A blue seal $1 silver certificate from the 1935 or 1957 series is worth approximately $1.50-4 in circulated condition, and about $8-20 if it is crisp and uncirculated. These are by far the most common silver certificates, and most of the ones found in wallets, books and old envelopes fall in that range. The notes worth real money are the 1928 "funnyback" series, the World War II Hawaii and North Africa notes, star notes, a handful of experimental and low print runs, and the older large-size notes from before 1929.
Silver certificates were paper money that could once be exchanged at the Treasury for silver. The small-size $1 versions, the same size as today's bills, were printed from 1928 to 1963 and have a blue Treasury seal and blue serial numbers instead of the green on modern notes. The Treasury printed billions of them, and many were saved when people realized they would stop being made.
So the honest answer for a typical blue seal dollar is that it is a nice piece of history worth a little over face. The series year, any overprint, the serial number and the condition decide whether it is one of the exceptions.
Why they cannot be redeemed for silver
The text on a silver certificate promises that one dollar in silver is payable to the bearer on demand. That promise ended in the 1960s. Rising silver prices made the silver worth more than the paper, and in 1967 Congress set a deadline: silver certificates could be exchanged for silver bullion only until June 24, 1968. After that date the Treasury stopped redeeming them for silver.
Silver certificates are still legal tender. A bank will accept one at face value, but there is no reason to spend it, since collectors pay more. There is no silver to claim, and no office that will exchange the note for metal today.
How to read the note
Series year and letter
The series is printed on the front, near the portrait or the Treasury seal. It reads like "SERIES 1935 E" or "SERIES 1957 B". The letter marks a change of signatures and can matter for value.
Seal color and overprints
- Blue seal: a regular silver certificate
- Brown seal with HAWAII printed on front and back: a World War II emergency note issued in Hawaii
- Yellow seal: a World War II note issued to troops in North Africa and Europe
- Red R or S printed on the front: an experimental 1935A note, testing two kinds of paper
The back
From 1935 onward, the back of the $1 silver certificate looks like today's $1, with the pyramid and eagle of the Great Seal. Series 1957 notes, 1935H notes and some 1935G notes add "IN GOD WE TRUST" above the large ONE. The 1928 notes have a completely different back, with a big ONE in the center, which is why collectors call them funnybacks. The 1934 $1 uses the same style of back.
Value by series
| Note | Circulated | Crisp uncirculated |
|---|---|---|
| 1957, 1957A, 1957B | $1.50-4 | $8-15 |
| 1935D to 1935H | $1.50-4 | $8-20 |
| 1935, 1935A, 1935B, 1935C | $2-5 | $10-25 |
| 1934 | $5-15 | $30-60 |
| 1935A Hawaii, brown seal | $15-50 | $100-200 |
| 1935A North Africa, yellow seal | $15-50 | $80-150 |
| 1935A red R or S experimental | $50-150 | $300-700 |
| 1928 and 1928A funnyback | $20-40 | $60-150 |
| 1928B funnyback | $30-60 | $100-250 |
| 1928C and 1928D funnyback | $100-500 | $1,000+ |
| 1928E funnyback | $300-800 | $2,000+ |
| Star note, 1935 and 1957 | $4-15 | $15-50 |
| Large-size $1, 1886 to 1923 | $30-1,000+ | $100-10,000+ |
What makes some valuable
The 1928 funnybacks
The first small-size $1 silver certificates, printed in series 1928 through 1928E. The common 1928 and 1928A are worth a modest premium, but the 1928C, 1928D and 1928E had small print runs and are scarce. A 1928E in nice condition is one of the better small-size $1 notes.
Hawaii and North Africa notes
During World War II, the government worried that US money in Hawaii or in the hands of troops overseas could be captured. Notes issued in Hawaii carried a brown seal and the word HAWAII on both sides. Notes issued to troops in North Africa carried a yellow seal. If either area fell, the notes could be declared worthless. The Hawaii $1 notes are 1935A silver certificates, and the North Africa $1 notes are too. Both were made in large numbers and survive in quantity, so circulated ones are affordable collectibles rather than rarities. Star versions and higher denominations are worth much more.
The R and S experimental notes
In 1944 the Treasury tested two kinds of paper by printing 1935A notes with a large red R (regular paper) or S (special paper) on the front. Only about 1.2 million of each were made, and they are worth a clear premium, especially as a matched pair.
Star notes
A star before the serial number marks a replacement note. Star notes are scarcer than regular notes, and some print runs are genuinely scarce. A common 1957 star note is worth a few dollars more than a regular one. A 1928 or 1934 star note can be worth hundreds.
Serial numbers
The same fancy serials collectors want on modern notes apply here: very low numbers, solids like 22222222, ladders like 12345678 and radars like 12344321. These can add hundreds of dollars to an otherwise common note.
Large-size notes
Before 1929, silver certificates were larger, about 7.4 by 3.1 inches. The 1923 $1, with Washington at the center, is the most common and is worth about $30-60 worn. The 1899 Black Eagle $1 and the 1896 Educational Series $1 are much more desirable, with the 1896 bringing $500 or more even in worn condition.
Condition
Paper money is graded on a 1 to 70 scale. A crisp note with no folds and bright paper is uncirculated, and that alone can multiply the value several times for common series. Folds, creases, stains, tears, writing, tape and pinholes all lower the price.
Do not wash, iron or press a note to make it look better. Collectors look for flattened paper and broken fibers along old folds, and they pay less for notes that have been worked on. Store notes flat in a paper or Mylar sleeve, away from light and humidity.
PMG is the main grading service for paper money, along with PCGS Banknote. Grading is only worth the fee for notes likely to be worth more than about $50, such as funnybacks from 1928C onward, the R and S experimental notes, uncirculated Hawaii notes, low serials and scarce star notes. For a stack of worn 1957 dollars, grading costs more than the notes gain.
Sorting a stack
Inherited silver certificates often come in bundles. A quick sort saves time:
- Set aside anything with a brown or yellow seal, a red R or S, or a star
- Set aside any 1928 series note and any large-size note
- Set aside any crisp note with no folds
- The rest, mostly worn 1935 and 1957 notes, is usually sold as a group at a small premium over face
Photos that settle it
- The full front, flat and in daylight, with the seal, series and serial number readable
- The full back
- A close shot of the serial number on any note with a star
- An angled shot to reveal folds on notes that look crisp
If the same envelope holds $2 bills, the two dollar bill guide covers red seal notes, and the inherited stamp collection guide explains how to approach a mixed album.