LIFE article from 1968 about silver. The last run on uncle sams silver.

[Answer2me]

LIFE magazine article circa June 24th 1968, talks about the silver certificate trade and the lines outside the US assay office. It also mentions the IMF. It is interesting to see that even in 1968 the average person thought it would all end in inflation, to quote the article: "the government free of restrains to control the amount of currency in circulation could go on a paper money spree that would leave inevitably in ruinous inflation". NO KIDDING!

This is a good article to look back into time and see how THEY sold the population on a paper promise built on confidence and reserves.

Link Here. (http://books.google.com/books?id=ST8EAAAAMBAJ&pg=PA53&lpg=PA53&dq=us+assay+office+100+oz&source=bl&ots=oNxM9L7Q3A&sig=qBd6xtpyfjW21BGW8dW5QMm81rk&hl=en&ei=j3O6S_9XgqqzA5mqxPQE&sa=X&oi=book_result&ct=result&resnum=10&ved=0CCEQ6AEwCTgK#v=onepage&q=&f=false)

Be Cool, 8)
Answer2me

[madfranks]

Great find! I love how the article misses the point of silver backed currency in the first place. The article states that due to industrial demand, the price of silver rose past the official treasury price of $1.29 per ounce. What they don't tell you is that if you have a true, 100% metal backed currency, when the demand for the commodity (silver) goes up, the value of the money goes up, i.e. a (silver) dollar could buy you more than before. The concept in this article is that the severing of silver from the money was the inevitable result of a high demand in silver. Wrong! In 1968, silver had already detached itself from being a monetary metal, with silver certs circulating among a growing pile of federal reserve notes. That was what killed silver as money, not industrial demand.

[gunDriller]

makes me wonder how it would work if the US announced a $100 silver coin.

i find some people really prefer plastic & ATM cards, they don't like cash. even with all the fees.

[RUNFORTHEHILLS]

Fantastic article. Must have at least a couple of the 1981 US Assay Office 100 ounce bars - nice to see the
premium was $29 added to the $100 to begin with. Must have 30 of the 10 ouncers too.

Boy silver is a 18 banger since then soon to be a 100 banger...

Run for the Hills

The 6 million JOB loss man is after ours!

Boy, when he gets mine that'll be change I can believe in... DEPRESSION!

[mojo]

Hey they got a picture of you staggering out with the duffle bag full of 100oz bars, who you kidding.



Fantastic article. Must have at least a couple of the 1981 US Assay Office 100 ounce bars - nice to see the
premium was $29 added to the $100 to begin with. Must have 30 of the 10 ouncers too.

Boy silver is a 18 banger since then soon to be a 100 banger...

Run for the Hills

The 6 million JOB loss man is after ours!

Boy, when he gets mine that'll be change I can believe in... DEPRESSION!

[Answer2me]

Fantastic article. Must have at least a couple of the 1981 US Assay Office 100 ounce bars - nice to see the
premium was $29 added to the $100 to begin with. Must have 30 of the 10 ouncers too.

Boy silver is a 18 banger since then soon to be a 100 banger...

Run for the Hills

The 6 million JOB loss man is after ours!

Boy, when he gets mine that'll be change I can believe in... DEPRESSION!


how do you know that your bars are from 1981? how can you tell the date?

[Hellsbane]

Great find! I love how the article misses the point of silver backed currency in the first place. The article states that due to industrial demand, the price of silver rose past the official treasury price of $1.29 per ounce. What they don't tell you is that if you have a true, 100% metal backed currency, when the demand for the commodity (silver) goes up, the value of the money goes up, i.e. a (silver) dollar could buy you more than before. The concept in this article is that the severing of silver from the money was the inevitable result of a high demand in silver. Wrong! In 1968, silver had already detached itself from being a monetary metal, with silver certs circulating among a growing pile of federal reserve notes. That was what killed silver as money, not industrial demand.


I don't get that. A dollars worth of silver is still a dollars worth of silver no matter the price per ounce.

[Steal]

Pretty interesting article. Just bought a couple old silver certificates lastnight . One was a 1899 black eagle in real good condition. Some of them seem to be worth alot more that the silver they backed.

Link Here (http://cgi.ebay.com/ULTRA-RARE-RED-1891-20-00-SILVER-CERTIFICATE-HIGH-GRD_W0QQitemZ140396065812QQcmdZViewItemQQptZLH_Def aultDomain_0?hash=item20b041f414)

[madfranks]

Great find! I love how the article misses the point of silver backed currency in the first place. The article states that due to industrial demand, the price of silver rose past the official treasury price of $1.29 per ounce. What they don't tell you is that if you have a true, 100% metal backed currency, when the demand for the commodity (silver) goes up, the value of the money goes up, i.e. a (silver) dollar could buy you more than before. The concept in this article is that the severing of silver from the money was the inevitable result of a high demand in silver. Wrong! In 1968, silver had already detached itself from being a monetary metal, with silver certs circulating among a growing pile of federal reserve notes. That was what killed silver as money, not industrial demand.


