# Payable on demand, eh? **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [October 25, 2005, 3:09am UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765 "2005-10-25T03:09:59Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![Misnomer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/misnomer/32/14897_2.png) [@Misnomer](https://boards.straightdope.com/u/Misnomer)\ **Post date:** [October 25, 2005, 3:09am UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/1 "2005-10-25T03:09:59Z")
I have a dollar bill from 1957 that says “silver certificate” on the front. In fact, it says, “This certifies that there is on deposit in the treasury of The United States of America one dollar in silver payable to the bearer on demand.” I’m just tired enough to think that it would be kind of fun to walk into the Treasury building downtown and demand my dollar’s worth of silver. Fun for the Treasury employees, anyway. 😃 ---
**Author:** ![silenus](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/silenus/32/166_2.png) [@silenus](https://boards.straightdope.com/u/silenus)\ **Post date:** [October 25, 2005, 4:07am UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/2 "2005-10-25T04:07:24Z")
You’d get more selling it to a collector. IIRC, when they introduced the Federal Reserve Notes, they “decommissioned” all the old silver certificates. Besides, a dollar’s worth of silver is what…1/5 oz.? Nice try, though. 😃 ---
**Author:** ![TJdude825](https://avatars.discourse-cdn.com/v4/letter/t/dec6dc/32.png) [@TJdude825](https://boards.straightdope.com/u/TJdude825)\ **Post date:** [October 25, 2005, 5:52am UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/3 "2005-10-25T05:52:11Z")
> [@silenus](#): > > You’d get more selling it to a collector. A quick search shows that **silenus** is probably right: [http://search.ebay.com//search/search.dll?from=R40&satitle=silver+certificate](http://search.ebay.com//search/search.dll?from=R40&satitle=silver+certificate) ---
**Author:** ![Sternvogel](https://avatars.discourse-cdn.com/v4/letter/s/bc79bd/32.png) [@Sternvogel](https://boards.straightdope.com/u/Sternvogel)\ **Post date:** [October 25, 2005, 6:11am UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/4 "2005-10-25T06:11:33Z")
> [@silenus](#): > > IIRC, when they introduced the Federal Reserve Notes, they “decommissioned” all the old silver certificates. Actually, Federal Reserve Notes were issued cponcurremtly with Silver Certificates for years. Several factors combined to spell the end of the Certificates’ era, as [this page](http://www.answers.com/topic/silver-certificate) tells us: > [@](#): > > As people redeemed the certificates for bullion or silver dollars, the notes were shredded, because the notes had lost their backing and could not be recirculated unless there were more silver being produced. The price of silver was also rising. In 1960, it was nearing $1.29, which meant that silver dollars were worth more than $1. This meant that people would receive their silver dollars, and melt them down for the bullion, thereby reducing the amount of silver in circulation, which was already falling. > > In March 1964, the Secretary of the Treasury halted redemption of silver certificates for Silver Dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. Silver Certificates were abolished by Congress on June 4, 1963 and all redemption in silver ceased on June 24, 1968. Incidentally, in the above paragraph, “abolished” simply means “no longer issued”. It’s perfectly legal to own silver certificates – indeed, they’re still legal tender, although you’d be foolish to spend one when you could easily receive more than face value from a coin & currency collector or dealer. ---
**Author:** ![Misnomer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/misnomer/32/14897_2.png) [@Misnomer](https://boards.straightdope.com/u/Misnomer)\ **Post date:** [October 25, 2005, 2:57pm UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/5 "2005-10-25T14:57:59Z")
Methinks I wasn’t clear enough: I know that the bill itself is worth more than a dollar, and that $1 of silver would, indeed, be a tiny amount. My point had nothing to do with money; the amusement came from picturing myself (or someone) walking into the Treasury with such currency and saying, “I want my silver!” 🙂 ---
**Author:** ![silenus](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/silenus/32/166_2.png) [@silenus](https://boards.straightdope.com/u/silenus)\ **Post date:** [October 25, 2005, 3:47pm UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/6 "2005-10-25T15:47:36Z")
Oh. Well then… Nevermind. ---
**Author:** ![Omega\_Glory](https://avatars.discourse-cdn.com/v4/letter/o/7c8e57/32.png) [@Omega\_Glory](https://boards.straightdope.com/u/Omega_Glory)\ **Post date:** [October 25, 2005, 4:10pm UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/7 "2005-10-25T16:10:25Z")
On a similar note, I was given a bunch of old national geographics a few weeks ago. The original owner used an old subscription coupon for People as a bookmark. The coupon offers a subscription at $.75 an issue vs the usual 2.00. It doesn’t have an expiration date, so I’ve half considered mailing it in just to see what would happen. ---
**Author:** ![Harmonious\_Discord](https://avatars.discourse-cdn.com/v4/letter/h/74df32/32.png) [@Harmonious\_Discord](https://boards.straightdope.com/u/Harmonious_Discord)\ **Post date:** [October 25, 2005, 8:11pm UTC](https://boards.straightdope.com/t/payable-on-demand-eh/327765/8 "2005-10-25T20:11:00Z")
You’ll have more to laugh about when you try to use a $2 bill at a place with only young workers.