Gold certificate (United States)

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A Series 1934 $10,000 gold certificate depicting Salmon P. Chase, Smithsonian Institution US-$10000-GC-1934-Fr.2412.jpg
A Series 1934 $10,000 gold certificate depicting Salmon P. Chase, Smithsonian Institution

Gold certificates were issued by the United States Treasury as a form of representative money from 1865 to 1933. While the United States observed a gold standard, the certificates offered a more convenient way to pay in gold than the use of coins. General public ownership of gold certificates was outlawed in 1933 and since then they have been available only to the Federal Reserve Banks, with book-entry certificates replacing the paper form.

Contents

Overview

The $100,000 bill, a gold certificate from Series 1934, is the largest denomination banknote ever produced in the United States; it was printed to facilitate transactions between Federal Reserve Banks, and was never issued for usage by the public. United States one-hundred-thousand-dollar bill on display at the Smithsonian National Museum of American History, 7 February 2024.jpg
The $100,000 bill, a gold certificate from Series 1934, is the largest denomination banknote ever produced in the United States; it was printed to facilitate transactions between Federal Reserve Banks, and was never issued for usage by the public.

Gold certificates were first authorized under the Legal Tender Act of 1863, but unlike the United States Notes also authorized, they apparently were not printed until 1865. The need for them arose from the limitations of the United States Notes. To promote the flow of gold into the Treasury and maintain the credit of the government, the notes could not be used to pay customs duties or interest on the federal debt. Gold certificates, representing coins held physically in the Treasury, were instead provided for those purposes. The notes, as legal tender for most purposes, were the dominant paper currency until 1879 but were accepted at a discount in comparison to the gold certificates. After 1879 the government started to redeem United States Notes at face value in gold, bringing them into parity with gold certificates and making the latter also a candidate for general circulation.

The first gold certificates had no series date; they were hand-dated and payable either to the bearer or to the order of a named payee. They featured a vignette of an eagle uniformly across all denominations. Later issues (series 1870, 1871, and 1875) featured portraits of historical figures. The reverse sides were either blank or featured abstract designs. The only exception was the $20 of 1865, which had a picture of a $20 gold coin. The Series of 1882 was the first series that was uniformly payable to the bearer; it was transferable and anyone could redeem it for the equivalent in gold. This was the case with all gold certificate series from that point on, with the exception of 1888, 1900, and 1934. The series of 1888 and 1900 were issued to specific payees as before. The series of 1882 had the same portraits as the series of 1875, but a different back design, featuring a series of eagles, as well as complex border work.

Historic U.S. gold certificates (1863–1933)

Gold certificates, along with all other U.S. currency, were made in two sizes—a larger size from 1865 to 1928, and a smaller size beginning with the series of 1928. The backs of all large-sized notes (and also the small-sized notes of the Series of 1934) were orange, resulting in the nickname "yellow boys" or "goldbacks". The backs of the Series of 1928 bills were green, and identical to the corresponding denomination of the more familiar Federal Reserve Notes, including the usual buildings on the $10 through $100 designs and the less-known abstract designs of denominations $500 and up. Both large and small size gold certificates feature a gold treasury seal on the obverse, just as U.S. Notes feature a red seal, silver certificates (except World War II Hawaii and North Africa notes) a blue seal, and Federal Reserve Notes a green seal.

In the case of the Series 1928 (small-size) gold certificates, they bore a redemption statement with the following text: "This certifies that there have been deposited in the Treasury of the United States of America XXXXX Dollars in Gold Coin payable to the bearer on demand."

Series of 1900 $10,000 Gold Certificates

Another interesting note is the Series of 1900. Along with the $5,000 and $10,000 of the Series of 1888, all 1900 bills ($10,000 denomination only) have been redeemed, and no longer have legal tender status. Most were destroyed, with the exception of a number of 1900 $10,000 bills that were in a box in a post office near the U.S. Treasury in Washington, D.C. There was a fire on December 13, 1935, and employees threw burning boxes out into the street. The box of canceled high-denomination currency burst open. Much to everyone's dismay, they were worthless. There are several hundred outstanding, and their ownership is technically illegal, as they are stolen property. However, due to their lack of intrinsic value, the government has not prosecuted any owners, citing more important concerns. They carry a collector value in the numismatic market and, as noted in Bowers and Sundman's The 100 Greatest American Currency Notes, the only United States notes that can be purchased for less than their face value. This is the only example of "circulating" U.S. currency that is not an obligation of the government, and thus not redeemable by a Federal Reserve Bank. The note bears the portrait of Andrew Jackson and has no printed design on its reverse side.

