President Lyndon B. Johnson Warns: 'Don't Think About Hoarding Silver Coins'Submitted by Smaulgld.com on Tue, 08/14/2012 - 12:14
Lyndon Johnson's remarks at the signing of the Coinage Act, where he announces the first changes to our coinage (i.e. from silver to base metals) since the 18th century, and warns we have no idea of ever returning to the 18th century, and warns people not to hoard the silver coins still in circulation at that time:
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...
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.
The new coins are not going to have a scarcity value either. The mint is geared to get into production quickly and to do it on a massive scale. We expect to produce not less than 3 1/2 billions of the new coins in the next year, and, if necessary, twice that amount in the following 12 months.
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