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What Are 1957 $1 Silver Certificates Worth?

 
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 Posted 10/28/2020  2:35 pm Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
PCGS - Did you find a Series 1957 $1 Silver Certificate Dollar Bill and want to know what it's worth? First off, congratulations, because such old banknotes hardly ever turn up in circulation these days. And if you found that old 1957 Dollar Bill in an odd place, such as an old chest of drawers, a steamer, or perhaps received it as part of an inheritance, you've still scored a pretty neat find. But what's the real value of a banknote like that? Let's examine the history and collectible value of these notes, including how much your 1957 $1 Silver Certificate might be worth.


Series 1957 $1 Silver Certificate


The Story Behind Silver Certificates
Originally issued for the redemption of silver on demand, Silver Certificates were originally authorized by two Acts of Congress in 1878 and 1886 and in denominations ranging from $1 to $1,000. The notes underwent a series of changes over the years, including designs, physical sizes, and legal tender obligations (as declared on the obverse of the notes).

The obligation on the Series 1957 $1 Silver Certificate states, "This certifies that there is on deposit in the Treasury of the United States of America [one dollar] in silver payable to the bearer on demand. This certificate is legal tender for all debts public and private."

When these notes were originally issued, someone with these notes could have walked into a typical bank and would expect to receive silver coins amounting to the face value of the Silver Certificates surrendered in that transaction. So, in the late 1950s or early 1960s, that may have meant trading in a Series 1957 $1 Silver Certificate for a Morgan dollar or Peace dollar, large silver coins that were still readily available for face value during that time.

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 Posted 10/28/2020  3:09 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Great article.
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 Posted 10/28/2020  4:01 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
Good article if you overlook the pricing.
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 Posted 10/28/2020  4:43 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply
Can you still show up at the FED/Mint and demand a 1 oz silver coin?
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 Posted 10/28/2020  4:47 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Can you still show up at the FED/Mint and demand a 1 oz silver coin?
From the linked article:
Quote:
Five years later, on June 24, 1968, an Act of Congress stopped any further redemption of Silver Certificates for silver bullion.
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 Posted 10/28/2020  5:00 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I wish you still could, I would ask for a $20 gold coin :)


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 Posted 10/28/2020  5:02 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I wish you still could, I would ask for a $20 gold coin :)
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 Posted 10/28/2020  5:20 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
Of course, in 1957 you could have taken any 1 dollar bill or for that matter 2 rolls of 1 cent coins and got a Morgan or a Peace dollar. So in some ways it was an "academic" issue then.
Edited by oriole
10/28/2020 5:23 pm
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 Posted 10/28/2020  6:15 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
I'm thinking that in 1957, 99.9% of all 1 dollar bills were silver certificates.
Edited by Coinfrog
10/28/2020 6:16 pm
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 Posted 10/28/2020  6:44 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Since $1 weren't released as Federal Reverse Notes until 1963, the only option for $1 was silver certificates or US Notes but since the only US notes released were the 1928 US Notes and since it was released only in Puerto Rico, it may be more like 99.999% were silver certificates.
Edited by hfjacinto
10/28/2020 6:45 pm
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 Posted 10/28/2020  7:25 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I need some educating.
I understood that there were two types of silver certificates issued in different eras, and wording distinguished them apart.

1. 'There is on deposit one silver dollar'
Forgive me; I know the exact wording is wrong.

2. One dollar in silver payable to the bearer on demand.
(as pictured here) The implication in this case is that you may not get a silver dollar coin, but instead the amount of silver that you are entitled to receive is dependent on the price of silver.

That is my understanding, but it may well need correction.

-----------------------------------------------------------------------------------------------------------------------------------------------------
(The wording on the certificate for gold coin is very similar to Australian Notes before 1933, when Australia came off the gold standard and issued fiat money after that time.)

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 Posted 10/28/2020  7:59 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
No effective difference. You got $1 in the real stuff either way, but perhaps that meant quarters or halves rather than a silver dollar. In that era, no one gave much of a hoot how their paper money might be redeemed. My uncle used to give all of us silver dollars on our birthdays and at Christmas - my dad would just deposit them in our little savings accounts at the local bank.
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 Posted 10/28/2020  8:06 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
The wording on silver certificates has changed over time (see below for 1899 to 1957). Prior to 1964, A silver certificate was a type of former legal tender in the form of paper currency, which was issued by the U.S. government beginning in 1878. It represented a stated amount of silver bullion, enabling individuals to buy the commodity without taking physical possession of it.The certificates were initially redeemable for their face value of silver dollar coins and later (for one year - June 24, 1967 to June 24, 1968) in raw silver bullion. Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but still valid legal tender at their face value and thus are still an accepted form of currency.










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 Posted 10/28/2020  8:20 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Thanks.
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