Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but still valid legal tender at their face value and thus are still an accepted form of currency. The certificates were initially redeemable for their face value of silver dollar coins and later (for one year from June 24, 1967, to June 24, 1968) in raw silver bullion. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard.
Silver certificates are a type of representative money issued between 18 in the United States as part of its circulation of paper currency. $5 Series 1899 silver certificate depicting Running Antelope of the Húŋkpapȟa.
