1922 $10 Gold Certificate

Description

The 1922 $10 Gold Certificate, often called the "Hillegas Note," is a large-size gold certificate issued by the U.S. Treasury and was the lowest denomination in the 1922 gold certificate series, originally redeemable in gold coin. Authorized on March 3, 1863, and first issued in 1865, Gold Certificates were originally used to settle gold accounts between banks and financial institutions. Despite nine issues, only four circulated publicly. These certificates, with their distinctive gold and orange backs, were issued in denominations ranging from $10 to $10,000, with a $100,000 note issued in 1934 exclusively for Federal Reserve Banks.

Initially, Gold Certificates acted as certificates of deposit, allowing people to exchange gold for paper currency. Their primary goal was to accumulate gold during the Civil War, though customs duties in gold eventually made this unnecessary. The certificates became popular with merchants and banks due to their convenience and lower transport costs.

In 1882, a new act gave the Secretary of the Treasury the authority to suspend Gold Certificate issuance if the gold reserve dropped too low, which happened during the 1893 banking panic. By 1907, the $10 Gold Certificate was introduced for public use.

The Great Depression and 1933 banking crisis led to the U.S. abandoning the gold standard, and Gold Certificates were removed from circulation. The Gold Reserve Act of 1934 made it illegal for private citizens to hold Gold Certificates, limiting their use to Federal Reserve Banks and the Treasury. In 1964, it became legal to own Gold Certificates again (except the 1934 series), allowing them to be traded by collectors."