A silver certificate is a certificate of ownership that

silver Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...

owners hold instead of storing the actual silver. Several countries have issued silver certificates, including Cuba, the Netherlands, and the United States. Silver certificates have also been privately issued by various mints and bullion companies. One example was the Liberty Dollar issued by NORFED from 1998 to 2009.

Cuba

Cuban silver certificates were issued between 1934 and 1949 (and circulated from 1935 to the early 1950s). Prior and subsequent issues of

Cuban Cuban may refer to: * Something of, from, or related to Cuba, a country in the Caribbean * Cubans, people from Cuba, or of Cuban descent ** Cuban exile, a person who left Cuba for political reasons, or a descendant thereof * Cuban citizen, a perso ...

banknotes were engraved and printed by private bank note companies ''in'' the United States, but the series from 1934 to 1949 were designed, engraved, and printed ''by'' the US at the

Bureau of Engraving and Printing The Bureau of Engraving and Printing (BEP) is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is Federal Re ...

(BEP).Shafer, 2001, p.298. The first Cuban banknotes were issued in 1857 for El Banco Español De La Habana.Cuhaj, 2012, p.397. Beginning in the late 1860s, Cuba contracted the National Bank Note Company (NBNC) for two issues of banknotes in 1869Cuhaj, 2012, p.398. and 1872.Cuhaj, 2012, p.399. After absorbing NBNC, the

American Bank Note Company ABCorp is an American corporation providing contract manufacturing and related services to the authentication, payment and secure access business sectors. Its history dates back to 1795 as a secure engraver and printer, and assisting the newl ...

(ABNC) engraved and printed Cuban banknotes for issues in 1889, 1896,Cuhaj, 2012, p.401. 1897,Cuhaj, 2012, p.402. 1905 for the National Bank of Cuba,Cuhaj, 2012, p.403. 1944,Cuhaj, 2012, p.405. and a 1949–50 issue for the Banco Nacional De Cuba (printed until 1960). Between 1905 and the introduction of BEP issued Cuban silver certificates in 1934, no banknotes were produced.Cuhaj, 2012, p.404.

Netherlands

In 1914, because of silver shortage for minting, the Dutch government introduced silver certificates (''zilverbonnen'') for 1, 2½ and 5

guilder Guilder is the English translation of the Dutch and German ''gulden'', originally shortened from Middle High German ''guldin pfenninc'' " gold penny". This was the term that became current in the southern and western parts of the Holy Roman Emp ...

. Although the 5 guilder were only issued that year, the 1 guilder notes continued until 1920 and the 2½ guilder until 1927. In 1926, the Netherlands Bank introduced 20 guilder notes, followed by 50 guilder in 1929 and 500 guilder in 1930. These introductions followed the cessation of production of the unusual 40, 60 and 300 guilder notes during the 1920s. In 1938, silver notes were reintroduced for 1 and 2½ guilders.

United States

Silver certificates were issued between 1878 and 1964 in the United States as part of its circulation of

paper currency A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

. They were produced in response to silver agitation by citizens who were angered by the

Fourth Coinage Act The Coinage Act of 1873 or Mint Act of 1873, was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of go ...

, which had effectively placed the United States on a

gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the l ...

.Leavens, p. 24. The certificates were initially redeemable for their face value of

dollar coins and later (for one year – 24 June 1967 to 24 June 1968) in raw silver bullion. Since 1968 they have been redeemable only in

Federal Reserve Notes Federal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 ...

and are thus obsolete, but still valid

legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...

at their face value. Large-size silver certificates (1878 to 1923) were issued initially in denominations from $10 to $1,000 (in 1878 and 1880)Friedberg & Friedberg, p. 74. and in 1886 the $1, $2, and $5 were authorized.Knox, p. 155. In 1928, all United States bank notes were re-designed and the size reduced.Friedberg & Friedberg, p. 185. The small-size silver certificate (1928–1964) was only issued in denominations of $1, $5, and $10.Friedberg & Friedberg, p. 187.

References

Notes

Bibliography

* * * * *{{cite journal , last1=Shafer, first1=Neil , year=2001 , title=1934–1949 Silver Certificates of Cuba Made by the U.S. BEP , journal=Paper Money , volume=40 , issue=5 , pages=298–307 , publishe
Society of Paper Money Collectors
Metallism Silver