End of the Gold Certificate Era in the United States (March 1933)

As part of the Roosevelt Administration's response to the effects of the Great Depression and particularly the outflow of gold for hoarding and for shipment overseas, the practice of redeeming gold certificates for gold coin was ended by Presidential Proclamation 2039 (dated March 6, 1933) and Executive Order 6073 (dated March 10, 1933). On April 5, 1933, Executive Order 6102 was issued; it required all persons in the United States to deliver (with limited exceptions) all gold coin, gold bullion, and gold certificates to the Federal Reserve by May 1, 1933. By order of the Secretary of the Treasury dated December 28, 1933, private possession of gold certificates was declared illegal. [1] Due to their (then-) illegal status and public fear that the notes would be devalued and made obsolete, this resulted in the majority of circulating notes being retired.

The restrictions on private ownership of gold certificates were revoked by Treasury Secretary Douglas Dillon effective April 24, 1964, primarily to allow collectors to own examples legally; however, gold certificates are no longer redeemable for gold, but instead can be exchanged at face value for other U.S. coin and currency designated as legal tender (e.g., Federal Reserve Notes and United States Notes). [2] In general, the notes are scarce and valuable, especially examples in "new" condition.

Series of 1934 Gold Certificates; Modern usage by the Federal Reserve System

The Gold Reserve Act of 1934 established a new accounting mechanism, through the issue of a special series of gold certificates, to account for gold held by the Federal Reserve Banks on behalf of the United States. The Secretary of the Treasury is authorized to "prescribe the form and denominations of the certificates". [3]

The Series of 1934 (bearing the signatures of William Alexander Julian (Treasurer) and Henry Morgenthau (Treasury Secretary)) consisted of the following denominations: $100; $1,000; and $10,000 (mirroring the circulating Federal Reserve Notes of the same series and denominations). However, there was also a $100,000 denomination (bearing the portrait of President Woodrow Wilson) that had no equivalent in other types of U.S. currency and was also the largest currency denomination ever issued by the United States Treasury. 42,000 of the $100,000 denomination were printed. According to the Bureau of Engraving and Printing's own website, the $100,000 certificates were printed between December 18, 1934, and January 9, 1935. [4] These notes were never intended for circulation in the general economy and there are no known instances of any such certificates ever being released outside government channels, other than as specimens such as one recently graded by PMG. [5]

Reflecting the purpose for which these certificates were issued, the redemption statement on their face was changed to read as follows: "This certifies that there is on deposit in the Treasury of the United States of America XXXXX Dollars in Gold payable to bearer on demand as authorized by law."

Since the 1960s, most of the paper certificates have been destroyed, [6] and the currently prescribed form of the "certificates" issued to the Federal Reserve is an electronic book entry account between the Federal Reserve and the Treasury. [7] The electronic book entry system also allows for the various regional Federal Reserve Banks to exchange certificate balances among themselves. [8] However, the Treasury authorized a small amount of them to be retained at certain Federal Reserve Banks (where they had been used) for educational and historical purposes, such as being placed on public display. In addition, a $100,000 Series of 1934 gold certificate is part of the numismatic collection at the Smithsonian's National Museum of American History. [9]

As of December 2013 the Federal Reserve reported [10] holding $11.037 billion (face value) of these certificates. The Treasury backs these certificates by holding an equivalent amount of gold at the statutory exchange rate of $42 2/9 per troy ounce of gold, though the Federal Reserve does not have the right to exchange the certificates for gold. As the certificates are denominated in dollars rather than in a set weight of gold, any change in the statutory exchange rate towards the (much higher) market rate would result in a windfall accounting gain for the Treasury.

