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Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. 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 for their face value of silver dollar coins and later (for one year – June 24, 1967 to June 24, 1968) in raw silver bullion. Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but still valid legal tender at their face value and thus are still an accepted form of currency.
“In fact, it's easy enough to show, and it's impossible to refute, that a dollar is a specific silver coin containing three hundred seventy-one and a quarter grains of fine silver. It's always been that way, at least since the beginning of the American Republic. The Constitution fixes the monetary unit of the United States as this dollar, and it empowers Congress to coin silver and gold coins, the values of which have to be regulated in relation to the dollar. And it very specifically prohibits the government from issuing what the Founding Fathers called "bills of credit" – what we would call today paper currency that's redeemable in silver or gold. And the Constitution also outlaws any form of legal tender except silver and gold coins. Thus, from the perspective of the Constitution and most of American history, it is really senseless to talk about making the dollar redeemable, or to talk about adopting a silver- or a gold-backed dollar. The very fact that so much debate on the Federal Reserve system focuses on this really senseless point demonstrates how totally ignorant most of the people are about the subject of American money.”
~ Edwin Vieira Jr.