Silver Certificates - When the dollar note was silver backed

JulieW

JulieW

Well-Known Member
Silver Stacker
Interesting article just up;

http://numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=24789

Extract:

Many coin collectors still remember when silver coins disappeared from circulation following the implementation of the Coinage Act of 1965, but fewer remember the parallel disappearance of $1 Silver Certificates.

While there were also $5 and $10 Silver Certificates, until the $1 Federal Reserve Note was introduced for the first time with the Series 1963 issue, the $1 Silver Certificate basically was the only current $1 note issued by the United States for 35 years.

So not only was the government replacing silver coins as fast as it could with copper-nickel clad issues, it was also replacing the circulating $1 Silver Certificates with $1 Federal Reserve Notes.

As you might expect, a Silver Certificate was something you could present to the Treasury and ask for silver dollars (later silver bullion), but this right was terminated June 24, 1968.

At that point, the Silver Certificate was still legal tender, but it was no longer convertible into precious metal. It is an historical relic today that you can still spend if you are of a mind to and the clerk doesn't think you are trying to pass a counterfeit.

The story of the $1 Silver Certificate, which dominated circulation for decades, is truly an interesting story and by assembling a collection of large-size (pre-1929) and small-size $1 Silver Certificates you can have a great collection while learning the story of one of the most interesting of all notes ever issued by the United States.
Click to expand...
 
Thanks for posting.

Never noticed or knew about the $1 silver certificate notes. Good piece of history to have a few.
 
I recall the newspaper stories about the long lines of people converting silver certificates into silver coins in the US during June 1968. During 1068 you could still find a fair amount of silver in circulation just by obtaining rolls of dimes, quarters and halves at banks. It just took a bit of time and a bit of ready cash.

Even now people with time on their hands can still pull occasional silver halves out of circulation by searching through $500 plus worth of rolled halves from local banks.
 
Au-mageddon said:
wow .. only time you see silver coins over here is on ebay :P
Click to expand...

Hard times bring long horded coins back into circulation.....but just for a short time. People don't know what they're spending.
 
You must log in or register to reply here.
Back
Top