Gold Certificate

A gold certificate is a banknote that is redeemable in gold. The United States issued them from 1865 to 1934, in denominations from $10 to $100,000. They were issued under the authority of a total of eight different acts between 1863 and 1934.

The early history of United States gold certificates is somewhat hazy. They were authorised under the Act of March 3rd, 1863, but unlike the United States Notes also authorised, they apparently were not printed until 1865. They did not have a series date, and were hand-dated upon issue. "Issue" meant that the government took in the equivalent value in gold, and the first several series of Gold Certificates promised to pay the amount only to the depositor, who was explicitly identified on the certificate itself. The first issue featured a vignette of an eagle uniformly across all denominations. Several later issues (series 1870, 1871, and 1875) featured various 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 payable to the bearer - namely, it was transferrable 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 depositors, 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.

The fronts of all gold certificates from 1870 to 1882 had the portrait off to one side (usually left, but occasionally the right) and a large denomination counter opposing it. The middle section held the correct verbiage and signatures, both of which varied extensively over the years.

The issues of 1905, 1907, and 1913 featured different designs, more like "modern" currency. These featured a central portrait and the customary "numbers in the corners, words on top and bottom". The reverse design was abstract, and incorporated the Great Seal of the United States.

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 from 1928 to 1934. The backs of all large-sized notes, and also the small-sized notes of series 1934, were orange. The backs of the series 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.

Gold certificates were made illegal to own by Franklin D. Roosevelt when the U.S. was taken off the gold standard in 1933. Many were redeemed, but some were held for numismatic value, as allowed by the law. Unrestricted ownership was permitted again in 1971. However, the Series of 1934 gold certificate was never circulated, and continues to remain illegal to own. This is the only series of United States currency that featured the $100,000 denomination.

Another interesting note is the Series of 1900. Along with the $5000 and $10,000 of the Series of 1888, all 1900 bills ($10,000 denomination only) have been redeemed, and no longer carry intrinsic value. Most were destroyed, with the exception of several 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 12th, 1935, and employees threw burning boxes out into the street. The box of cancelled 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 value of several hundred dollars in the numismatic market. This is the only example of "circulating" U.S. currency that is not an obligation of the government, and thus not worth the full face value.

Summary of Gold Certificate series. All designs are black obverse and gold reverse, unless otherwise noted.

to depositor variants:

• 1865: eagle on front, abstract design on back
• 1870, 1871, 1875: portrait on front, same abstract design on back
• 1888: similar to 1875, except blank reverse
• 1900: similar to 1888

to bearer variants:

• 1882: slighty modified front from 1875, with offset portrait. New back design featuring eagles.
• 1905-1913: new design, similar to modern currency, central portrait, Great Seal of the United States on reverse
• 1922: design elements taken from 1882 or 1905-1913
• 1928: similar to Federal Reserve Notes, green back
• 1934: similar to above, gold back, not generally circulated