Back in the day when silver certificates could be redeemed for, well, what they say they could be redeemed for, I'm curious whether anybody here was smart enough to do that. I ask because we knew a kid who used to buy these, any condition, at double-face, and we all thought he was just a little nuts. But he was getting silver dollars for these, right? Was that his game? What do you think?
Maybe... until 1964. But that's when the game changed. I don't know if they are still redeemable for silver, but if they are, I bet it would be $1 worth of silver, NOT a silver dollar coin - which contains over $9 worth of silver these days.
The silver certificates were originally meant to be redeemed for silver dollars, as the notes were backed by silver. However, silver prices rose to $1.29 an ounce in the early 1960s. Therefore, the government was forced to eliminate the printing of the silver certificate in 1963. They subsequently ended all redemption of silver certificates in 1968.
However the Federal Reserve still considers these to be legal tender at face value, even though they're no longer redeemable in silver.
if you spend a silver certificate and it goes to the Federal Resevere Bank, will it get shredded then?
Really? Dang, i thought they were just re-circulated. Whats the point in burning them, or taking them out of circulation. If they are still in good enough condition to circulate, it makes no sense to destroy them. They have to pay to destroy them and THEN pay to make more to replace them ... it makes no sense... well, thats our Govt....
I just wonder if they do appear at the Mint how many find the path to a colletor instead of being distroyed. Sort of like our famous gun story in Chicago. They want everyone to turn in guns for things like a giift certificate for gym shoes. Many, many of those guns ended up not making it to the steel mills as advertised.
i didn't know they were burned! i thought they shredded bills. about shredding perfectly good bills- did you know the mint is shredding the old style 1995 and older 5,10,20,50,and $100 bills? that makes no sense in all to me. i agree they are easier the counterfiet than the new bills, but why? even if they get an uncircualted old style bill, they still destory it. seems like a waste.
if thats true coinlover i ned to start pulling any note from series 1995 and older when i find them ... where did you get the info they did that to 1995 and older???
The BEP has been burning and shredding old, worn out notes for years. They're not doing it much to the newer designs yet because most of them haven't reached their "lifespans" yet, but if the note is lucky enough to have circulated significantly, then they'll destroy it.
yes, they destroy old and worn notes, but i have never heard of them destroying notes JUST because they are old... like destroying a 1993 note (which might still be in very good shape) just because its pre-1995
