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Overview. Historic U.S. gold certificates (1863–1933) Series of 1900 $10,000 Gold Certificates. End of the Gold Certificate Era in the United States (March 1933) Series of 1934 Gold Certificates; Modern usage by the Federal Reserve System. Series and varieties. Complete United States gold certificate type set.
Gold certificates were used as paper currency in the United States from 1882 to 1933. These certificates were freely convertible into gold coins. A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
Gold certificates were another form of representative paper money issued by the United States Treasury from 1865 to 1933 and redeemable in gold. While the United States observed a gold standard , the certificates were a convenient way to pay in gold.
Silver Certificates and Gold Certificates. Series of 1928 through 1928E silver certificates were only issued in the $1 denomination. The design closely followed the 1923 $1 Silver Certificate. 1928 saw the last issuance of Gold Certificates to the public prior to their confiscation during the Great Depression.
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $487 in 2023) per troy ounce.
The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury.