Silver certificate (United States) in the context of "Smithsonian Institution"

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⭐ Core Definition: Silver certificate (United States)

Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard. The certificates were initially redeemable for their face value of silver dollar coins and later (for one year from June 24, 1967, to June 24, 1968) in raw silver bullion. Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but still valid legal tender at their face value and thus are still an accepted form of currency.

Large-size silver certificates, generally 1.5 in (38 mm) longer and 0.5 in (13 mm) wider than modern U.S. paper currency, (1878 to 1923) were issued initially in denominations from $10 to $1,000 (in 1878 and 1880) and in 1886 the $1, $2, and $5 were authorized. In 1928, all United States bank notes were re-designed and the size reduced. The small-size silver certificate (1928–1964) was only regularly issued in denominations of $1, $5, and $10. The complete type set below is part of the National Numismatic Collection at the Smithsonian's National Museum of American History.

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Silver certificate (United States) in the context of Gold Standard Act

The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified.

The Act formalized the American gold standard that the Coinage Act of 1873, which demonetized silver, and the Resumption Act of 1875, which made all legal tender notes redeemable in gold at the Treasury, had established by default. Before and after the Act, silver currency including silver certificates and the silver dollar circulated at face value as fiat currency not redeemable for gold.

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Silver certificate (United States) in the context of United States one-dollar bill

The United States one-dollar bill (US$1), sometimes referred to as a single, has been the lowest value denomination of United States paper currency since the discontinuation of U.S. fractional currency notes in 1876. An image of the first U.S. president (1789–1797), George Washington, based on the Athenaeum Portrait, a 1796 painting by Gilbert Stuart, is currently featured on the obverse, and the Great Seal of the United States is featured on the reverse. The one-dollar bill has the oldest overall design of all U.S. currency currently in use. The reverse design of the present dollar debuted in 1935, and the obverse in 1963 when it was first issued as a Federal Reserve Note (previously, one-dollar bills were Silver Certificates). The current US two-dollar bill has the oldest obverse design, dating from 1928.

A dollar bill is composed of 25% linen and 75% cotton. That blend makes the notes more difficult to counterfeit compared to paper (as well as increasing its durability). As of December 31, 2018, the average life of a dollar bill in circulation is 6.6 years before it is replaced due to wear. Approximately 42% of all U.S. currency produced in 2009 were one-dollar bills. As of December 31, 2019, there were 12.7 billion one-dollar bills in circulation worldwide. An engraver at the US Bureau of Engraving and Printing, George Frederick Cumming Smillie, made an etching of a painting of George Washington by Gilbert Stuart which was used on multiple banknotes. A vignette of the portrait appears on the one dollar bill of 1899, and on notes since 1918.

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Silver certificate (United States) in the context of US two-dollar bill

The United States two-dollar bill (US$2) is a current denomination of United States currency. A portrait of Thomas Jefferson, the third president of the United States (1801–1809), is featured on the obverse of the note. The reverse features an engraving of John Trumbull's painting Declaration of Independence (c. 1818).

Throughout the $2 bill's pre-1929 life as a large-sized note, it was issued as a United States Note, a National Bank Note, a Silver Certificate, a Treasury or "Coin" Note, and a Federal Reserve Bank Note. In 1928, when U.S. currency was redesigned and reduced to its current size, the $2 bill was issued only as a United States Note. Production continued until 1966 (1967), when United States Notes were phased out; the $2 denomination was discontinued until 1976, when it was reissued as a Federal Reserve Note, with a new reverse design. The obverse design of the $2 bill is the oldest of all current US currency.

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Silver certificate (United States) in the context of Hawaii overprint note

A Hawaii overprint note is one of a series of banknotes (one silver certificate and three Federal Reserve Notes) issued during World War II as an emergency issue after the attack on Pearl Harbor. The intent of the overprints was to easily distinguish United States dollars captured by the Imperial Japanese Armed Forces in the event of an invasion of Hawaii and render the notes worthless. Although a sizeable number of the notes were recalled and destroyed after the end of World War II, many escaped destruction and exist as collectibles of numismatic interest in the present day.

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Silver certificate (United States) in the context of 1899 United States five-dollar Silver Certificate

The 1899 United States five-dollar Silver Certificate is known as the Indian Chief Note. The note features Lakota chief Running Antelope wearing an incorrect war bonnet. It is the only US federal paper currency featuring a named Native American.

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Silver certificate (United States) in the context of Running Antelope

Running Antelope or Tȟatȟóka Íŋyaŋke (c. 1821–1896) became a head chief of the Húŋkpapȟa in 1851. Known for his bravery in war, and skills in oratory and diplomacy, Running Antelope was one of four Huŋkpapȟa principal chiefs who acted as close advisors to Sitting Bull during the Plains Indian Wars. His belief that compromise with the whites was in their best interests led to his eventually distancing himself from Sitting Bull. He is the only Native American depicted on U.S. paper money, but the picture caused ill will as the Series 1899 $5 Silver Certificate pictured Running Antelope as a chief wearing a Pawnee head dress as the original Sioux head dress was too tall for the engraving.

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