Silver certificates were issued between 1878 and 1964 in the U.S. These were representative money and part of the circulation for paper currency. Since 1968, silver certificates have only been redeemable in Federal Reserve Notes and are therefore basically obsolete, though the certificates are still legal tender.
When were the last silver certificates printed?
March 1964
These certificates featured portraits of notable Americans, including George Washington, Abraham Lincoln, and Ulysses Grant. In March 1964, the U.S. Treasury Secretary announced that silver certificates would no longer be redeemable for silver dollars, and the government stopped printing them soon after.
What replaced the silver certificate?
This act authorized the issuance of $1, $2, and $5 denomination Silver Certificates. Also known as the Gold Standard Act, it required the Treasury to retire and cancel Treasury Coin Notes and to replace them with Silver Certificates, which were now limited to denominations of $10 and under.
When did the United States start issuing silver certificates?
Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard.
Is the US Silver Certificate still legal tender?
Those certificates, which remain outstanding, are still legal tender and can be spent just like a federal reserve note. This particular series of notes is one of the most artistically inspired of any of the U.S. currency; the Bureau hiring prominent American artists to provide the designs to serve as the engravers’ models.
Can a silver certificate be exchanged for silver?
On May 25, 1964, the Secretary of the Treasury announced that silver certificates could no longer be redeemed for silver dollars. Subsequently, another Act of Congress dated June 24, 1967, provided that the certificates could be exchanged for silver bullion for a period of one year, until June 24, 1968.
Why was the US Silver Certificate Bill worthless?
Investors of silver were naturally upset at the passing of this law, which rendered their holdings worthless. Therefore, for a brief period of time, the United States Treasury permitted the exchange of silver for legal tender.
