![]() Since the life of a silver coin is about 25 years, we expect our traditional silver coins to be with us in large numbers for a long, long time. And they will be used side-by-side with our new coins. We will make another billion before we halt production. We estimate that there are now 12 billion–I repeat, more than 12 billion silver dimes and quarters and half dollars that are now outstanding. Our present silver coins won’t disappear and they won’t even become rarities. Some have asked whether our silver coins will disappear. So, in the face of this worldwide shortage of silver, and our rapidly growing need for coins, the only really prudent course was to reduce our dependence upon silver for making our coins.ĭespite this, he maintains that demand won’t increase for the coins once they are taken out of circulation: The hard fact is that silver consumption is now more than double new silver production each year. Our uses of silver are growing as our population and our economy grows. Now, all of you know these changes are necessary for a very simple reason–silver is a scarce material. He points out that, in 1965, silver consumption was already silver production. Here the President acknowledges that silver is a scarce material and that its demand is increasing. They will be composites, with faces of the same alloy used in our 5-cent piece that is bonded to a core of pure copper. The new dimes and the new quarters will contain no silver. Today, except for the silver dollar, we are establishing a new coinage to take its place beside the old…. Since that time our coinage of dimes, and quarters, and half dollars, and dollars have contained 90 percent silver. And that act had the title: An Act Establishing a Mint and Regulating the Coinage of the United States. The Coinage Act of 1965 supersedes the act of 1792. When I have signed this bill before me, we will have made the first fundamental change in our coinage in 173 years. ![]() Here are parts of the speech by Lyndon B Johnson announcing the change: In his book Crossfire, Jim Marrs posits that Kennedy created silver certificates to undermine the power of the Federal Reserve, though others say that Kennedy’s decision was merely a matter of convenience during a time of transition away from silver certificates. Kennedy delegated authority to the Secretary of the Treasury to issue silver certificates. The demonetization of the silver came just over two year after US President John F. The Act also forbade the mintage silver dollars for five years. The US government claimed the reason for the act was coin shortages caused by the increase in the price of silver. The Coinage Act of 1965 debased the coinage of silver from the dimes and quarter dollars and diminished the silver content of the half dollar from 90% to 40% before it, too, lost all of its silver content about 5 years later. Jmarks the 50th anniversary of the debasement of United States’ coinage.
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