Series and varieties

Series and varieties of large-size gold certificates [11]
SeriesValueFeatures/varieties
1865

[nb 1]

  • $20
  • $100
  • $500
  • $1000
  • $5,000
  • $10,000
Notes from this first issue are extremely rare in lower ($20 and $100) denominations. A single $1,000 and $5,000 are reported to exist in a government collection, and an issued $500 or $10,000 has never been seen. [13] In addition to the two engraved signatures customary on United States banknotes (the Register of the Treasury and Treasurer of the United States), the earlier issues of Gold certificates (i.e., 1865, 1870, 1875, and some 1882) included a third signature of one of the Assistant Treasurers of the United States (in New York or Washington, D.C.). [14] Known as a countersigned or triple-signature note, this feature existed for all Series prior to 1882 (and the first printing of the Series 1882).
1870–75
  • $100
  • $500
  • $1,000
  • $5,000
  • $10,000
Series 1870 notes introduced portraits to gold certificates. Both Series of 1870 and Series of 1875 are countersigned notes. Between the two series, the $100 is extremely rare, the $500, $1,000, and $10,000 are unique (in government collections), and the $5,000 is unknown. [13]
1882
  • $20
  • $50
  • $100
  • $500
  • $1,000
  • $5,000
  • $10,000
The Act of July 12, 1882, authorized denominations "not less than $20". [15]
1888
  • $5,000
  • $10,000
Series 1888 notes were intended for bank use to balance accounts without having to transport large volumes of gold bullion or currency. [16] They have all been redeemed. [17]
1900$10,000Canceled -- Not legal tender. Several hundred notes exist and examples occasionally appear for sale. See above.
1905$20
1906$20
1907
  • $10
  • $1,000
1913$50
1922
  • $10
  • $20
  • $50
  • $100
  • $500
  • $1000

Complete United States gold certificate type set

Large

Large-size United States gold certificates
ValueIssueSeriesFr.ImagePortraitSignature & seal varieties
$201st1865Fr.1166bImage pendingVignettes of eagle with shield1166b – Colby and Spinner – small red
$1001st1865Fr.1166c US-$100-GC-1863-FR-1166c.jpg Vignette of eagle with shield1166c – Colby and Spinner – small red
$5001st1865Fr.1166d
proof
US-$500-GC-1863-Fr-1166d (PROOF).jpg Vignette of eagle with shield1166d – Colby and Spinner – small red
$1,0001st1865Fr.1166e
proof
US-$1000-GC-1863-Fr-1166e (PROOF).jpg Vignettes of eagle with shield, and justice with scales.1166e – Colby and Spinner – small red
$5,0001st1865Fr.1166f
proof
US-$5000-GC-1863-Fr-1166f (PROOF).jpg Vignettes of eagle with shield and female1166f – Colby and Spinner – small red
$10,0001st1865Fr.1166g
proof
US-$10000-GC-1863-Fr-1166g (PROOF).jpg Vignettes of eagle with shield1166g – Colby and Spinner – small red
$1002nd & 3rd1870–75Fr.1166h US-$100-GC-1875-Fr-1166m.jpg Thomas Hart Benton 1166h – xxx and xxx – large red (1870)
1166m – Allison and New – large red (1875)
$5002nd & 3rd1870–75Fr.1166i US-$500-GC-1870-Fr-1166i.jpg Abraham Lincoln 1166i – Allison and Tuttle – large red (1870)
1166n – Allison and New – large red (1875)
$1,0002nd & 3rd1870–75Fr.1166j
proof
US-$1000-GC-1875-Fr-1166o PROOF.jpg Alexander Hamilton 1166j – xxx and xxx – large red (1870)
1166o – Allison and New – large red (1875)
$5,0002nd & 3rd1870–75Fr.1166k
proof
US-$5000-GC-1870-Fr-1166k PROOF.jpg James Madison 1166k – Allison and Gilfillan – large red
$10,0002nd & 3rd1870–75Fr.1166l
proof
US-$10000-GC-1875-Fr-1166q PROOF.jpg Andrew Jackson 1166l – xxx and xxx – large red (1870)
1166q – Allison and Wyman – large red (1875)
$107th1907Fr.1172 US-$10-GC-1907-Fr-1172.jpg Michael Hillegas
1167 – 1172

1167 – Vernon and Treat – Gold
1168 – Vernon and McClung – Gold
1169 – Napier and McClung – Gold, Act of 1882
1169a – Napier and McClung – Gold, Act of 1907
1170 – Napier and Thompson – Gold, Act of 1882
1170a – Napier and Thompson – Gold, Act of 1907
1171 – Parker and Burke – Gold

