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Gold/Mining/Energy : Silver prices
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To: Don Lloyd who wrote (6101)11/9/2002 12:38:15 AM
From: Canuck Dave  Read Replies (2) of 8010
 
I can answer a couple of your questions.

It was after 1966 that silver coins started to disappear to be melted down. By 1968, it was all cupro-nickel and all pre-1968 silver coins simply disappeared from circulation.

I think you're confusing gold and silver certificates as far as confiscation goes. Silver dropped in price during the depression until for political reasons the US government began buying large quantities of it, until by 1950 they had over a billion ounces. I don't think silver certificates were ever affected.

What the US government did do was renege on gold certificates in 1933, (no more redemption for gold, a process called in specie payments). Roosevelt then confiscated all US gold holdings at 22$ per ounce and revalued the gold to 35$ an ounce, neatly reflating the currency. Deflation is here again, so expect something like that again when the Democrats get back in in 2003.

CD
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