in relating characteristics of cores to the in situ reservoir properties. Knowing fracture characteristics can be of value in determining production mechanisms. Because of the limitations of observation, the intimate details of a fractured rock system will never be known. One approach in analyzing fractures is to study the behavior of some conceptually simple models. The two models analyzed contain features which may be realistic, yet are mathematically tractable. Flow is considered in two dimensions only, with the plane of interest at right angles with the fractures. This concept represents the horizontal flow in a reservoir system with the fractures oriented vertically. Only single-phase, laminar flow is considered. The regular fracture-rock system permeability is calculable from a simple analytical expression. The heterogeneous system requires a computer program for calculating overall permeability.

Jan 1, 1967

By J. R. Campbell

The need for standardizing methods of arriving at definite conclusions regarding the cleanability of a given coal, and for measuring the performance of coal-cleaning equipment, is constantly increasing. Earlier notes by the author on this subject are amplified in this paper, because he believes that better preparation of bituminous coal is a partial solution of the coal operators' troubles. Washability Studies The term "washability" of coal was coined when washing was the universal method of separating coal from its impurities by utilizing their difference in specific gravity. This and analogous terms are still used in their broad sense although pneumatic or air separation is now used to clean coal. These terms are so used in this paper. Too much time or money can hardly be spent on "feed surveys') to get a "picture" of the coal that is to be cleaned. There have been too many "rule of thumb" methods used. Screen analyses and "sink-and-float" tests on the raw coal enable the coal operator and washery man to predict within reasonable limits the results that may be expected from any efficient cleaning apparatus. The sizes to be examined to get the picture are optional to the investigator. In modern wet washing, the range is from 4 to 0 in. Hand-picking on properly constructed belts is perhaps the standard for cleaning above these sizes. A good picture of the coal may be obtained by the following screen analysis: 3½ to 1¼ in. 1¼ to 3½ in. ½ to 5/16 in. 5/16 in. to 14 mesh 14 to 28 mesh 28 to 48 mesh and for very complete data on the fines: 48 to 100 mesh 100 to 200 mesh and through 200 mesh

Jan 1, 1930

By Claus G. Goetzel

POWDER metallurgy is known as the art of producing metal powders and fabricating them in a nonfusion process by a simultaneous or consecutive application of pressure and heat under controlled operating conditions. Before the advent of powder metallurgy, the high melting points of the refractory metals and nonmetals made their manufacture and use practically impossible. Today, however, the uses of refractory materials in high-speed cutting tools, surgical instruments, brake linings, electrical contact switches, and filaments in incandescent lamps are commonplace in industry. Lately designers have even been turning to powder metallurgists to develop new techniques of fabricating refractory materials for extreme-service use in high-temperature zones of such modern products as gas turbines and jet engines. The new techniques being born will undoubtedly provide industry with a great number of new alloys and materials for future designing.

Jan 1, 1948

By Freeman Bishop

More than a few discussions are taking place these days among management economists seeking a way out of the dilemma of lower productivity vs. higher labor costs. Most suggestions would be illegal under present antitrust laws. Otherwise interindustry cooperation could be used to divide up some of management's tasks. Or price structures might be tuned to the special machinery and skills of some plants. Both remedies would be under attack almost immediately. There is one other remedy that is getting lots of attention: some form of compromise between management and labor to phase out no longer needed work practices that unions insist shall be retained. Railroads are the national industry suffering the most from this disease, still known as "featherbedding," an epithet coined by the railroaders themselves.

Jan 1, 1971

By R. J. Charles

F. C. Bond: This is an outstanding paper on comminution theory and represents a considerable advance in mathematical formulation. It clears the way for a discussion that should ultimately decide whether the work index should be considered as a parameter according to the Third Theory or as a constant. In the empirical differential equation dE = —Cdx/x [1] either Corn must be treated as a variable to satisfy known crushing and grinding conditions. The author has chosen the exponent n as the variable, with C as a constant. According to the Third Theory, in the general case n is a constant equal to 3/2, and C is a variable related to the work index Wi. If x is placed equal to P (the size in microns which 80 pct of the product passes) and F is the size 80 pct of the feed passes, then C equals 5 W1, and dE = 5 -5 Widx/x = 10 Wi 10 Wi w = vP vF which is the basic equation of the Third Theory. It is apparent that this integration involves the error of treating the parameter Wi as a constant, just as the author's treatment involves the error of integrating his variable n as a constant. These errors are probably relatively unimportant, considering the small range of the variables. When more is known about the factors contained in the work index, Eq. 1 can be revised as a partial differential equation. The Third Theory exponent of 1/2, or n = 3/2 in the Charles' differential equation (Eq. l), was not chosen primarily because it is the average between the Kick and Rittinger exponents; this may be merely fortuitous, since it is illogical to define truth as the average between two errors. It was first discovered from the study of a large mass of crushing and grinding data and confirmed by laboratory testing. The general correspondence of the Third Theory equation to actual crushing and grinding results over the entire size reduction range argues strongly that a fundamental phenomenon is involved. The a posteriori theoretical explanation of the constant Third Theory exponent is that the work done in breaking rock is proportional to the length of the crack tips formed. Compressive force applied to the rock results in deformation and strain energy. When this locally exceeds the breaking strength a crack tip forms, the surrounding strain energy flows to the crack tip and extends it to split the rock, with release of the energy as heat. Under rapid impact the crack tip may form before the strain has reached equilibrium, resulting in less energy expenditure and probably a coarser product. In any case, the elastic limit of a brittle material is practically the same as its breaking strength, and the work necessary to form the crack tip is the work required to break. The crack length of a ton of broken rock cannot be measured directly. However, the particle shapes of feed and product are similar, and the crack length is considered equal to the square root of one half of the new surface area formed. It is, therefore, proportional to 1/vD, where D is the equivalent product particle diameter. This is the basis of the Third Theory equation. Many secondary factors can be imposed upon the crack length breakage. These may cause the Third Theory work index to increase or decrease somewhat as the product size becomes finer. The work index is properly a parameter rather than a constant, making it an increasingly valuable practical criterion of the work input required in crushing and grinding.