1172 – Teehee and Burke – Gold
$109th1922Fr.1173 US-$10-GC-1922-Fr-1173.jpg Michael Hillegas 1173 – Speelman and White – Gold

1173a – Speelman and White – Gold, small serial numbers

$204th1882Fr.1175a US-$20-GC-1882-Fr-1175a.jpg James Garfield
1174 – 1178

1174 – Bruce and Gilfillan – brown
1175* – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1175a – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1176 – Bruce and Wyman – brown
1177 – Rosecrans and Huston – large brown

1178 – Lyons and Roberts – small red
$204th1882Fr.1177 US-$20-GC-1882-Fr-1177.jpg James Garfield
$207th1905Fr.1180 US-$20-GC-1905-Fr-1180.jpg George Washington 1179 – Lyons and Roberts – small red

1180 – Lyons and Treat – small red

$207th1906Fr.1185 US-$20-GC-1906-Fr-1185.jpg George Washington
1181 – 1186

1181 – Vernon and Treat – Gold
1182 – Vernon and McClung – Gold
1183 – Napier and McClung – Gold
1184 – Napier and Thompson – Gold
1185 – Parker and Burke – Gold

1186 – Teehee and Burke – Gold
$209th1922Fr.1187 US-$20-GC-1922-Fr-1187.jpg George Washington 1187 – Speelman and White – Gold
$504th1882Fr.1189a US-$50-GC-1882-Fr-1189a.jpg Silas Wright
1188 – 1197

1188 – Bruce and Gilfillan – brown
1189* – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1189a – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1190 – Bruce and Wyman – brown
1191 – Rosecrans and Hyatt – large red
1192 – Rosecrans and Huston – large brown
1192a – Rosecrans and Huston – small red
1193 – Lyons and Roberts – small red
1194 – Lyons and Treat – small red
1195 – Vernon and Treat – small red
1196 – Vernon and McClung – small red

1197 – Napier and McClung – small red
$504th1882Fr.1195 US-$50-GC-1882-Fr-1195.jpg Silas Wright
$509th1913Fr.1199 US-$50-GC-1913-Fr-1199.jpg Ulysses S. Grant 1198 – Parker and Burke – Gold

1199 – Teehee and Burke – Gold

$509th1922Fr.1200a US-$50-GC-1922-Fr-1200a.jpg Ulysses S. Grant 1200 – Speelman and White – Gold

1200a – Speelman and White – Gold, small serial numbers

$1004th1882Fr.1202 US-$100-GC-1882-Fr-1202.jpg Thomas Hart Benton
1201 – 1214

1201 – Bruce and Gilfillan – brown
1202* – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1202a – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1203 – Bruce and Wyman – brown
1204 – Rosecrans and Hyatt – large red
1205 – Rosecrans and Huston – large brown
1206 – Lyons and Roberts – small red
1207 – Lyons and Treat – small red
1208 – Vernon and Treat – small red
1209 – Vernon and McClung – small red
1210 – Napier and McClung – small red
1211 – Napier and Thompson – small red
1212 – Napier and Burke – small red
1213 – Parker and Burke – small red

1214 – Teehee and Burke – small red
$1004th1882Fr.1207 US-$100-GC-1882-Fr.1207.jpg Thomas Hart Benton
$1009th1922Fr.1215 US-$100-GC-1922-Fr-1215.jpg Thomas Hart Benton 1215 – Speelman and White – small red
$5004th1882Fr.1216a US-$500-GC-1882-Fr-1216a.jpg Abraham Lincoln
1215a – 1216b

1215a – Bruce and Gilfillan – brown
1215b – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1215c – Bruce and Wyman – brown
1215d – Rosecrans and Hyatt – large red
1216 – Lyons and Roberts – small red
1216a – Parker and Burke – small red

1216b – Teehee and Burke – small red
$5009th1922Fr.1217 US-$500-GC-1922-Fr.1217.jpg Abraham Lincoln 1217 – Speelman and White – small red
$1,0004th1882Fr.1218a US-$1000-GC-1882-Fr-1218a.jpg Alexander Hamilton
1218 – 1218g

