Silver Certs Vs Legal Tender In Circulation (Legal Money Q)

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Author	Replies: 3 / Views: 2,118
Libertad Pillar of the Community Canada 3692 Posts	Posted 04/05/2014 12:42 pm Whereas a silver certificate will say: "THIS CERTIFICATE IS REDEEMABLE FOR ALL PUBLIC DUES AND WHEN SO RECEIVED MAY BE REISSUED." 1928-A ...a United States Note or Legal Tender Note (or even a Federal Reserve Note) will say: "THIS NOTE IS A LEGAL TENDER AT ITS FACE VALUE FOR ALL DEBTS PUBLIC AND PRIVATE EXCEPT DUTIES ON IMPORTS AND INTEREST ON THE PUBLIC DEBT." So my question is this: What's the legality concerning the circulation of silver certificates in the USA? US Notes and FRNs are legal tender, decreed by law, whereas the silver certificate is only a certificate, not money, that held a promise that has now been broken. There are no more silver dollars held by the US Treasury, am I correct in assuming so? The FRN totally usurped the image of the silver certificate and we all know that the design hasn't changed since the 1930s - only the wording, seals, and legality of the note has changed. I'm sure y'all are just as confused. I know that silver certs sometimes circulate in the USA, but legally speaking should they? They hold no value except to pay public dues! So you can pay taxes with silver certificates but not with United States notes? (I'm aware of the wording on silver certs post-1928 [e.g.1934] that are the same as US Notes. "THIS CERTIFICATE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE.") Report this Post to the Staff

MeadowviewCollector Pillar of the Community United States 4409 Posts	Posted 04/05/2014 6:03 pm Quote: I know that silver certs sometimes circulate in the USA, but legally speaking should they? They hold no value except to pay public dues! These notes are still legal tender for face value. After 1968, they lost the status of being redeemable for silver dollars. -MV Report this Post to the Staff
arby96 Pillar of the Community United States 2111 Posts	Posted 04/08/2014 11:32 pm A dollar is a dollar in the US. Saying that I don't think a bank would take a $10,000 note and deposit it in your account? That would be interesting to find out what would happen. "LOVE THE HUNT!" Report this Post to the Staff
Finn235 Pillar of the Community United States 6130 Posts	Posted 04/09/2014 12:16 pm To my knowledge, the only bills that are no longer legal tender are the $100,000 notes which were technically never legal for private ownership to begin with. You might run into issues with pre-1890s notes (not sure if civil war-era notes and earlier are still legal... not aware of anyone who has ever tried), but anything that even remotely resembles a modern-day note should spend with no issues. Here's the law itself: http://www.law.cornell.edu/uscode/text/31/5103 Report this Post to the Staff
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