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Pastimes : What Ever Happened To That Company? -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (185)	11/18/2011 1:11:11 AM
From: John Pitera	1 Recommendation Respond to of 306

ichard, no US silver certificates are redeemable only by Federal Reserve Notes. They are typically worth more in terms of their numismatic value. Those are coin, currency, stamp collectors etc. John --------------------------------------------------- butSilver Certificates are a type of representative money printed from 1878 to 1964 in the United States as part of its circulation of paper currency. [1] 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 in the same 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 are still valid legal tender. Lawful money is a term used to denote the legal-tender quality of money, and first originated in the act of February 25, 1862, authorizing the issue of United States notes. Legal tender is a quality given a circulating medium by Congress, and, possessing this quality, it becomes lawful money. All forms of money do not possess full legal-tender qualities, yet each kind has such attributes as to give it currency, and all forms are convertible into standard money. The Secretary of the Treasury is required to maintain the parity of all kinds of money with the standard unit of value, and, if necessary to maintain such parity, he is authorized to borrow or buy gold. The status of each kind of money is as follows: 1. Gold coin is legal tender at its nominal or face value in payment of all debts, public and private, when the coin is not below the standard weight and limit of tolerance prescribed by law, and when below such standard weight and limit of tolerance it is legal tender in proportion to its weight. Being standard money, gold coins are not redeemable. 2. Gold certificates are not legal tender, but are receivable for all public dues, and when so received may be reissued, and they may be held by Federal Reserve and National banks as lawful reserve. Gold certificates are receipts for actual deposits of gold in the Treasury and are redeemable in gold coin by the Treasurer and all Assistant Treasurers of the United States. 3. Standard silver dollars are legal tender at their nominal or face value in payment of all debts, public and private, without regard to the amount, except where otherwise expressly stipulated in the contract. Being standard money, standard silver dollars are not redeemable. 4. Silver certificates are not legal tender, but, like gold certificates, they are receivable for all public dues, and when so received may be reissued, and they may be held by Federal Reserve and National banks as lawful reserve. Silver certificates are receipts for actual deposits of standard silver dollars in the Treasury, and are redeemable in such dollars only.