Jan 1, 1959

By A. L. Marshall, F. J. Norton

THE object of this investigation was to make a comprehensive study of the degassing of molybdenum in order to determine how rigorous a treatment was necessary to completely remove sorbed gases from molybdenum electrodes in vacuum tubes. Some work has also been done with tungsten, nickel, iron and carbon. As a logical development of this work it has been shown that the gas is present throughout the body of the metal and a study has been made of the solubility of nitrogen in molybdenum and tungsten and the rate of diffusion of nitrogen through molybdenum has been calculated. Tests were made on molybdenum from all the commercial sources and no difference was discovered in the nature of the gases present, the amounts or the ease of removal. The reason for this was apparent when a study was made of the manner in which gases are absorbed by gas-free molybdenum. It is necessary to heat molybdenum to 1760°C.oin a vacuum of the order of 0.001 micron for a time which varies lineally with the thickness, in order to obtain a condition in which no further gas is evolved by the sample. A sample so degassed can be handled and subsequently assembled in a tube and then degassed readily. The gases obtained from molybdenum are carbon monoxide and nitrogen, the nitrogen being the more difficult to remove. APPARATUS AND TECHNIQUE The apparatus is shown in Figs. I and 2. It consisted of two units, a degassing system and an analytical system. Each had a bake-out oven, as shown surrounding the systems in the sketches. The system will be traced, starting from the sample in the degassing system. A water-cooled quartz chamber surrounded the sample. The high-frequency coil, which heated the sample, extended only around this chamber and was cooled by an air blast. High-frequency power of 0800-meter wave length was obtained from a self-rectifying oscillator circuit with a maximum power input of 20 kw. A graded seal connected the quartz to the rest of the apparatus, which was of hard' glass. The temperature of the molybdenum sample was observed by an optical pyrometer through an optical window about 40 cm. distant from the sample. Since the object viewed under these conditions was not 'a black body, true temperature was not observed, but the so-called "brightness temperature." The correction of this to true temperature is discussed in a later section. The apparatus was taken apart just above the graded seal; the quartz chamber was slipped off, washed with nitric acid, water and alcohol, and dried by an air stream. The old sample was removed by

Jan 1, 1944

By Stuart St. Clair

EARLY in 1936, when the American Petroleum Institute issued -J "American Petroleum Industry," which was a survey of the current position of the petroleum industry, and its future outlook, and the figures for petroleum requirements .for 1950 and 1960 were widely publicized by the several oil journals, the impression was given that the petroleum- industry must be nearing maturity and would by 1950 have passed the high' point of its obligations to business progress in the United States.`' Let -us look at the figures which might conduce, this thought. Referring to p. 32 of the report, the total indicated crude-oil requirements in 1940 are 1,099,000,000 bbl-; for 1950, the peak, 1,109,800,000 bbl.; for 1960 a decline to 1,071,020,000 bbl. This downward trend, then established, is probably expected to continue. And this in the face of a crude production in 1935 of 993,942,000 bbl., 38,858,000 bbl.

Jan 1, 1936

By Jacques B. Wertz

Both the San Andreas fault complex and the Murray fracture zone are apparently found to be contemporaneous with the Laramide mineralization period. Their compounding effects certainly have disturbed the Texas lineament belt and its components with serious lateral offsets and most probably have been instrumental in allowing intrusives to be emplaced as well as mineralization to accompany these intrusions at some of the fracture intersections. While the main fracture centers can be almost accepted as being structurally linked together, the Texas lineament trend definitely predominates, exerting a prevailing direction to graben (Silver Bell) and to elongated depressions (Bisbee). That this lineament belt also influenced the concomitant mineralization seems a logical inference. The orebodies are generally found at intersections near the most centrally-located intrusive with a distance varying from contiguity to one or two miles. The Southeast Arizona copper province owes its existence primarily to a particularly favorable structural setting of broad semi-continental scope. Thus, various regional structural elements are to be considered as possibly direct or remote cause for the widespread mineralization, although the one or the ones really responsible may never be singled out. There arc three basic regional elements: (1) The north-northwest-trending anticlinorium that diagonally crosses Arizona is quite obvious because many mountain ranges follow this direction. This anti- clinorium, which merges northward into the Wasatch-Jerome Belt, marks a broad zone of weakness where tension seems to prevail. Mineralized trends such as Jerome-San Manuel-Bisbee may give some weight to the economic value of this structural element. (2) Northeast-trending fractures, parallel to the Colorado Mineral Belt (Landwehr, 1967), appear troincident with mineralization as evidenced by the Questa-Grants-Morenci and the Lordsburg- Tyrone-Santa Rita alignments. This structural direction is accepted as one of the most economically significant in the Southwestern United States. (3) The Texas Lineament.

