Silver Certificates:
The Last Metal Standard

First issued in 1878, Silver Certificates were our nation's primary currency for many years. They were issued in denominations ranging from $1 to $1,000 and could be exchanged for silver at the U.S. Treasury. The last series of Silver Certificates was issued in 1957. When the price of silver began rising rapidly in the early 1960s, it became evident that those holding silver coins could profit greatly by selling them on the open market. This would have resulted in the disappearance of silver coins with people hoarding the precious metal, as had happened during the Civil War. To avoid this crisis, Congress stopped redeeming Silver Certificates in 1968 and began exchanging them for Federal Reserve Notes at face value.