Silver Certificates?

Question

What is a silver certificate? When was the last one issued? What is one worth today?

Answer 1

The "Crime of 1873" placed the United States on the gold standard, which replaced the bimetallic (silver and gold) standard that had been created by Alexander Hamilton. Many of the poorer citizens saw this as a "crime," and silver agitation began. The Bland-Allison Act, as it came to be known, was passed by Congress on February 28, 1878. It did not provide for the "free and unlimited coinage of silver" demanded by Western miners, but it did require the United States Treasury to purchase between $2 million and $4 million of silver bullion from mining companies in the West. The silver coins that were to be minted would be legal tender for all debts, like gold. These coins, however, were quite heavy, so the government applied their gold certificate strategy to the silver. Suppose that there were five silver dollars in the treasury. The government would print a $5 Silver Certificate against the dollars, providing a somewhat easier medium of exchange. The idea was kept, and Series 1878 was printed in denominations of $10 to $1000.

Silver Certificates circulated, mainly in the $1 denomination, widely throughout the United States in the years following 1934. When the '34s wore out, they were replaced with a new, more modern-looking Series 1953 (1935 for the $1 silvers; see below), with the same face changes as the Series 1950 Federal Reserve Notes had experienced. However, the Silver Certificates began to disappear from circulation during the 1940s and 1950s. The amount of Silver Certificates in circulation depended directly upon the amount of silver bullion in the Treasury vaults. As people redeemed the certificates for bullion or silver dollars, the notes were shredded, because the notes had lost their backing and could not be recirculated unless there were more silver being produced. The price of silver was also rising. In 1960, it was nearing $1.29, which meant that silver dollars were worth more than $1. This meant that people would receive their silver dollars, and melt them down for the bullion, thereby reducing the amount of silver in circulation, which was already falling.

In March 1964, the Secretary of the Treasury halted redemption of Silver Certificates for Silver Dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. Silver Certificates were abolished by Congress on June 4, 1963 and all redemption in silver ceased on June 24, 1968. Paper currency is still valid legal tender without the Silver Certificate, instead being backed simply by the strength of the U.S. economy. According to the U.S. treasury, "The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy."

Answer 2

sellers fee the sequence 1935B $a million Silver certificates at $7 in common circulated grade, $10 in great circulated with sparkling paper and a few crispness, as much as $15 in uncirculated. Crisp uncirculated 1935Bs are being offered for $20 each and every. The 1935B is between the extra effective 1935 silver dollar certs.

Answer 3

Silver certificates are actually just like dollars, only you can redeem them for silver instead of gold. See, the dollar is basically a "gold certificate". At any time, you could (at one time) redeem a US treasury note for an amount of gold of that value. A silver certificate is the same thing only specifically redeemable for silver.

Technically, they are worth the dollar amount on the bill. To collectors they may be worth more, but I don't know how much.

[You can no longer redeem treasury notes for silver or gold.]

Answer 4

The last ones were printed in the 1950's. They are worth face value unless in perfect like new (mint) condition. Most were in $1 & $5 values. There were some worth more. They were originally backed by US government silver.

Today we use Federal Reserve Notes commonly called paper money.

Answer 5

There are some that's worth much money. thousands. some maybe twenty dollars. you might have a valuable one, check it out by calling a local dealer. are look it up in a book at the library possibly, good luck.!