1218 – Bruce and Gilfillan –brown
1218a* – Bruce and Gilfillan –brown, CS by Thomas C. Acton
1218b – Bruce and Wyman – brown
1218c – Rosecrans and Hyatt –large red
1218d – Rosecrans and Huston – large brown
1218e – Rosecrans and Nebecker – small red
1218f – Lyons and Roberts – small red

1218g – Lyons and Treat – small red
$1,0004th1882Fr.1218g US-$1000-GC-1882-Fr.1218g.jpg Alexander Hamilton
$1,0008th1907Fr.1219 US-$1000-GC-1907-Fr-1219.jpg Alexander Hamilton
1219 – 1219e

1219 – Vernon and Treat – Gold
1219a – Vernon and McClung – Gold
1219b – Napier and McClung – Gold
1219c – Napier and Burke – Gold
1219d – Parker and Burke – Gold

1219e – Teehee and Burke – Gold
$1,0009th1922Fr.1220 US-$1000-GC-1922-FR-1220.jpg Alexander Hamilton 1220 – Speelman and White – Gold
$5,0004th1882Fr.1221a
proof
US-$5000-GC-1882-Fr-1221a.jpg James Madison
1221 – 1221j

1221 – Bruce and Gilfillan – brown
1221a* – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1221b – Bruce and Wyman – brown
1221c – Rosecrans and Hyatt – large red
1221d – Rosecrans and Nebecker – small red
1221e – Lyons and Roberts – small red
1221f – Vernon and Treat – small red
1221g – Vernon and McClung – small red
1221h – Napier and McClung – small red
1221i – Parker and Burke – small red

1221j – Teehee and Burke – small red
$5,0005th1888Fr.1222a
proof
US-$5000-GC-1888-Fr-1222a (PROOF).jpg James Madison 1222 – Rosecrans and Hyatt – large red

1222a – Rosecrans and Nebecker – small red

$10,0004th1882Fr.1223a
proof
US-$10000-GC-1882-Fr-1223a.jpg Andrew Jackson
1223 – 1223g

1223 – Bruce and Gilfillan – brown
1223a – Bruce and Gilfillan – brown, CS by Thomas C. Acton
1223b – Bruce and Wyman – brown
1223c – Rosecrans and Hyatt – large red
1223d – Rosecrans and Nebecker – small red
1223e – Lyons and Roberts – small red
1223f – Vernon and Treat – small red

1223g – Teehee and Burke – small red
$10,0005th1888Fr.1224a
proof
US-$10000-GC-1888-Fr-1224a (PROOF).jpg Andrew Jackson 1224 – Rosecrans and Hyatt – large red

1224a – Rosecrans and Nebecker – small red

$10,0006th1900 [nb 2] Fr.1225 US-$10000-GC-1900-Fr.1225.jpg Andrew Jackson
1225a – 1225h

1225a – Lyons and Roberts – small red
1225b – Lyons and Treat – small red
1225c – Vernon and Treat – small red
1225d – Vernon and McClung – small red
1225e – Napier and McClung – small red
1225f – Napier and Burke – small red
1225g – Parker and Burke – small red

1225h – Teehee and Burke – small red

Small

Small-size United States Gold Certificates
ValueSeriesFr.ImagePortraitSignature & seal varieties
$101928Fr.2400 US-$10-GC-1928-Fr-2400.jpg Alexander Hamilton 2400 – Woods and Mellon – gold

2401 – Woods and Mellon (1928A) – gold.

$201928Fr.2402 US-$20-GC-1928-Fr-2402.jpg Andrew Jackson 2402 – Woods and Mellon – gold

2403 – Woods and Mills (1928A) – gold.

