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Today in Monetary History: Silver Certificates
TND Guest Contributor: Paul-Martin Foss |
On March 25, 1964, the Secretary of the Treasury announced that Silver Certificates would no longer be redeemable for silver dollars. By this time, the market price of silver had risen so high that the silver content of silver dollars was now worth more than one dollar. Silver dollars had not been minted since the 1930s and the Treasury had no desire to draw down its stocks of increasingly-valuable silver dollars by allowing arbitrageurs and coin collectors to redeem silver certificates for silver dollars. Silver certificates continued to be redeemable in silver bullion at the Treasury Department until June 24, 1968, after which time redemption of silver certificates for metal was abolished by Act of Congress. Silver certificates continue to be legal tender and can be exchanged for Federal Reserve Notes for anyone wishing to do so.
Image: Wikipedia
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About Paul-Martin Foss:
Paul-Martin Foss is the founder, President, and Executive Director of the Carl Menger Center for the Study of Money and Banking, an Arlington, VA-based think tank dedicated to educating the American people on the importance of sound money and sound banking.
Prior to founding the Menger Center, Mr. Foss worked in the U.S. House of Representatives for seven years, including six years as Congressman Ron Paul’s legislative assistant for monetary policy and financial services, and one year as Deputy Legislative Director for Congressman Thomas Massie.
As Congressman Paul’s legislative assistant, he assisted the Congressman in his duties as Chairman of the Subcommittee on Domestic Monetary Policy by helping to develop hearing topics, agendas, and briefing Congressmen and their staffs on monetary policy topics. Mr. Foss also was responsible for the management of Dr. Paul’s monetary policy and financial services legislation, including the “Audit the Fed” and “End the Fed” bills, and was co-editor of Ron Paul’s Monetary Policy Anthology, a multi-thousand page compilation of hearing transcripts, lecture transcripts, and other documents related to Dr. Paul’s chairmanship.
Mr. Foss received his Bachelor’s degree from The University of the South (Sewanee), and Master’s degrees from the London School of Economics and Georgetown University’s Edmund A. Walsh School of Foreign Service.
This article appeared on the Carl Menger Center for the Study of Money and Banking and is reprinted with permission, “Creative Commons 4.0.”
Source: http://thenewsdoctors.com/today-in-monetary-history-silver-certificates/
