We Buy Currency & Notes.
La Jolla Coin Shop is also an enthusiastic BUYER of rare coins, currency and precious metals! Platinum! Gold! Silver! No collection is too big or too small. We warmly invite you to bring in your items for our professional evaluation and offer.
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the exchange of goods. Early money used by people is referred to as "Odd and Curious", but the use of other goods in barter exchange is excluded, even where used as a circulating currency.
The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States". Congress has exercised that power by authorizing Federal Reserve Banks to issue Federal Reserve Notes. Federal Reserve Notes are designated by law as "legal tender" for the payment of debts. Congress has also authorized the issuance of more than 10 other types of banknotes, including the United States Note and the Federal Reserve Bank Note. The Federal Reserve Note is the only type that remains in circulation since the 1970s.
Previous types of U.S. currency included early American or Colonial Currency, National Currency and Legal Tender Notes. These forms of paper curency were created in response to the various crisises of their times ranging from rampant fraud to paying for the Civil War. Paper currency has gone from being backed by the word of the governement, to being backed by precious metals such as gold (i.e. Gold Certificate) and then
silver (i.e. Silver Certificate), and again backed by simply the word of the government as today.
Silver Certificates are a type of representative money printed from 1878 to 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard. The certificates were initially redeemable in the same face value of silver dollar coins, and later in raw silver bullion. Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but are still valid legal tender and more importantly sought after by currency collectors.
The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the signature of the Treasurer of the United States and the United States Secretary of the Treasury. At the time of the Federal Reserve's creation, the law provided for notes to be redeemed to the Treasury in gold or "lawful money." The latter category was not explicitly defined, but included United States Notes, National Bank Notes, and certain other notes held by banks to meet reserve requirements, such as clearing certificates. The Emergency Banking Act of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value. Present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the legal requirement that they are issued against collateral.