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Wednesday, February 02, 2011

History of the Gold Certificate


The gold certificate is actually a certificate of ownership that entitles a person to hold gold of that value without actually possessing the gold. It is very interesting and important from the point of view of investments as well as important historically.

In 1964, it was actually illegal to have a gold certificate in possession. Since 1933, the gold certificates have not been in circulation and stopped being issued by the government of the United States. One of the many reasons for this was that the U.S. was taken off the gold standard and thus an air of fear among the public that the certificates would be made obscure and would hence possess no value.

Gold Certificates are worth several hundred dollars today.

Interesting Facts

1865: The back had an abstract design and an eagle was on the front.

1870-75: A portrait on the front appeared, replacing the eagle. The back remained the same.

1888: Same as the 1875 certificates. Only the back went blank.
The above three were known as the depositor variants. The bearer certificate variants were even more interesting.

1882: offset portrait and the same abstract design on the back persisted.

1905 – 1913: Bore resemblance to the modern currency notes in circulation and for the first time, the great seal of the United States was printed on the back.

1922: Same as above but designer elements were similar to the 1882 variants.

1928: Green back was first used.

1934: the words "in gold coin" were replaced by "As authorized by the law".
And this certificate was largely used to settle gold balances.

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Posted by Mike Gupton at 3:08 PM