The End of the ‘Saddleback’ Note Era The Final ‘Jumbo’ Silver Certificate: 1923
George Washington is considered to be the father of our great nation...and when you look at all his accomplishments, it's easy to see why! He began as a militia commander during the French and Indian War and grew to become the leader of our nation in war as the Commander-in-Chief of the Continental Army during the American Revolution.
We came across a small hoard of special silver certificates honoring our very First Commander in Chief! These unique pieces of currency were the last of their kind, the final ‘Jumbo Sized’ notes created by the U.S. Treasury: the massive 1923 Washington ‘Saddleback’ Silver Certificates!
A BIG Dollar with a Long History
These Silver Certificates are directly tied to the history of the Morgan Dollar. The Bland Allison act of 1878 forced the US Mint to buy silver from the mines across the “Wild West” as it became known... thus creating a need for its use...and the fabled Morgan Dollar.
Coincidentally they also released a piece of legislation alongside this act authorizing a "Silver" Certificate to be printed. These notes were paper currency backed in silver held by the U.S. Treasury. All of these iconic Silver Certificates incorporated the phrase "One Silver Dollar payable to the bearer on demand". It also helps explain why so many of the Morgan Dollars that were struck were immediately placed in treasury vaults. These 1st notes were also significantly larger than the currency we carry today, they measured 7 3/8 by 3 1/8 (Truly a "jumbo" sized note). Today they are a miniscule 6 by 2 ½. The last of these "Jumbo" sized notes were issued in 1923 and bear the image of George Washington.
Did you know? They made the seal on a Silver Certificate "Blue" to help differentiate it from other types of currency circulating at the time!
Truly Scarce 97-Year Old Pieces of U.S. Minting history...
Coins are designed to last several decades after being minted, so it is not uncommon to look at our pocket change and see a coin that minted 30-40 years ago. Paper notes on the other hand, were not designed to last...in fact, these silver certificates were only in use for less than a year!
Silver Certificates were redeemable for silver dollars, which means when the treasury told the American public they would be redeemable for only for one more year – June 24th, 1967 to June 24th, 1968 there was a mad dash to the bank to get their silver! Since 1968 they have been redeemable only in Federal Reserve Notes, and are therefore obsolete, but are still considered to be legal tender!
