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Gold certificates: the orange-seal note that was once good for gold coin
US gold certificates are paper that once paid in gold coin. Small-size 1928 and 1934 notes have an orange-gold seal. They are still legal tender at face. They are not gold, not a Goldback, and not the WWII North Africa yellow-seal silver certificate.
A gold certificate is a US note that said it was payable to the bearer in gold coin. Large-size notes run from the 1860s into the 1922 series. Small-size notes are 1928 and 1934, with an orange-gold seal and serials. Jackson is on the small-size $20. Gold and silver certificates explained. Silver certificates are still a dollar.
After the Gold Reserve Act of 1934, banks and the public had to turn gold certificates in. Holding them was restricted until 1964. They are legal to own now. They are still legal tender at face. The collector market sits on top of that dollar.
What this is not
It is not gold. You cannot walk it to a window and get a double eagle. It is not a modern Goldback or a private “gold note.” It is not the WWII North Africa yellow-seal silver certificate — that is a silver certificate with a yellow seal, a different emergency issue. Emergency money. HAWAII overprints.
Common vs the ones we pull
Small-size $10 and $20 gold certificates in worn circulated grades are collected, not a fortune. High denominations, star notes, and problem-free large-size notes do better. Counterfeits and “gold leaf” novelty prints exist. We look at paper, seal color, and the plate.
Extra history
Gold certificates were how the Treasury moved gold on paper so the coin could stay in a vault. The 1928 small-size redesign matched the new Federal Reserve note size. 1934 notes already live in the post-recall world — many stayed in banks.
What a shop pays
Face is the floor. A common worn $20 gold certificate is a collector type note, not melt (there is no melt). Torn, written-on, or tape: closer to face. How to read seals and series. Star notes.
People also ask
Can I cash it at the bank for gold? No. Face value only, as a dollar.
Is the orange seal the same as a gold coin? No. The seal is ink. The coin in the same drawer is a separate bid.
Are 1934 gold certificates illegal? No. Not since 1964.
Continue in the coin and money library. Related visitor guides: for shop visitors.