Silver Certificates (1878–1964)
Currency that once entitled the holder to actual silver — and the fascinating political story of how silver became money in the first place.
Silver Certificates were issued by the U.S. Treasury from 1878 to 1964 as paper currency redeemable for silver coin or, later, silver bullion. They were a direct product of the great silver debate of the late 19th century and represent one of the most collected types of U.S. currency.
The Silver Issue
The Coinage Act of 1873 demonetized silver — meaning the U.S. government would no longer purchase silver for coinage at a fixed price. Silver producers, farmers, and debtors were outraged, calling the act the "Crime of '73." As silver production boomed from Western mines and silver prices fell on world markets, they demanded that the government resume buying silver and issuing silver-backed currency.
The Bland-Allison Act of February 28, 1878 required the Treasury to purchase between $2 million and $4 million in silver per month and issue Silver Certificates redeemable in silver coin. This was a compromise: not the unlimited silver coinage that the Silver Democrats wanted, but enough to satisfy some of their demands. The Sherman Silver Purchase Act of 1890 increased the required purchases to 4.5 million troy ounces per month.
Design Series
Silver Certificates were issued in multiple series:
- Series of 1878–1880: Large-size notes, early designs, relatively scarce
- Series of 1886–1891: Large-size notes, featuring Martha Washington on the $1 (the first woman depicted on U.S. currency) and other distinctive portraits
- Series of 1896 ("Educational Series"): Considered the most artistically beautiful U.S. notes ever issued, featuring allegorical figures representing History, Science, and other virtues. The $1 note features "History Instructing Youth"; the $2, "Science Presenting Steam and Electricity"; the $5, "America." These are among the most sought-after notes by collectors.
- Series of 1899 ("Black Eagle"): The $1 Silver Certificate featuring a large eagle design, one of the most popular U.S. notes
- Small-size series (1928–1957): Standard modern dimensions, blue Treasury seal and serial numbers
Redemption History
Silver Certificates were originally redeemable for silver dollars. In 1934, they became redeemable for silver bullion instead. In 1963, the Silver Certificate Act stripped them of their silver redemption privilege; holders had until June 24, 1968 to redeem them for silver. After that date, they became ordinary legal tender — still valid at face value but not redeemable for silver.
The last Silver Certificates printed were the Series of 1957B $1 notes. The $1 Silver Certificate was replaced by the $1 Federal Reserve Note, which had not previously been issued (the smallest denomination Federal Reserve Note had been the $5).
Collecting Silver Certificates
Silver Certificates are among the most popular collectible U.S. notes. Common small-size ($1, 1935 series) are worth $1.50–$5 in circulated condition. The 1896 Educational Series $1 in Very Fine can fetch $500–$1,500. The 1896 $2 and $5 Educational notes in uncirculated condition are worth several thousand dollars each.
Source: Friedberg, Robert. Paper Money of the United States. 21st ed. Coin and Currency Institute, 2017.
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