Summary:

The 1968 National Research Council report reviews how silver’s role had shifted from coinage and tableware to critical industrial uses. By the mid-1960s, world industrial consumption exceeded new mine output, pushing reliance onto secondary recovery and government stocks. It flags a practical bottleneck: limited domestic refining capacity and low-grade Treasury silver (e.g., lead-bearing) that would need upgrading for many applications.

Use breakdowns show photography as the largest consumer with no near-term substitute; electrical/electronic uses—especially switch contacts—are essential with only modest substitution or redesign potential; and silver-based batteries (largely military) provide unmatched energy density but short life and high cost. Silverware/jewelry and brazing alloys could yield some savings (status or process changes), but not enough to offset the broader deficit. Solid-state switching may gradually reduce contact demand, yet overall consumption was still rising.

Policy takeaways: above-ground U.S. stocks (coins, Treasury holdings) could bridge years of industrial use at 1966 rates, but only if refining capacity and purity issues are solved. The report urges ensuring adequate, high-fineness stockpiles and verifying secondary-refining throughput, since true technical substitutes are limited and emergency curtailments would otherwise be inevitable.