Silver certificate dollar bills were a type of U.S. paper money issued between 1878 and 1964. These notes were originally backed by physical silver and were once redeemable for silver dollars or bullion. They are categorized into two main sizes: the larger, more elaborate notes issued from 1878 to 1923, and the more compact small-size versions introduced in 1928 through to 1964. Each type features unique historical and artistic designs that continue to captivate collectors.
Due to their limited availability and historical importance, certain silver certificates are worth thousands—or even hundreds of thousands—of dollars today.
Now, let’s explore the top 8 most valuable silver certificate dollar bills ever issued.
1. 1880 $500 Silver Certificate
- Year: 1880
- Estimated Value: Up to $900,000 (in fine condition)
This high-denomination silver certificate is an extreme rarity, with only two verified examples in existence. One of them resides in the Federal Reserve Bank of San Francisco’s collection. The note features a portrait of Charles Sumner and, due to its rarity and historical prominence, can fetch close to a million dollars at auction. A PMG 15 Choice Fine graded specimen was once estimated between $700,000 and $900,000.
2. 1891 $1 “Martha Washington” Silver Certificate
- Year: 1891
- Estimated Value: Up to $101,000 (in good condition)
This iconic note was the first U.S. paper currency to prominently feature a real woman—Martha Washington—as the central portrait. That alone makes it historically significant and highly collectible. While lower-grade versions may trade between $100 and $300, well-preserved and uncirculated examples have sold for tens of thousands, with rare ones reaching values of over $100,000.
3. 1886 $5 “Silver Dollar Back” Certificate
- Year: 1886
- Estimated Value: Up to $66,000
Famous for its unique design, the 1886 $5 silver certificate showcases Ulysses S. Grant on the front and five silver dollars on the reverse. The vivid detail and symbolic imagery draw interest from both currency and coin collectors. With only about 50 examples known to survive, the value for these certificates can soar—especially in higher grades.
4. 1923 $5 “Porthole” Silver Certificate
- Year: 1923
- Estimated Value: Up to $24,000
Nicknamed the “Porthole Note” due to the circular frame around Abraham Lincoln’s portrait, this bill is admired for its striking visual presentation. It was among the last large-format silver certificates printed before the transition to smaller notes. Even in lower grades, these can sell for over $1,000, while well-preserved examples command five-figure prices.
5. 1896 $1 Educational Series Silver Certificate
- Year: 1896
- Estimated Value: Up to $10,600
Often cited as the most beautifully designed U.S. banknote, this certificate features the allegorical figure of History teaching Youth. The back displays portraits of George and Martha Washington. Prices for this note range from a few hundred dollars in worn condition to more than $10,000 for top-tier examples. Its artistry and rarity make it a centerpiece in many collections.
6. 1899 $1 “Black Eagle” Silver Certificate
- Year: 1899
- Estimated Value: Up to $10,000
With a large black eagle spread across its face and portraits of Abraham Lincoln and Ulysses S. Grant beneath, the 1899 $1 silver certificate is among the most recognizable of its kind. While average-condition notes can go for around $175, pristine and uncirculated specimens can reach well beyond $5,000—sometimes even hitting $10,000 in rare cases.
7. 1928C $1 Silver Certificate
- Year: 1928
- Estimated Value: Up to $7,500
The 1928C series is one of the rarer small-size silver certificates, increasing its desirability. The series carries a portrait of George Washington and features a blue Treasury seal. Regular notes can bring in $125 to $600 in uncirculated condition, but scarce star note versions may fetch as much as $7,500 depending on grading and quality.
8. 1928D $1 Silver Certificate
- Year: 1928
- Estimated Value: Up to $4,500
The 1928D note is another rarity among small-size silver certificates. It features the early “funnyback” reverse, with its distinctive font and repetitive “one dollar” inscriptions. A high-grade note can be valued at over $4,000, while lower-grade versions still retain decent worth, selling for $40 to $100 depending on condition and serial number uniqueness.
FAQs
How can I tell if my silver certificate is valuable?
Look for rarity, condition, series type, and star notes—these factors determine value in most collectible markets.
What makes star notes more valuable than regular notes?
Star notes replace misprinted bills and are printed in smaller quantities, making them rarer and often more desirable.
Can silver certificates still be redeemed for silver?
No, silver certificates are no longer redeemable for silver, but they are worth collectible value based on rarity and condition.