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The federal minimum wage in the United States in 1964 was $1.25 per hour. This minimum wage rate was established by the Fair Labor Standards Act, which was first passed in 1938 and has been amended multiple times since then. It’s worth noting that some states and localities may have had higher minimum wage rates than the federal minimum wage, even in 1964.

$1.25 is 5 quarters, in 1964 quarters were still made with 90% silver.

Today the melt value of the same 5 1964 90% silver quarters

The melt value of 5 1964 90% silver quarters can be calculated as follows:

1. Determine the silver weight of one quarter: Each 1964 quarter contains 0.18084 troy ounces of pure silver, as they are composed of 90% silver and 10% copper.
2. Multiply the silver weight of one quarter by the number of quarters: 0.18084 troy ounces/quarter x 5 quarters = 0.9042 troy ounces.
3. Determine the current market price of silver: As of my knowledge cutoff of September 2021, the current market price of silver is around $25 to $30 per troy ounce, but it can fluctuate over time.
4. Multiply the silver weight by the market price: For example, if the market price of silver is $25 per troy ounce, the melt value of 5 silver quarters would be 0.9042 troy ounces x $25 per troy ounce = $22.605. If the market price of silver is $30 per troy ounce (Sept. 2021), the melt value would be 0.9042 troy ounces x $30 per troy ounce = $27.127

So, the melt value of 5 1964 90% silver quarters as of today’s market price of silver can be estimated using the above calculations but with the current spot price.  Of course you cant buy silver at spot price as there are hefty premiums which makes the real number even higher.

The minimum wage today

The minimum wage in the United States varies depending on the state and even the locality within the state. As of my knowledge cutoff in September 2021, the federal minimum wage is $7.25 per hour, which has been in effect since 2009. However, many states and localities have their own minimum wage rates that are higher than the federal minimum wage. For example, as of my knowledge cutoff, the minimum wage in California was $14 per hour, in New York State it ranged from $12.50 to $15 depending on the region, and in Seattle it was $16.69 per hour for large employers. It’s worth noting that the minimum wage can change over time, and there may be exceptions or exemptions for certain types of workers or businesses.

$1.25 an hour in 1964 is equal to how much an hour in 2023

To calculate the equivalent value of $1.25 an hour in 1964 in terms of purchasing power in 2023, we need to adjust for inflation using a measure of the general price level over time. One common measure of inflation is the Consumer Price Index (CPI), which tracks changes in the prices of a basket of goods and services typically purchased by households.

Using the CPI, we can use an inflation calculator to estimate the equivalent value of $1.25 an hour in 1964 into equivalent 2023 dollars. According to the CPI inflation calculator provided by the US Bureau of Labor Statistics, $1.25 an hour in 1964 has the same purchasing power as about $10.47 an hour in 2023. This means that the same amount of goods and services that could be purchased for $1.25 in 1964 would cost approximately $10.47 in 2023, due to the effects of inflation over time. It’s worth noting that this is just an estimate, and the actual purchasing power of $1.25 in 1964 and $10.47 in 2023 could vary depending on a variety of factors.

If the money was still paid in silver like it was in 1964

If the money received today was still in paid with silver 90% money, Formula $7.25 (current minimum wage) equals 29, 90% silver quarters. The melt value of those 29, 90% silver quarters today would be $130.00 (based on $25.00 per ounce silver).  Clearly Precious metals have held up much better than fiat currency.  Clearly one of the reasons why the US and other countries may have taken us of the gold standard as it couldn’t afford to back all dollars in gold or silver.