I recently came across a transcript of president LBJs comments back in 1965 when he signed the law that removed silver from our coins. It is somewhat interesting.
The most notable sections are below:
"Now, all of you know these changes are necessary for a very simple reason--silver is a scarce material. Our uses of silver are growing as our population and our economy grows. The hard fact is that silver consumption is now more than double new silver production each year. 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.
"If we had not done so, we would have risked chronic coin shortages in the very near future.
"Some have asked whether our silver coins will disappear. The answer is very definitely-no.
"Our present silver coins won't disappear and they won't even become rarities. 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. We will make another billion before we halt production. And they will be used side-by-side with our new coins.
"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.
"If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content."
Ironic - LBJ saw the shortage 45 years ago, yet he said there is no value in holding silver, which was about $1.50/ounce at the time.
Thought thus might be helpful and/or interesting.