Dollar Silver Certificate
The US Dollar Silver Certificate was issued in response to anger from many Americans that were against the United States’ currency being placed on the gold standard. This was done with the Coinage Act of 1873.
In response from the many Americans with interest in silver and silver mining, the US Mint stated producing silver certificates in 1878 and continued to do so until 1964. These certificates were redeemable for their face value in silver coins. In 1934 congress passed a law that permitted the silver certificate to be exchange for either silver coins or silver bullion. Once a certificate was redeemed for its silver value it had to be destroyed, because of the lack of silver being produced and received by the US Treasury Department.
By the 1960’s the worth of these silver certificates rose to $1.29 because of the increased value of silver. Americans started to turn in their silver certificates for silver bullion which in turn depleted the US reserve of silver. In March of 1964, the exchange of silver certificates to silver coins was ceased and in June of 1968 all redemption of silver for a silver certificate came to an end.
Today there are still silver certificates in $1, $2, $5, and $10 denominations in circulation, but most are snagged up by collectors when seen. The main difference in these notes are that the seal on the right side of the note is in blue and the bottom of the note are the words “in silver payable to the bearer by demand” also at the top is the words Silver Certificate rather than the standard Federal Reserve Note.
For many whom are into coin collecting, a Dollar Silver Certificate is still considered a part of their coin collection due to its uniqueness and rarity. But that has not helped to increase their value which at today’s auctions is still only $2.
Tags: Coin Collecting, investing, money, silver certificate
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