Silver Certificates Explained
A silver certificate is a US note that once carried a promise: the government would hand over silver on demand in exchange for it. Between 1878 and 1964 these circulated alongside other currency, identifiable by their blue Treasury seal and blue serial numbers.
The redemption promise ended in 1968. What is left is an ordinary legal tender note with a collector market attached, and that market varies enormously by series.
Quick facts
- Issued
- 1878 to 1964
- Seal and serials
- Blue, except wartime yellow seal issues
- Silver redemption ended
- June 24, 1968
- Most common series
- 1935 and 1957 $1 notes
- Still legal tender
- Yes, at face value
Scan any banknote with Money Scanner
Point your camera at a bill and get the series, type, rarity, and an estimated value range in seconds. No typing, no guessing at the series letter.
- Reads the series, seal type, and signatures from a photo
- Flags star notes and collectible serial number patterns
- Estimates a value range by condition
- Works on US and world banknotes
Why they existed
The Bland-Allison Act of 1878 required the Treasury to buy and coin silver, and silver certificates were created so people could hold paper rather than carry heavy silver dollars. The certificate was a claim on a specific quantity of silver held by the Treasury.
The arrangement worked as long as silver was cheap. When silver prices rose in the early 1960s, the silver backing each dollar became worth more than a dollar, and the whole structure had to be dismantled.
What happened in 1968
Congress ended silver redemption effective June 1968. Holders had a window to exchange certificates for silver granules, and after that the notes became ordinary currency.
This is the single most common misconception about these notes. People find one, read the obligation on the face promising silver, and assume they can still claim it. They cannot, and have not been able to for over fifty years.
Which series are worth what
The 1935 and 1957 $1 series were printed in the billions and are worth a few dollars circulated. The 1934 $5 and $10 series are worth a modest multiple of face. The large-size issues from 1899, 1923, and earlier are worth substantially more.
The standouts are the wartime emergency issues: the 1935A Hawaii brown seal and the yellow seal North Africa notes, both worth many times an ordinary blue seal note of the same series.
Frequently asked questions
Can you still redeem a silver certificate for silver?
No. Redemption ended on June 24, 1968. Silver certificates remain legal tender at face value and are worth whatever collectors pay above that.
How much is a silver certificate worth?
Common 1935 and 1957 $1 notes are worth two to four dollars circulated. Large-size issues, the 1934 $5 and $10 series, and the wartime Hawaii and North Africa variants are worth considerably more.
Why is the seal blue on a silver certificate?
Blue identified the silver certificate class, distinguishing it from green Federal Reserve Notes and red United States Notes circulating at the same time.