Jan 1, 1970

By Thomas Lane Carter

THE history of mining in South Africa differs somewhat from that of other countries in the part taken by the aborigines in the development ?of the mineral deposits. The Spaniards in America, and the fortune-seekers of Australia and New Zealand, found large numbers of natives in these new countries, but the inhabitants did not become willing or efficient workers ill the mines which the white men started. The Kaffirs of South. Africa have not shown the same antipathy to labor, nor do they show any signs of dying out in the presence of the white man's civilization. They are a virile race, and so far the vices of civilization have not killed. them. While it is true that the brain and skill necessary for the exploitation of the mineral resources of this sub-continent-have been supplied by the white race, it is also a fact that most of the rough labor in the development of the mining industry of South Africa has been done by the Kaffirs. The Kaffir tribes differ greatly in their mental and physical capabilities. Compare, for instance, a Zulu of Natal with a Bechuana, or a Xosa of Cape Colony with some of the degenerate tribes of Central or East Africa, and you will find that they have little in common, save that their skin is black and that they do not believe in clothes. As a general rule, the tribe's in the milder, healthier climates are far superior, both in mind and body, to the Kaffirs brought up in the hot malarial sections of Central Africa; and it naturally follows that the black men from the temperate zones of the country, are much finer workmen than the degenerates from less favorable sections: It is universal in South Africa to speak. of the .Kaffirs as " boys." No matter if he is 90 years old, the Kaffir is always a " boy," and in this paper the word " boy " is synonymous with Kaffir.

Nov 1, 1908

By C. E. Williams

THE Iron and Steel Division, A.I.M.E., is unique in this country in that it serves all phases of the iron and steel industries. Through its publications, its meetings, and its sponsorship of new technical developments in the industries, it has proved of great value. The various technical committees of the Division are the nucleus around which this service can be developed. The Blast Furnace and Raw Materials Committee has done excellent work. The need for beneficiation of iron ores is increasing and the economics of this operation are developing more and more in favor of increased activities. Ores that are slightly undergrade should be concentrated up to grade to supplant the present practice of mixing with higher-grade ores to bring up the average composition. Marginal ores that are not now being mined, or that are being mined and piled for future use, should be concentrated. The development of the use of sinter in the blast furnace, because of the elimination of fines, the advantage of better sizing of the charge, the resulting reduction of coke consumption, and increased output of pig iron per furnace, will make concentration and sintering become practical ahead of its natural time.

Jan 1, 1936

By Arthur Mackwell

The role of the precious metals is changing rapidly. They are becoming primarily materials of modern industry, and their decorative and monetary functions are diminishing in relative importance. Certainly gold is still the premier metal for jewelry, as silver is for silverware. But these uses are not growing nearly so fast as are the uses of these metals in a variety of industries. This is even more true of the platinum metals. Moreover, this is true despite the fact that the precious metals are highly expensive and liable to substitution by the base metals in cases where this is feasible. For the fact is that the physical and chemical properties of the precious metals make them relatively invulnerable to substitution; where they can be replaced by the base metals, they have been, and the opportunity for further substitution is, therefore, limited. SILVER In November 1969 the United States Treasury stopped minting the only remaining coin with any silver content. That was the silver-clad Kennedy half dollar, which had a silver content of approximately 40%. The step was taken out of necessity, because of the rising shortfall between world mine production and consumption. It was important to divert the 35 to 40 million oz of silver per year used for the minting of this coin into the open market, where it would be available for industrial consumption. This decision was important, not only for its practical effect but also for what it symbolized. Only four years earlier, in 1965, the Treasury had used 320 million oz of silver" for the full range of coinage. Now not an ounce of silver goes into the United States coinage. The reason is simple and yet complicated. For many years the U.S. Treasury had purchased silver at prices which provided a subsidy to domestic producers. As a result, silver producers were eager to sell to the Treasury, and that agency built up a huge supply of the metal -almost 2 billion oz by- 1961. But, as the free-market price neared $1.29, the basic melt value of the coinage, the Treasury became a seller of silver, not a buyer, and its stock was depleted rapidly. The Treasury lost more :than a billion ounces of silver in the years 1962 through 1965, and it continued to lose silver, both through coinage and through sales to consumers, through 1969. The Government continued to sell silver to consumers at the rate of 1.5 million oz a week, even after terminating the 40% silver Kennedy half dollar. But it was apparent that the Government stocks could last no more

Jan 1, 1976