Found an old dollar bill that says “Silver Certificate” on it? You are holding a piece of American monetary history. These notes can no longer be exchanged for silver, but many are worth more than their face value to collectors. Here is what they are, how they came about and what affects their value today.
What Is a Silver Certificate?
A silver certificate is U.S. paper money that was once backed by silver held by the Treasury. For many years, holders could exchange the note for silver coins or silver bullion. Silver certificates are still legal tender at face value, but their redemption for silver ended in the 1960s, so their extra value today comes from collector demand.
A Brief History
Through much of the 1800s, the United States debated whether its money should be based on gold, silver or both. The Coinage Act of 1873 ended the free coinage of silver, upsetting western mining interests. The Bland-Allison Act of 1878 then required the Treasury to buy silver and coin it into dollars — and authorized silver certificates so people did not have to carry heavy silver coins.
Silver certificates circulated widely for decades. As the price of silver rose in the early 1960s, the government began phasing them out. Exchanges for silver dollars ended in 1964, and the right to redeem certificates for silver bullion ended in 1968.
Common Silver Certificates
Small-size $1 notes (1928–1957 series)
Most silver certificates found today are small-size $1 notes from the 1935 and 1957 series. They look much like a modern dollar but have a blue seal and blue serial numbers. Because millions were printed, circulated examples are common and usually worth only a little over face value. Crisp uncirculated notes, star notes and unusual serial numbers sell for more.
$5 and $10 small-size notes
Silver certificates were also issued in $5 and $10 denominations, mainly in the 1934 and 1953 series. These are less common than $1 notes and generally carry modest premiums, more so in high grade.
Special and Rare Issues
1935-A Hawaii notes
During World War II, notes issued in Hawaii were overprinted with “HAWAII” and given brown seals, so they could be declared worthless if the islands were captured. They are popular with collectors and worth more than regular notes, especially in nice condition.
North Africa “yellow seal” notes
Similar notes with yellow seals were issued to U.S. troops in North Africa and Europe for the same reason.
Large-size notes (1878–1923)
Before 1929, U.S. paper money was larger than today’s bills. Large-size silver certificates are far scarcer than small-size notes, and many sell for hundreds or thousands of dollars depending on series and condition. Oversized notes from this era are nicknamed “horse blankets.”
1896 Educational Series
Often called the most beautiful U.S. paper money ever made, the 1896 $1, $2 and $5 silver certificates feature elaborate allegorical artwork. They are highly sought after, and well-preserved examples command strong prices.
What Affects the Value of a Silver Certificate?
- Series and denomination: older and scarcer series are worth more.
- Condition: crisp, uncirculated notes without folds, tears or stains bring the highest prices.
- Star notes: a star by the serial number marks a replacement note, which is often scarcer.
- Fancy serial numbers: low numbers, repeating digits and “radar” numbers that read the same forwards and backwards attract collectors.
- Printing errors: misprints and other errors can add significant value.
How to Sell Silver Certificates
- Identify the series, denomination and condition first.
- Look up recent sales of the same note in similar condition.
- Consider professional grading for valuable notes.
- Sell through reputable currency dealers or established auction platforms.
How to Spot Fakes
Counterfeit and altered notes exist, especially of rarer issues. Check the paper quality, the sharpness of the printing and the seal and serial number colors, and compare with known genuine examples. For valuable notes, rely on a professional currency grading service.
The Bottom Line
Most common silver certificates are worth a little more than face value, but older large-size notes, special wartime issues, star notes and notes in pristine condition can be worth much more. Look closely before you spend that old dollar bill.