Data

 

1. March 6, 1933: To curb mass panic and bank runs, President Roosevelt declared a four-day bank holiday to stop hoarding and the export of gold and silver. The "Emergency Banking Act" was passed on Day 3, and shut down banks needed to be deemed 'financially secure" to be reopened.
2. 1934: In accordance with the Silver Purchase Act of 1934, President Roosevelt issued Executive Order No. 6814 to confiscate and nationalize silver, and outlawing private ownership of quantities more than 500 troy ounces.
3. 1942: Presidential Order L-208 closed metal mines in the area. The idea was to focus the country's mining resources and equipment.
4. 1945: After the war, the mines were not restarted because of the high cost of labor. 
5. 1946: The Silver Purchase Act of 1946 rendered the U.S. government the biggest buyer of silver in the world. The Act also bound the government to sell at a fixed price.
6. 1965: The U.S. government eliminated silver from quarters and dimes, and half dollars were reduced to 40% silver.
7. 1970: The mines were reevaluated, however, due to the low cost of silver ($1.63), and high production costs were not reopened.

HISTORICAL SILVER PRICES (US$/OZ. YEARLY CUMULATIVE)



• 1840: $1.29
• 1900: $0.64
• 1920: $0.65
• 1940: $0.34
• 1960: $0.91
• 1970: $1.63
• 1980: $16.39
• 1990: $4.06
• 2000: $4.95
• 2005: $7.31
• 2009: $14.67
• 2010: $20.19
• 2012: $29.75