Because you didn't specify the bill's date or series letter. Common-date (1957) $1 silver certificates are in fact only worth 1.25. The buying price is $1.25 because that's the average price for 1957 silver certificates. They're very common among collectors and none of them should be worth anything like $500.
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As of June 29, 2014 there current price of silver is 20.01 per ounce. The price of silver fluctuates and can change daily.
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No, redemption of silver certificates for silver metal was halted back in 1968, after the price of silver was deregulated.
A dealer will only pay $1.25 because that is the current market price. Whoever quoted a 3-figure price was mistaken. 1957-series $1 bills are very common among collectors and in circulated condition are not worth anywhere near $500.
Prices for a 50000-mile car service vary, but expect to pay approximately $50 to $150. The price depends on the dealer and make/model of your car.
No. When the US deregulated the price of silver back in the 1960s, the practice of redeeming silver certificates for metal was discontinued.
If you mean a $5.00 silver certificate a crisp an well centered bill about $12.00 to $15.00.
That's no longer possible. When the US deregulated the price of silver back in the 1960s, the practice of redeeming silver certificates for metal was discontinued.
Silver certificates were backed by specific dollar amounts of silver. That is, a $1 silver certificate was backed by $1 worth of silver in the Treasury, a $5 certificate was backed by $5 worth of silver, etc. The government maintained a fixed price for silver bullion so the bills were indirectly backed by a specific weight. However the fixed price wasn't $1/troy ounce but $1.29, so the weight was roughly 0.77 troy ounces, or about 24 gm.
I got 1 today and paid silver price from a dealer. hope that helps
It's not a Federal Reserve note, and the certificate of "authenticity" is worth roughly the paper it's printed on. It's a privately-manufactured item sold for its metal value. You'd need to know how much silver it contains, how pure it is, and the current price of silver bullion (see a site such as kitco.com for prices). Multiply the weight by the purity and by the price of silver, then take off about 40 to 50 percent to get an idea of what a metal dealer would pay.
Silver certificates can no longer be redeemed for silver. The Treasury suspended redemption back in 1968, after the metal's price had been deregulated.
Not any longer. The government discontinued that practice about 45 years ago, when the price of silver was deregulated.
A troy ounce of .999 silver is going for $32.27 today, 11/18/11. But you won't get that price, however, because the dealer needs to make a profit too.