N001

US Note

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Identifier:

N001- US Silver Certificate $1

Type:

Note

Date:

1923

Dimensions:

Description:

US money leading up to modern times was considered a bimetal currency, meaning that it was based on both gold and silver values. The Fourth Coinage Act of 1873 was passed to force America towards a straight gold standard, resulting in demonetized silver. This upset many citizens, especially those in states with significant silver mines: this panic is referred to as "silver agitation." A compromise was reached in 1878 through the the Bland-Allison Act, which required the US Treasury to purchase a minimum amount of silver and put it into circulation through Silver Certificates. The original Certificates ranged from denominations of $10 up to $1,000. Silver certificates of low-denomination (i.e. $1, $2, and $5), like this one, were authorized in early August of the year 1882. These notes are larger than the ones later issued in 1929, which featured a reduction in size, but were also backed by silver.
Roaring Twenties

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