$501928Fr.2404 US-$50-GC-1928-Fr-2404.jpg Ulysses Grant 2404 – Woods and Mellon – gold
$1001928Fr.2405 US-$100-GC-1928-Fr-2405.jpg Benjamin Franklin 2405 – Woods and Mellon – gold.
$5001928Fr.2407 US-$500-GC-1928-Fr-2407.jpg William McKinley 2407 – Woods and Mellon – gold.
$1,0001928Fr.2408 US-$1000-GC-1928-Fr-2408.jpg Grover Cleveland 2408 – Woods and Mellon – gold.
$5,0001928Fr.2410 US-$5000-GC-1928-Fr-2410.jpg James Madison 2410 – Woods and Mellon – gold.
$10,0001928Fr.2411 US-$10000-GC-1928-Fr-2411.jpg Salmon P. Chase 2411 – Woods and Mellon – gold.
$1001934Fr.2406 US-$100-GC-1934-Fr-2406.jpg Benjamin Franklin 2406 – Julian and Morgenthau – gold.
$1,0001934Fr.2409 US-$1000-GC-1934-Fr.2409.jpg Grover Cleveland 2409 – Julian and Morgenthau – gold.
$10,0001934Fr.2412 US-$10000-GC-1934-Fr-2412.jpg Salmon P. Chase 2412 – Julian and Morgenthau – gold.
$100,0001934Fr.2413 US-$100000-GC-1934-Fr-2413.jpg Woodrow Wilson 2413 – Julian and Morgenthau – gold.

Series catalogue

This is a chart of some of the series of gold certificates printed. Each entry includes: series year, general description, and printing figures if available.

Small-size gold certificates

Small-size gold certificates
SeriesDenominationsSignaturesPrinting Figure
1928$10 W. O. WoodsAndrew W. Mellon 33,356,000
1928$20W. O. Woods – Andrew W. Mellon67,704,000
1928$50W. O. Woods – Andrew W. Mellon5,520,000
1928$100W. O. Woods – Andrew W. Mellon3,240,000
1928A$100W. O. Woods – Ogden L. Mills 120,000*
1934$100 W. A. JulianHenry Morgenthau Jr. 120,000*
1928$500W. O. Woods – Andrew W. Mellon420,000
1928$1,000W. O. Woods – Andrew W. Mellon288,000
1934$1,000W. A. Julian – Henry Morgenthau Jr.84,000*
1928$5,000W. O. Woods – Andrew W. Mellon24,000
1928$10,000W. O. Woods – Andrew W. Mellon48,000
1934$10,000W. A. Julian – Henry Morgenthau Jr.36,000*
1934$100,000W. A. Julian – Henry Morgenthau Jr.42,000*

* Notes: All Series 1928A gold certificates were consigned to destruction and never released; none [19] are known to exist.

See also

Footnotes

  1. Notes issued under a given Series (e.g., Series 1882, Series 1907) are, in some cases, released over a period of years, as reflected in the Friedberg number signature and seal varieties. For example, based on dates of the signature combinations, [12] the Series 1907 $10 gold certificate was first issued with the signature combination of Vernon and Treat (in office together from 1906 to 1909) and last issued with the Teehee and Burke signatures (in office together from 1915 to 1919). Therefore, a Series 1907 note could have been issued as late as 1919.
  2. There was a massive fire in a new Post Office building at the corner of 12th and Pennsylvania, in Washington D.C., on Friday, December 13, 1935. At the time, part of the 6th floor was being used for Treasury Department storage. Fire Fighters threw many boxes of documents out of the windows and into the streets below. One such box contained almost every surviving piece of the series 1900 Gold Certificates. Passersby quickly grabbed them up off the street, although all of the notes had been previously redeemed and canceled. Treasury records indicate that there are no outstanding redeemable notes of this series. [18]

