When did the U.S. sell off its silver stockpiles
HalfDime
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The U.S. government began reducing its silver holdings in the mid-1960s, prompted by rising silver prices and the need to move away from silver-backed currency. In 1967, the Treasury ended unrestricted sales of silver and shifted to selling only to domestic industrial users at market prices, with sales continuing into the late 1960s. By November 1969, the government made its final sales of silver bullion to private entities, effectively exiting the silver market.
Major Sell-Off in the 1980s:
The most significant and final sell-off of the U.S. strategic silver stockpile began in 1981. In July 1981, Congress passed legislation to sell off 75% of the remaining stockpiled silver. The process was not instantaneous: after the initial legislation, there was pushback from mining interests, leading to temporary suspensions and phased sales. Ultimately, it took about three years (1981–1984) for the U.S. to sell off the bulk of its strategic silver reserves.
The silver was auctioned off to the highest bidders, with much of it going to private mints and collectors.
1967-1969 Treasury sells silver to industrial users; exits silver market by 1969
July 1981 Congress authorizes sale of 75% of remaining silver stockpile
1981–1984 Major sell-off of strategic silver stockpile completed
The U.S. no longer maintains a significant strategic silver stockpile. The decision to sell off the reserves was influenced by changing industrial needs, the end of silver-backed currency, and the desire to use proceeds for other strategic materials. The sales were phased to avoid flooding the market and to protect domestic mining interests.
1968 165 million ounces transferred To National Defense Stockpile
1967–1970s 130 million ounces sold (GSA) To private market
1970 25.5 million ounces removed For commemorative coins
1981–1985 Up to 75% of remaining stockpile Congress authorized major sell-off
By mid-1980s Nearly all stockpile sold Strategic stockpile
The U.S. sold off most of its silver stockpiles in two main phases: first, through sales to industry in the late 1960s, and then through a major legislated sell-off from 1981 to about 1984, after which the strategic stockpile was essentially depleted.
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It's too bad they sold off all the silver, we could have had that along with our gold reserves, and even added to it. This is the direction we needed to go.
Comments
The US has never sold off it's "silver stockpile." They dramatically reduced their strategic silver stockpile, which is primarily used for military purposes.
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I have some nice silver rounds minted from the Strategic Stockpile silver.