$1 1934 "FUNNY BACK" CONSECUTIVE 3 PCS PCGS 50PPQ HBH

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An unrivaled early silver certificate threesome in spectacular c ertified grade. Wonderful originality, bold colors, and provenence are noticed. Truly a magnificent showpiece. These are nicknamed Funny Backs due to an uncanny resemblance to play money. The Hotel Buyers Hoard was purchased from a retired postal worker by a cash for gold buyer in Philadelphia. The postal worker saved o ld paper money for nearly 60 years. He shopped his hoard vigorously. Unable to reach an agreement with this savvy individual, the hotel buyer called me in and my very high offer enabled the transaction. it is one of thee most marvelous accumulations we have ever been involved with. Silver Certificates were printed for a time in the United States as a form of paper currency . They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act , which placed the United States on the gold standard . The certificate was matched to the same amount of value in silver coinage . For example, one fifty dollar Silver Certificate equals fifty silver dollars . There are a few features that distinguish a Silver Certificate. The seal and serial numbers on many of the first Silver Certificates issued were red, brown, and blue. It was not until Series 1899 for the $1, $2, and $5 denominations that the seal and number colors were officially and permanently changed to blue. (This occurred at different points for denominations above $5). During World War II the government issued 1935a Silver Certificates with a brown seal for Hawaii distribution and 1935a certificates with a yellow seal for North Africa distribution. The idea was that if these areas fell into enemy hands during the war, the money would be able to be easily identified and cancelled so as to prevent large monetary losses. The obligation of a certificate states how much of a specific commodity the government of a country will "pay to the bearer." On most large-size Silver Certificates, the obligation reads: "This certifies that there have/has been deposited in the Treasury of the United States of America (number) silver dollar(s) payable to the bearer on demand." On small-sized Silver Certificates beginning with Series 1934, in order to denote current location of deposit, it was changed to read: "This certifies that there is on deposit in the Treasury of the United States of America (number) dollar(s) in silver payable to the bearer on demand." The " Coinage Act of 1873 " placed the United States on the gold standard, which replaced the bimetallic ( silver and gold ) standard that had been created by Alexander Hamilton . Many of the poorer citizens saw this as a "crime," and silver agitation began. The Bland-Allison Act , as it came to be known, was passed by Congress on February 28, 1878. It did not provide for the "free and unlimited coinage of silver" demanded by Western miners, but it did require the United States Treasury to purchase between $2 million and $4 million of silver bullion from mining companies in the West. The silver coins that were to be minted would be legal tender for all debts, like gold. These coins, however, were quite heavy, so the government applied their gold certificate strategy to the silver. Suppose that there were five silver dollars in the treasury. The government would print a $5 Silver Certificate against the dollars, providing a somewhat easier medium of exchange. The idea was kept, and Series 1878 was printed in denominations of $10 to $1000. Certificates circulated, mainly in the $1 denomination, widely throughout the United States in the years following 1934. When the '34s wore out, they were replaced with a new, more modern-looking Series 1953 (1935 for the $1 silvers; see below), with the same face changes as the Series 1950 Federal Reserve Notes had experienced. However, the Silver Certificates began to disappear from circulation during the 1940s and 1950s. The amount of Silver Certificates in circulation depended directly upon the amount of silver bullion in ... read more

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