    Notes

    1. Morgenthau, Henry (Jr.) (December 28, 1933). "Secretary of the Treasury Gold Order, December 28, 1933". FRASER (https://fraser.stlouisfed.org). Press Releases of the United States Department of the Treasury : Volume 11. Federal Reserve Bank of St. Louis . Retrieved March 14, 2022.
    2. Dillon, Douglas (April 24, 1964). "29 FR 5556, "Removal of Delivery Requirements for Gold Certificates and General License to Hold Gold Certificates"" (PDF). GovInfo.gov (https://www.govinfo.gov). Office of the Federal Register . Retrieved March 14, 2022.
    3. "Chapter 31, United States Code" . Retrieved March 31, 2013.
    4. "Denominations Above The $100 Note". Bureau of Engraving and Printing . Retrieved March 16, 2022.
    5. "PMG Certifies Seldom-seen $100,000 US Gold Certificate Specimen." August 18, 2020. Pmgnotes.com.
    6. "CUSTODY OF GOLD CERTIFICATES, SERIES OF 1934, as specified by the United States Treasury". Archived from the original on August 2, 2022. Retrieved February 22, 2014.
    7. "ISSUE AND REDEMPTION OF GOLD CERTIFICATES, as specified by the United States Treasury". Archived from the original on August 2, 2022. Retrieved February 21, 2014.
    8. "GOLD CERTIFICATE ACCOUNT, as Specified by Federal Reserve System" . Retrieved February 21, 2014.
    9. "100,000 Dollars, Gold Certificate, United States, 1934". National Museum of American History . Retrieved March 16, 2022.
    10. "Federal Reserve H.4.1 Release" . Retrieved December 28, 2013.
    11. Friedberg & Friedberg, pp. 164–173.
    12. Friedberg & Friedberg, p. 303.
    13. 1 2 Friedberg & Friedberg, 2013, p. 165.
    14. Blake, p. 19.
    15. Waldron, George B. (1896). A Handbook on Currency and Wealth: With Numerous Table and Diagrams. Funk & Wagnallis Company. p. 20. Retrieved July 6, 2014.
    16. The Bankers' Magazine. 43: 813. 1888.{{cite journal}}: Missing or empty |title= (help)
    17. Friedberg & Friedberg, 2013, pp. 172-173.
    18. Friedberg & Friedberg, 2013, p. 173.
    19. "USPaperMoney.Info" . Retrieved December 9, 2011.

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    The United States five-dollar bill (US$5) is a denomination of United States currency. The current $5 bill features U.S. president Abraham Lincoln and the Great Seal of the United States on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes. As of December 2018, the average life of a $5 bill in circulation is 4.7 years before it is replaced due to wear. Approximately 6% of all paper currency produced by the U.S. Treasury's Bureau of Engraving and Printing in 2009 were $5 bills.

    <span class="mw-page-title-main">United States ten-dollar bill</span> Current denomination of United States currency

    The United States ten-dollar bill (US$10) is a denomination of U.S. currency. The obverse of the bill features the portrait of Alexander Hamilton, who served as the first U.S. Secretary of the Treasury, two renditions of the torch of the Statue of Liberty, and the words "We the People" from the original engrossed preamble of the United States Constitution. The reverse features the U.S. Treasury Building. All $10 bills issued today are Federal Reserve Notes.

    <span class="mw-page-title-main">United States fifty-dollar bill</span> Current denomination of United States currency

    The United States fifty-dollar bill (US$50) is a denomination of United States currency. The 18th U.S. president (1869-1877), Ulysses S. Grant, is featured on the obverse, while the U.S. Capitol is featured on the reverse. All current-issue $50 bills are Federal Reserve Notes.

    <span class="mw-page-title-main">United States one-hundred-dollar bill</span> Current denomination of United States currency

    The United States one-hundred-dollar bill (US$100) is a denomination of United States currency. The first United States Note with this value was issued in 1862 and the Federal Reserve Note version was first produced in 1914. Inventor and U.S. Founding Father Benjamin Franklin has been featured on the obverse of the bill since 1914, which now also contains stylized images of the Declaration of Independence, a quill pen, the Syng inkwell, and the Liberty Bell. The reverse depicts Independence Hall in Philadelphia, which it has featured since 1928.

    Large denominations of United States currency greater than $100 were circulated by the United States Treasury until 1969. Since then, U.S. dollar banknotes have been issued in seven denominations: $1, $2, $5, $10, $20, $50, and $100.

    <span class="mw-page-title-main">United States one-dollar bill</span> Current denomination of United States paper equivalent of currency

    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 being produced. 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.

    <span class="mw-page-title-main">Silver certificate (United States)</span> Paper currency used between 1878 and 1964

    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 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.

    The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence. The new Congress's Coinage Act of 1792 established the United States dollar as the country's standard unit of money, creating the United States Mint tasked with producing and circulating coinage. Initially defined under a bimetallic standard in terms of a fixed quantity of silver or gold, it formally adopted the gold standard in 1900, and finally eliminated all links to gold in 1971.

    <span class="mw-page-title-main">Demand Note</span> Type of United States paper money

    A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. Demand Notes were the first issue of paper money by the United States that achieved wide circulation. The U.S. government placed Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel.

