The January 1965 issue of Coins magazine featured a new column, “Coins’ News Digest,” which included a story about the retirement of the $1 Silver Certificates. “Amid reports that the Treasury Department had advised all Federal Reserve Banks to declare all the remaining silver certificates unfit, thus effecting a complete withdrawal of all silver certificates from eventual circulation, Numismatic News interviewed the Honorable William Howell, Deputy Treasurer of the United States,” “News Digest” recorded.
Silver Certificates, which allowed the bearer to redeem the notes in silver, were first issued in 1878. By late 1964, when the January 1965 issue of went to press, the series was coming to an end, and would soon be replaced by Federal Reserve Notes, which had no such precious metal redemption option. “Mr. Howell said that in order to insure that enough free silver [silver not used in the backing of Silver Certificates] is available at all
