Pack Of 33 Silver Certificates - XF-AU Condition

PRODUCT DETAILS:

Pack Of 33 Silver Certificates - XF-AU Condition

NOTE HIGHLIGHTS:

• Packs contain 33 nice circulated silver certificates. Includes 19 XF-AU dated 1935 and 14 XF-AU dated 1957.
• The obverse features a portrait of George Washington.
  
• Once redeemable for its face-value in Silver!

Silver certificates were initially redeemable for silver dollars, and later for raw silver bullion only.  After being redeemed the silver certificates were shredded, because they had lost their backing and could not be recirculated unless there was more silver produced. The price of silver also started rising. In 1960, it was nearing $1.30 per ounce, which meant that silver dollars were worth more than $1. This meant that people could receive their silver dollars and melt them down, thereby reducing the amount of silver in circulation, which was by then already falling. 

In March 1964, Secretary of the Treasury C. Douglas Dillon stopped the redemption of Silver Certificates for Silver Dollars.  In the 1970's large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value.  All redemption in silver ceased on June 24, 1968.