Silver certificate dollar bills were a type of U.S. paper money issued between 1878 and 1964
These U.S. currency notes, printed from 1878 to 1964, were once exchangeable for physical silver, either in coin or bullion form. Initially, these certificates were backed by silver stored by the Treasury. They came in two main formats: large-size notes produced from 1878 to 1923, and smaller-size versions introduced in 1928 and continued until 1964. Each variation displays distinct historical significance and intricate artistry that appeal to collectors.
Because of their scarcity and historical value, some silver certificates are now worth tens or even hundreds of thousands of dollars.
Let’s take a closer look at the 8 most valuable silver certificate dollar bills ever printed.
1. 1880 $500 Silver Certificate
Year: 1880
Estimated Value: Up to $900,000 (in fine condition)
This exceptionally rare $500 certificate from 1880 is known to exist in only two confirmed specimens. One example is held by the Federal Reserve Bank of San Francisco. The note displays a portrait of Charles Sumner and is highly valued due to its rarity and historical context. A PMG 15 Choice Fine example has been appraised at prices ranging from $700,000 to $900,000.
2. 1891 $1 “Martha Washington” Silver Certificate
Year: 1891
Estimated Value: Up to $101,000 (in good condition)
This note is historically notable as the first U.S. currency to prominently feature a real woman—Martha Washington—on its front. This makes it particularly important to collectors. Lower-grade versions might trade between $100 and $300, while high-quality and uncirculated pieces have been known to sell for over $100,000 in rare instances.
3. 1886 $5 “Silver Dollar Back” Certificate
Year: 1886
Estimated Value: Up to $66,000
Celebrated for its artistic appeal, this 1886 $5 certificate portrays Ulysses S. Grant on the front and five silver dollars on the reverse side. Its detailed imagery attracts both banknote and coin collectors. With only about 50 known to exist today, higher-grade specimens can be worth tens of thousands of dollars.
4. 1923 $5 “Porthole” Silver Certificate
Year: 1923
Estimated Value: Up to $24,000
This bill is affectionately known as the “Porthole Note” because of the round frame around Lincoln’s portrait. Its bold design makes it a collector favorite. As one of the final large-format certificates issued, it maintains strong value. Even worn examples can sell for over $1,000, while top-grade versions often bring in over $20,000.
5. 1896 $1 Educational Series Silver Certificate
Year: 1896
Estimated Value: Up to $10,600
Regarded as one of the most artistic U.S. notes ever issued, this certificate features an allegorical image titled “History Instructing Youth.” The back of the note includes portraits of George and Martha Washington. Prices vary widely based on condition—from several hundred dollars for worn notes to over $10,000 for near-perfect examples.
6. 1899 $1 “Black Eagle” Silver Certificate
Year: 1899
Estimated Value: Up to $10,000
The 1899 $1 silver certificate is one of the most recognized notes, showcasing a large eagle with Abraham Lincoln and Ulysses S. Grant pictured below. While average-condition notes often sell for around $175, those in mint condition or with high grades can reach prices well above $5,000, sometimes even nearing $10,000.
7. 1928C $1 Silver Certificate
Year: 1928
Estimated Value: Up to $7,500
The 1928C $1 silver certificate is among the scarcer small-format issues, making it particularly desirable. Featuring a blue seal and George Washington’s portrait, these notes can range from $125 to $600 when uncirculated. However, rare star note variants in excellent condition may be valued at up to $7,500.
8. 1928D $1 Silver Certificate
Year: 1928
Estimated Value: Up to $4,500
Another sought-after note among the smaller certificates, the 1928D features the unique “funnyback” design, noted for its stylized font and repeating “one dollar” pattern. High-grade examples may fetch more than $4,000, while those in average shape still maintain value, typically selling for $40 to $100 depending on their serial number and condition.
FAQs
How can I tell if my silver certificate is valuable?
Check for scarcity, physical state, series version, and presence of star symbols—these elements play a major role in determining a note’s value.
What makes star notes more valuable than regular notes?
Star notes replace faulty bills and are produced in smaller batches, making them less common and more appealing to collectors.
Can silver certificates still be redeemed for silver?
No, silver certificates can no longer be exchanged for actual silver, but they still hold collectible value based on their rarity and preservation.
Susan is a seasoned finance writer with a knack for breaking down complex money topics into clear, actionable advice. With years of experience in personal finance, investing, and market trends, she empowers readers to make smarter financial decisions. Her work has been featured in leading finance blogs and publications, where she combines sharp analysis with relatable storytelling. Whether it’s budgeting, wealth-building, or decoding the latest economic shifts, Susan’s mission is to help people take control of their financial future with confidence.