The item in question refers to a United States coin minted in 1965 that was composed of silver and had a face value of one dollar. These coins, while resembling earlier silver dollars, represent a significant transition in United States coinage due to a change in metallic composition. Previous dollar coins, such as the Peace dollar and Morgan dollar, contained a higher silver content.
The historical significance lies in its production occurring during a period when the United States government was phasing out silver from circulating coinage. The increasing price of silver made it economically unsustainable to continue producing coins with high silver content for general circulation. Consequently, the 1965 coin represents a transitional piece, marking a shift from silver to base metal coinage and impacting collectors and the value of these numismatic items.