    <span class="mw-page-title-main">National Gold Bank Note</span> Banknote

    National Gold Bank Notes were National Bank Notes issued by nine national gold banks in California in the 1870s and 1880s and redeemable in gold. Printed on a yellow-tinted paper, six denominations circulated: $5, $10, $20, $50, $100, and $500. A $1,000 note was designed and printed but never issued. During the issuing period of national gold banks (1871–83), the U.S. Treasury issued 200,558 notes totaling $3,465,240. Today, National Gold Bank Notes are rare in the higher denominations with condition generally falling in the good-to-fine range. Approximately 630 National Gold Bank Notes are known to exist, and roughly 20 grade above "very fine".

    <span class="mw-page-title-main">Series of 1928 (United States Currency)</span>

    The Series of 1928 was the first issue of small-size currency printed and released by the U.S. government. These notes, first released to the public on July 10, 1929, were the first standardized notes in terms of design and characteristics, featuring similar portraits and other facets. These notes were also the first to measure 6.313" by 2.688", smaller than the large-sized predecessors of Series 1923 and earlier that measured 7.438" by 3.141".

    <span class="mw-page-title-main">Greenback (1860s money)</span> Paper currency issued by the United States during the American Civil War

    Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes, issued in 1862–1865. A form of fiat money, the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves.

    Bills of credit are documents similar to banknotes issued by a government that represent a government's indebtedness to the holder. They are typically designed to circulate as currency or currency substitutes. Bills of credit are mentioned in Article One, Section 10, Clause One of the United States Constitution, where their issuance by state governments is prohibited.

    <span class="mw-page-title-main">Treasury Note (19th century)</span> Type of short term debt instrument in the United States

    A Treasury Note is a type of short term debt instrument issued by the United States prior to the creation of the Federal Reserve System in 1913. Without the alternatives offered by a federal paper money or a central bank, the U.S. government relied on these instruments for funding during periods of financial stress such as the War of 1812, the Panic of 1837, and the American Civil War. While the Treasury Notes, as issued, were neither legal tender nor representative money, some issues were used as money in lieu of an official federal paper money. However the motivation behind their issuance was always funding federal expenditures rather than the provision of a circulating medium. These notes typically were hand-signed, of large denomination, of large dimension, bore interest, were payable to the order of the owner, and matured in no more than three years – though some issues lacked one or more of these properties. Often they were receivable at face value by the government in payment of taxes and for purchases of publicly owned land, and thus "might to some extent be regarded as paper money." On many issues the interest rate was chosen to make interest calculations particularly easy, paying either 1, 1+12, or 2 cents per day on a $100 note.

    From 1775 to 1779 the Continental Congress issued Continental currency banknotes. Then there was a period when the United States just used gold and silver, rather than paper currency. In 1812 the US began issuing Treasury Notes, although the motivation behind their issuance was funding federal expenditures rather than the provision of a circulating medium. In 1861 the US began issuing Demand Notes, which were the first paper money issued by the United States whose main purpose was to circulate. And since 1914 the US has issued Federal Reserve Notes.

    A silver certificate is a certificate of ownership that silver owners hold instead of storing the actual silver. Several countries have issued silver certificates, including Cuba, the Netherlands, and the United States. Silver certificates have also been privately issued by various mints and bullion companies. One example was the Liberty Dollar issued by NORFED from 1998 to 2009.

    <span class="mw-page-title-main">United States two-dollar bill</span> Current denomination of United States currency

    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.

    <span class="mw-page-title-main">United States one hundred-thousand-dollar bill</span> Former denomination of United States currency

    The United States one hundred-thousand-dollar bill (US$100,000) is a former denomination of United States currency, issued for two years from 1934 to 1935 as designated for Federal Reserve use. The bill never circulated publicly, rather having been used as a large denomination note for gold transactions between Federal Reserve Banks. Featuring President Woodrow Wilson, the $100,000 bill was initiated by the Bureau of Engraving and Printing under the order of President Franklin D. Roosevelt in response to the hoarding of gold during the Great Depression, believed to be slowing economic regrowth. Executive Order 6102, signed by President Roosevelt, was ratified by the United States Congress in 1934. Executive Order 6102 prohibited the hoarding of gold certificates, accompanied also by bullion and coins.

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