One could cut a fine deal with the first 5-mark coins of the Federal Republic of Germany even in the 1970s: from their introduction in 1951, these coins contained two-thirds of silver. However, when the price of silver began to climb over five dollars per Troy Ounce around the mid-1970s, nobody wanted to spend his 5-mark pieces any more – they were now worth keeping as their intrinsic value had become higher than their face value. The German federal government therefore issued new 5-mark pieces. Nevertheless at the end of 1975, half the old silver coins were still in private hands, even though they were no longer legal tender.