1922 $10 Large Size Gold Certificate // FR1173 // Speelman-White // PMG Certified VF30

Gold certificates were a form of United States paper money issued from 1863 to 1934. Each certificate entitled the bearer to the corresponding amount of gold coin at the statutory rate of $20.67 per troy ounce established by the Coinage Act of 1834. Like other forms of U.S. paper money, gold certificates were issued in a larger physical size from 1865 to 1928. Thereafter, the size was reduced to that of our present-day paper money. The backs of all large-size notes and the small sized notes of 1934 were orange in color, resulting in the nickname “yellow boys” or “goldbacks.”

In 1933, the practice of redeeming these notes for gold coin was ended by the U.S. government and it became illegal to possess gold certificates until the restriction was lifted in 1964. This illegality, combined with public fear that the notes would be devalued and made obsolete, resulted in most circulating notes being retired. For this reason, gold certificates are generally quite rare today and command significant collectible premiums. Offered here is a scarce 1922 example of a large-sized “yellow boy” that features the portrait of Michael Hillegas, the first Treasurer of the United States. You will receive the unique note shown in the photos, accompanied by a certificate of authenticity.