Use of silver in coinage dropped throughout world in 1995

The U.S., Germany and Mexico were the largest consumers of silver for coinage in 1995, according to Modern Silver Coinage 1995, a report released by The Silver Institute.

The U.S., which replaced Mexico in 1995 as world leader, used more than 6.7 million oz. silver for coinage last year, down from 6.9 million oz. in the previous year.

Over the past 10 years, the U.S. has consumed nearly twice as much silver for coinage as that of any other country. The American Eagle coins alone consumed 5 million oz. in 1995.

The use of silver in coins in Germany, which captured second place, slipped to 6.6 million oz. in 1995, down from 7 million oz. in the previous year.

Mexico, which ranked third, used only 2 million oz. silver. Production in that country dropped 84% over 1994 figures, owing to currency reform.

Overall, world consumption in 1995 was 23.9 million oz., down from a 20-year high of 41.2 million oz. recorded in 1994.

To order a copy of the report, contact The Silver Institute in Washington, D.C., at (202) 835-0185.