Silver Certificate Value Guide
Most blue seal silver certificates from the 1935 and 1957 series sell for only a little over face value when circulated, and somewhat more when crisp and uncirculated. Series 1928 notes, star notes, the 1935A Hawaii, North Africa and R and S notes, and large-size notes from before 1929 bring more. Condition matters most. They can no longer be redeemed for silver.
What a silver certificate is
A silver certificate is U.S. paper money that once promised the holder could trade it for silver. The first ones were issued under an 1878 law, and the last were printed in the 1960s. Small-size $1 notes, the kind most families find, say 'Silver Certificate' across the top and carry a blue Treasury seal and blue serial numbers. That blue ink is the quickest way to tell them apart from the green seal Federal Reserve notes in your wallet.
The silver promise ended in two steps. Exchanges for silver dollars stopped in March 1964, and redemption for silver bullion ended on June 24, 1968. Today a silver certificate is still legal tender, but only at face value. A bank will give you one dollar for a one dollar note. Any value above that comes from collectors.
The small-size series: 1928, 1934, 1935 and 1957
Small-size notes, the same size as today's money, came out in 1929. The series year printed on the note is the year the design was approved, not the year it was printed, and the letter after the year marks a later change in the Treasury signatures. Here is how the $1 notes break down.
| Series | Letters | How to spot it | Collector interest |
|---|---|---|---|
| 1928 | 1928, A, B, C, D, E | Large ONE on the back, nicknamed the funnyback | Higher than later series; 1928C, D and E are scarcer |
| 1934 | 1934 only | Series 1934 printed on the face; a one-year series | Modest premium over 1935 notes |
| 1935 | 1935 and A through H | The common blue seal dollar; 1935G with or without the motto | Most circulate near face; 1935G with motto and some letters bring more |
| 1957 | 1957, A, B | IN GOD WE TRUST on the back | Most common series; small premium in nice shape |
$5 and $10 silver certificates
Silver certificates also came in $5 and $10 notes. Small-size $5 notes appear in the 1934 series with several letters and the 1953 series. The $10 notes come in the 1933, 1934 and 1953 series. They carry the same blue seal. Circulated $5 and $10 notes usually bring a modest premium over face, and the 1933 $10 is a scarce note worth a careful look. Check every denomination before you assume a stack is all ones.
Star notes
When a note was misprinted at the Bureau of Engraving and Printing, it was pulled and replaced with a note carrying a star in the serial number. Far fewer star notes were printed than regular notes, so collectors pay more for them. A common 1957 star note in circulated shape brings only a little extra, while star notes from scarcer series, or in crisp uncirculated condition, can bring much more.
Look at both serial numbers on the face. On silver certificates the star sits at the start of the number. If you find one, keep it flat and separate from the rest.
World War II notes: Hawaii, North Africa and R and S
Three groups of 1935A $1 silver certificates come from the war years and draw strong collector demand.
After the attack on Pearl Harbor, the government replaced regular money in Hawaii with specially marked notes so that the currency could be declared worthless if the islands were captured. The $1 Hawaii note is a 1935A silver certificate with a brown seal, brown serial numbers and HAWAII printed on both sides. The higher Hawaii denominations were Federal Reserve notes.
Troops in the North Africa campaign carried silver certificates with a yellow seal instead of blue, for the same reason. The yellow seal notes came in $1, $5 and $10 denominations.
The R and S notes were a test of paper. A batch of 1935A $1 notes was printed on regular paper and marked with a red R, and a matching batch on special paper was marked with a red S. Both are far scarcer than the standard 1935A note.
Large-size notes from before 1929
Before 1929, U.S. paper money was larger, about 7.4 by 3.1 inches against today's 6.1 by 2.6. Collectors call them large-size or horse blanket notes. Large-size silver certificates run from the 1878 series through the 1923 series and include some of the most admired designs in U.S. currency, such as the 1896 Educational series and the 1899 $1 note with a large eagle across the top.
Even worn large-size notes are worth well over face value, and nicer ones bring strong prices. The 1923 $1 is the most common of the group and a fine starting point for new collectors. If you find large notes in a family Bible or an old envelope, do not unfold, flatten or tape them. Bring them in as found.
Why condition rules paper money
Paper money is graded on the same 1 to 70 scale as coins, and graders such as PMG and PCGS Banknote seal notes in holders much like coin slabs. The difference between grades is easy to see: folds, creases, soft paper, stains, tears, pinholes and writing all pull a note down. A crisp note with sharp corners and original paper is worth far more than the same series folded in a wallet for years.
Many old notes were washed, ironed or pressed to look new. Collectors and graders spot that by the paper's lost texture and flattened embossing, and those notes sell for less. Do not try to clean, press or repair a note.
| Condition | What it looks like | Effect on value |
|---|---|---|
| Heavily circulated | Many folds, soft or limp paper, stains | Near face for common series |
| Lightly circulated | A few folds, paper still firm | Small premium for common series |
| About uncirculated | One light fold or corner bend | Clear premium |
| Uncirculated | No folds, crisp, bright ink | Strongest premium, especially for stars and scarce series |
Want a real number?
See how we handle coin and paper money appraisals in Dallas, or call (469) 754-8608 for a free appraisal.
Silver certificates in Dallas estates
Dallas has a direct link to the story of U.S. paper money: the Federal Reserve Bank of Dallas, near the Arts District, heads the Eleventh District. Federal Reserve notes issued through Dallas carry the letter K and the number 11. Silver certificates do not. They were Treasury notes, so they have no district seal at all, just the blue Treasury seal. If a stack of old bills from a parent's desk has some with a K and some with no letter, you have both kinds.
Silver certificates turn up in almost every Dallas estate we see. They were ordinary pocket money through the early 1960s, so people tucked them into wallets, Bibles, recipe boxes and dresser drawers as keepsakes once the government stopped paying out silver. We find them in neat bank straps from someone who saved a stack of crisp 1957 ones, and in single folded notes that sat in a billfold for sixty years.
Dallas heat and humidity are hard on paper. Notes stored in an attic or a garage may come out brittle, stained or stuck together. If that happens, leave them as they are. Do not peel stuck notes apart, iron them or put them in plastic sleeves made of soft vinyl. Keep them flat in a folder indoors until someone can look at them. A bank teller will happily swap an old note at face value, so please do not spend or deposit silver certificates before a collector or buyer has seen them; a star note or a crisp 1928 can slip through a cash drawer unnoticed.
We buy old paper money and silver certificates along with coins, and we price each note on series, condition and any star or special marking. Call (469) 754-8608 to book a free appraisal. You will get a written offer on every note and coin, with no obligation to sell.