I don't get that. A dollars worth of silver is still a dollars worth of silver no matter the price per ounce.


It depends on your definition of "dollar". If you define the dollar per the Coinage Act of 1792 which labeled the dollar as 371 4/16 grains of pure silver, then as demand for silver goes up, demand for dollars goes up, and the purchasing/trading power of both go up. If you define "dollar" as a fiat monetary unit floating against all goods and services, an increased demand for silver would mean you need more dollars to buy it. As the fiat dollar got cheapened due to overproduction and inflation, it was inevitable that any commodity backing would have to be finally removed.

[SeekYeFirst]

Great find. Thanks. Times never really change much for long. People will recognize value in physical vs paper soon. I need to get a silver certificate to help educate.

[RUNFORTHEHILLS]

how do you know that your bars are from 1981? how can you tell the date?


Mine are all dated 1981 the (2) 100s and the (20) 10s

a few have different EAGLES on the BACK

For the really old ones herein:

The Terror of Highway 101

He wore a black motorcycle jacket with an eagle on the back

[madfranks]

I took the article and converted it into a PDF - unfortunately it's too big to attach here, so PM me if you want me to email it to you.

[palani]

Everyone knows that states are prohibited from making anything but gold or silver a tender of payment. It is one of the only restrictions on the several states in the U.S. constitution.

FDR removed the gold. This event removed the silver. The two events combined bankrupted the several states. In response there was a slew of state constitution changes between 1968 and 1972. A lot of silly stuff that made no sense and certainly did not address the change of currency requirement ... even though that was the basis for it.

For example, in Iowa the constitution was amended to abolish the county attorneys office. This is funny because each county still has a county attorney, just now he reports to the AG of the state.

This new arrangement even has a name. It is called "this state" as opposed to the original constitutional "the state". Crimes come under "the state" while infractions come under "this state".

[gunDriller]

i like that picture of says Mrs. Estelle Noscher who "settled happily for a plastic bag of silver granules".

those are not terribly liquid (marketable) BUT they are very useful to jewelers.

[JohnQPublic]

Nice article! Silver sure is "quaint" ain't it ;D?

This ad in the magazine illustrates the point:

http://gold-silver.us/forum/gallery/1_23_06_10_3_20_03.jpeg

Toyota Corona= $2095 (with auto trans) the month silver certificates ended.

Silver price ~$2/ozt.


Silver today: $19/ozt.

$2095*19/2 = $ 19,902.50 : Cost of low end Toyota today!

[willie pete]

Nice article! Silver sure is "quaint" ain't it ;D?

This ad in the magazine illustrates the point:

http://gold-silver.us/forum/gallery/1_23_06_10_3_20_03.jpeg

Toyota Corona= $2095 (with auto trans) the month silver certificates ended.

Silver price ~$2/ozt.


Silver today: $19/ozt.

$2095*19/2 = $ 19,902.50 : Cost of low end Toyota today!



I saw that ad and was gonna mention it, sheesh...$1930 for a brand new toyota :D

[gunDriller]

Toyota Corona= $2095 (with auto trans) the month silver certificates ended.

Silver price ~$2/ozt.

Silver today: $19/ozt.

$ 19,902.50


so the Toyota gold ratio then was 1050, and now its 1047.

Jeez that's almost scary, it's so stable.

maybe this is some Cosmic Law of the Universe.

so if Toyota dealers took silver, that would be about 2 monster boxes.

i wonder if the Toyota-silver ratio will go to 500, so then you can trade a monster box for a new Toyota.

[JohnQPublic]

Toyota Corona= $2095 (with auto trans) the month silver certificates ended.

Silver price ~$2/ozt.

Silver today: $19/ozt.

$ 19,902.50


so the Toyota gold ratio then was 1050, and now its 1047.

Jeez that's almost scary, it's so stable.

maybe this is some Cosmic Law of the Universe.

so if Toyota dealers took silver, that would be about 2 monster boxes.

i wonder if the Toyota-silver ratio will go to 500, so then you can trade a monster box for a new Toyota.


If silver goes monetary, that would be about right. G:S ratio is 70 now. In 1903 it was 35. That is a factor if two (see my article (http://www.gold-silver.us/what_silver_gold_buys.html)). In fact if bimetallism is formally reintroduced, 1/2 a monster box may do it! (GS ration 15-20 :1).