Can you explain Silver Certificates? Do these notes have any numismatic value over the legal tender amount?
Silver Certificates are one of several forms of notes issued by the U.S. Government. Like the Gold Certificates, each note was backed by bullion stored in the Treasury vaults. Before 1935 it was legally possible to exchange a Silver Certificate for a dollar’s worth of silver and after that, for one dollar’s worth of silver bullion. However, the legal tie between silver and our circulating currency ended in 1968 by an Act of Congress, although Congress did allow one full year (June 24, 1967 - June 24, 1968) for redemption of silver certificates. To distinguish the different types of notes, look above the central portrait. On today’s notes you will see “Federal Reserve Note.” These notes are backed only by the Government’s promise to pay.
Silver Certificates do have a collector value over face, based on the amount of wear. Someone, such as a local coin dealer, would have to examine the note. As a general rule most of the 1935 series and later issues of $1 Silver Certificates have little value unless they are crisp uncirculated grade - meaning no wear and no folds of any kind. The values for higher denominations go up sharply as the face value of the note increases.