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History and value of 1928 $10 Gold Certificate

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Posted by MoneyMan on March 20, 2006 at 10:02:59:

In Reply to: $10 dollar Gold Cerftificate posted by Dinomite on March 20, 2006 at 00:37:19:

: Series 1928 $10 Gold Certificate in excellant condition. Any idea what this might be worth?

Gold Certificates (GCs), first authorized by the Currency Act of March 3, 1863, were originally backed by and redeemable in gold coins. It was hoped that these notes would circulate more freely than the coins of the time which were being hoarded as the U.S. Civil War entered its third year.

Small-size Gold Certificates, with their gold Treasury seals and serial numbers, were issued in denominations ranging from $10 to $100,000. The $100,000 note, issued as Series of 1934, (face portrait of Thomas Woodrow Wilson, 28th U.S. President) being the largest denomination ever issued by the U.S. Treasury, and used only for inter-bank transactions.

To combat the severe banking crisis brought on by the Great Depression, the Emergency Bank Act of 1933 was passed. The law effectively took the United States off the gold standard by prohibiting the owning of gold and Gold Certificates. On December 28, 1933, Treasury Secretary Morgenthau issued an order prohibiting the holding of these notes by any private individual, for any reason, and requiring banks to turn in all of their stocks of GCs. This ban remained in effect until April 24, 1964 when Treasury Secretary Dillon signed an order which removed all restrictions against the holding of small denomination GCs. However, they were no longer redeemable in gold.

My two-year-old 2005 Blackbook lists the following retail prices for a Series of 1928 $10 GC: Good $37.50, Very Fine $95.00, and CU $600.00. While looking for one to add to my type set, I recall seeing a CU note offered for sale at $700.00 at a local currency show last fall, and I have seen an XF/AU note offered on a dealer's website for about $300.00.

Peace,
MoneyMan

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