0
Why are silver certificates not worth what they say ' IN SILVER'?
Wiki User
∙ 9y ago
Silver certificates are no longer exchangeable for silver bullion due to classic supply and demand.
Prior to the early 1960s the government controlled both the supply and price of all silver metal in the US. Because the price was fixed, it was possible to tie each silver certificate to a specific amount of metal; one dollar was equivalent to approximately 0.77 troy ounces of precious metal.
However worldwide demand for silver skyrocketed due to increasing use in electronics and other high-tech applications. Both companies and other countries were willing to pay more than the fixed price for silver, which led to widespread speculation: People would exchange silver certificates for metal at the government's price, sell the metal for more on the open market, take the profit and re-exchange the rest for silver certificates which they exchanged again ... and so on.
Speculation was so rampant that silver coins almost vanished from circulation and the government's stores of silver bullion were being depleted at an alarming rate. To prevent the money supply from being undermined the government stopped exchanging silver certificates for metal. In addition they had to deregulate the price of silver in the US and let it "float" on the world market like any other commodity.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
How much is the silver 1999 dollar worth?
That depends. If it is a regular dollar made for circulation it contains no silver and is worth face value. But if it's a collectors silver dollar in witch case it should say something like .999 silver then its worth its weight in silver, value changes with the silver market.
What is the value of a 1722 silver dollar?
hard to say...but being that old, it could be worth a lot to somebody who collects coins hard to say...but being that old, it could be worth a lot to somebody who collects coins
What is an ounce of silver currently worth?
UpdateThe price of silver fluctuates constantly so any answer posted here would be out of date almost immediately. While it's not normal WikiAnswers policy to say "use the Internet", that's the best approach in this case. You can check a site such as www.kitco.com, CNNMoney, etc. for the latest rates. As of midday on February 10, 2009, the spot price of silver is about US$13.25 per troy ounce. However, there is a bit of a disruption in the market right now, so the "spot" price is not actually the price you can buy silver at. If you had silver bars, you could probably sell them at about US$13.75 per troy ounce- to buy them, you would probably pay around US$15.00 per troy ounce.
A quarther used to have 25 cents worth of copper in it now it has 2 cents worth of copper are you getting ripped off?
A quarter never had 25 cents worth of copper in it. Quarters used to be made of roughly 25 cents worth of silver, but are now made of mostly copper due to cost reasons. The fact remains that a quarter is still worth 25 cents, and if you should so wish you could go and buy 25 cents worth of copper with it (a little more than two ounces of copper). Sorry I ment to say a quarter used to have 25 cents worth of silver in it now it has 2 cents worth of copper are you getting ripped off? I will reenter the question. Thanks.
Is the US currency backed by gold?
Yes, as well as silver and the governments promise to pay. I would say no because it is not redeemable in silver or gold. To be backed by silver or gold would mean that you could cash it in for gold. This is why the value of our money has gone down because it is not backed by anything other than the government behind it. Since our government is Trillions in debt they can not guarantee the currency at all.
How much is a 1999series 5 dollar bill with blue seal and doesnt say silver certificate worth?
Of course a series 1999 $5 bill isn't a silver certificate. Silver certificates haven't been printed in 50 years. A 1999 $5 is worth face value.
How much is the silver 1999 dollar worth?
That depends. If it is a regular dollar made for circulation it contains no silver and is worth face value. But if it's a collectors silver dollar in witch case it should say something like .999 silver then its worth its weight in silver, value changes with the silver market.
What is an 1877 NF Silver Co spoon worth?
I have a spoon that has a picture in the center of it which on the back say 1877 is it worth anything
What is the value of a 1976A US 2.00 silver certificate?
Silver certificates were discontinued in 1963. Check your bill, it should say Federal Reserve Note just like all other current bills. As such, it's only worth face value.
What to say to exchange paper dollars for silver at banks?
First build a time machine to travel back to the early 1960s. Then go to a bank with a silver certificate and ask the teller to exchange it for silver coinage. Silver certificates haven't been redeemable for silver coins since 1968.
Why did people say gold was better than silver?
gold is worth more
When did silver certificates come out?
The first silver certificates were issued as $10 bills in 1878. Other denominations soon followed. $1, $5, and $10 were the most common but at one time or another silver certificates were printed in every denomination up to $1000. Printing of silver certificates were discontinued in 1964 (some sources say 1965) when the price of silver had to be deregulated due to increasing demand, although all of these bills were issued as part of either the 1935H or 1957B series. Redemption for silver metal ended in 1968. Silver certificates have never been withdrawn and are technically still legal tender, but essentially none remain in circulation after nearly 6 decades.
How do you know if a bill is a silver certificate?
Silver certificates issued from 1928 to 1957 are easy to identify. They have distinctive blue seals and serial numbers, and the words "Silver Certificate" are across the top of the bill's front. Older bills may or may not say "Silver Certificate", but will have some reference to "Payable in silver", "Redeemable in Silver Coin", or similar phrasing.
What is a 1964 5cent silver coin worth?
1942 through 1945 are the only silver dates between 1886 and the present. Your nickel from 1964 is, needless to say, only worth 5 cents.
1921D silver dollar in fine condition?
It depends, this silver dollar, which since you say has a "D" on it, which means it is a Morgan Dollar, is not worth much over its bullion value in this condition. As the price of silver has risen (about $35 per ounce as I write this), the silver value has now exceeded its numismatic value. Keep in mind that a silver dollar is NOT one ounce of silver. The coin is 90% silver and has 0.77343 of silver in them
Where do I cash in a 1935 US silver certificate?
You don't "cash in" a silver certificate. Cashing in means to take to a bank in exchange for other currency. Banks are only obligated to give you the face value of a bill or coin no matter how much it's worth to a collector. Silver certificates are available by the thousands if one knows where to look, i.e; coin shows, various paper money magazines, and auctions, etc.. Consequently, most silver certificates that are laying around in your top dresser drawer or safe deposit box is worth little more than $1.25 if it is circulated. However, That's not to say that there aren't some silver certificates that could be worth a few bucks. That's where the experts in this field come in! When asking your questions always be specific in your answers. The dealer will need to know these factors: The denomination,series (date), serial number, and general condition of the note. Sending a photo of the note is always a plus! 1935 is not a rare series for silver certificates. In circulated condition, it's worth $1.25 to $2.00 In circulated condition, it's worth about $2.00 A nice crisp uncirculated one is worth about $5.00 If by "cash in," you mean exchange for silver, this was discontinued in 1968.
What is the Afrikaans word for 'silver'?
silwer (say: silver)
