10 Most Valuable Silver Certificates

Silver certificates were a type of paper currency issued in the United States between 1878 and 1964. They were produced in both large-size format (1878–1923) and small-size versions (1928–1964), featuring a variety of unique designs.

To meet the demand for a silver-backed paper currency, silver certificates were initially redeemable for their face value in silver dollar coins and later for raw silver bullion. This historical background makes them highly valued by collectors.

If you have any silver certificates in your collection, you may be interested in determining their value. We offer a free online or at-home coin appraisal service, which you can use to get your silver certificates appraised.

Alternatively, you can download our instant value guide to assess their worth yourself.

Now let’s explore 10 of the most valuable silver certificates.

1896 $1 Educational Series

• Year: 1896
• Price based on condition:
  • High: $10,600
  • Low: $85

The 1896 $1 Educational Series is often considered to be the most beautiful U.S. paper money design. This certificate features an allegorical figure of History instructing Youth on the obverse and portraits of Martha and George Washington on the reverse.

The value of this certificate is high due to its rarity and unique design. In very fine condition, they can be worth around $500. However, higher-grade specimens can also be worth more than $4,000 and up to $10,600 in some cases.

If you’re curious about other collectible currency, check out our silver dollars worth money for more insights.

1899 $1 “Black Eagle” Certificate

• Year: 1899
• Price based on condition:
  • High: $10,000
  • Low: $65

One of the most recognizable and popular silver certificate designs, the 1899 $1 “Black Eagle” certificate comes next. This certificate features a unique design of a large eagle printed in black ink on the obverse and the portraits of Abraham Lincoln and Ulysses S. Grant underneath.

In very fine condition, these certificates can fetch around $175. Higher qualities fetch higher prices, with uncirculated specimens selling between $525 and $625 and, in some cases, fetching thousands of dollars.

1928C $1 Silver Certificate

• Year: 1928
• Price based on condition:
  • High: $7,500
  • Low: $92

1928 marked the transition to small-size notes in the Silver Certificates series. The 1928C is one of the rarest out there. You’re more likely to come across one of the other series from this year. This scarcity adds to its immense value.

In uncirculated condition, these certificates can sell for $125 to $600. Star note variants are particularly rare and valuable and can fetch prices as high as $7,500 if in excellent condition.

1928D $1 Silver Certificate

• Year: 1928
• Price based on condition:
  • High: $4,500
  • Low: $40

Another version from the 1928 series, the 1928D variant, is also quite rare and valuable. Like other notes from this year, the obverse features a portrait of George Washington with a blue seal on the left side. The reverse features the distinctive “funnyback” design, characterized by a large “ONE” and repeated “one dollar” text.

In good condition, this note can fetch up to $4,500. Lower conditions of this certificate are worth around $40 to $100 depending on their quality and individual characteristics.

1928E $1 Silver Certificate

• Year: 1928
• Price based on condition:
  • High: $4,500
  • Low: $150

The third rarest in the 1928 series of silver certificates, the 1928C variant is another rare and enticing certificate for collectors. In excellent condition, these certificates can potentially be worth up to $4,500.

This certificate was the last of the 1928 series before the 1934 design change. Heavily circulated notes from this series can be worth around $150. In fine condition, they can be worth up to $500 and even more in uncirculated, pristine quality.

1878 $1,000 Silver Certificate

• Year: 1878
• Price based on condition:
  • High: $1,000+
  • Low: unknown

The $1,000 silver certificates from 1878 are exceptionally rare, which is why their value is hard to place. The 1878 series was one of the first silver certificates to be issued and features a portrait of William Marcy on the front.

As one of the highest denominations for silver certificates, this value and rarity make them appealing to collectors. In general, large-size silver certificates have a value range of $33.75 to hundreds of thousands of dollars. 

1880 $500 Silver Certificate 

• Year: 1880
• Price based on condition:
  • High: $576,000
  • Low: $1,310

Another extremely rare high-denomination certificate, the 1880 $500 silver certificate is as elusive as it is valuable. In 2021, one such certificate that was graded PMG 15 Choice Fine was offered at auction with an estimated value between $700,000 and $900,000.

This certificate features a portrait of Charles Sumner on the front. It stands as one of the rarest and most sought-after U.S. notes, with only two known examples surviving. One such note is on display in the collection of the Federal Reserve Bank of San Francisco.

1891 $1 “Martha Washington” Silver Certificate

• Year: 1891
• Price based on condition:
  • High: $18,000
  • Low: $80

The 1891 $1 silver certificate has a special place in U.S. monetary history. This note, nicknamed “Martha Washington,” is the first U.S. paper currency to feature a real woman as the central portrait rather than an allegorical figure. This unique design makes it highly collective and valuable among collectors. 

In lower grades, these notes can fetch around $100 to $300. The value increases greatly in uncirculated conditions, with some certificates fetching thousands of dollars.

1886 $5 “Silver Dollar Back” Certificate 

• Year: 1886
• Price based on condition:
  • High: $66,000
  • Low: $250

Known for its intricate and detailed design, the 1886 $5 certificate is one of the most highly prized and sought-after silver certificates for collectors. The design features a portrait of General and President Ulysses S. Grant on the front and five silver dollars on the reverse.

It’s thought that only around 50 examples of this note still exist, which adds to its high value. The aesthetic appeal of this note makes it enticing even for coin collectors, and lower-quality notes can still go for thousands of dollars at auction.

1923 $5 “Porthole” Silver Certificate 

• Year: 1923
• Price based on condition:
  • High: $24,000
  • Low: $585

The 1923 $5 “Porthole” silver certificate is considered one of the most attractive U.S. currencies. Its design features a circular portrait of Abraham Lincoln, hence the “porthole” nickname. It was also one of the last of the large-size silver certificates to be issued.

While this series isn’t as rare as others on this list, it is still relatively scarce, with only around 5,000 examples surviving today. Lower-grade notes can still fetch prices of around $1,000 and higher. 

If you’re interested in exploring more about high-value currency, take a look at our breakdown of the most valuable Morgan dollars.

Conclusion 

Silver certificates are among the most fascinating paper currencies for collectors. Their rich history and high value make them desirable to both seasoned collectors and those just starting out.

If you have silver certificates in your collection and want to know their value, consider getting a free appraisal for silver coins through Coinfully. You might be surprised at how much they’re worth!

You can also sell your coins online through our secure and straightforward platform, making it easier than ever to turn your rare notes and coins into cash.

Looking for a fast, hassle-free way to get your collection appraised? Try our free coin appraisal online service, where our experts provide a professional assessment with no obligation to sell.

References

• 1896 $1 Educational Series:
  • https://www.si.edu/object/1-dollar-silver-certificate-united-states-1896:nmah_1451676
• 1928C $1 Silver Certificate:
  • https://www.coins-paper-money.com/product-p/3674.htm
• 1928D $1 Silver Certificate:
  • https://www.silverrecyclers.com/blog/1928-one-dollar-silver-certificate.aspx
• 1878 $1,000 Silver Certificate:
  • https://en.wikipedia.org/wiki/File:US-%241000-SC-1878-FR-346a-PROOF.jpg