“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.” – Lyndon B. Johnson, July 23, 1965.
[JWR’s Comment: Today’s quote come from a disingenous speech made just before nearly every silver dime, quarter, and half dollar was systematically scooped up from circulation by the American citizenry, leaving only post-1964 dated debased copper tokens in circulalation. The populace saw through LBJ’s smokescreen. And yes, there was indeed plenty of “…profit in holding them out of circulation for the value of their silver content…” They are now worth around 24 times their face value, making the melt value of each silver quarter about $6.35 in the current Federal Reserve funny money.]