Lyndon B Johnson: 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.
When Lyndon B Johnson signed the Coinage Act of 1964 into law, he gave a doublespeak speech about the change. He dispelled predictions that the price of silver was set to skyrocket and that there would be hoarding of the precious metals by industry and individuals, although the truth would turn out the opposite. He declared that the gutting of US money would not help to destine the nation’s currency for devaluation, although the opposite would be true.