To respond to the concern and reprobation of the producers and speculators of silver, a new Act requires in 1878 that the Treasury buys between $ 2 million and 4 million silver bullion per month. These purchases are paid by a new paper currency, the Silver Certificate of Deposit, immediately issued in six denominations of $ 10 to $ 1000 and known with the descriptive nickname of Black back.
A new series was issued in 1880 with minor modifications including the color of the seal. At the beginning of the same year the counter signing by the receiver of the deposit is abandoned.
The surviving copies of the highest denominations are extremely rare. Joel R. Anderson has achieved the feat of gathering a complete collection of the six denominations of the 1880 series. These silver certificates will be sold in separate lots by Stack's Bowers in Philadelphia on August 16.
The Friedberg nomenclature takes into account the combinations of the printed signatures of the Register of the Treasury and of the Treasurer of the United States. The Friedberg census records for the $ 500 certificate one countersigned 1878 and seven of the 1880 series divided between the Bruce-Gilfilan signatures in force from 1881 to 1883 and the Bruce-Wyman applied from 1883 to 1885.
The $ 500 certificate of the next sale is estimated $ 700K, lot 2039. This Bruce-Gilfilan (Friedberg 345c) is graded Very Fine 20 by PCGS. It was sold for $ 480K including premium by Lyn Knight in October 2005. It is one of the three remaining in private hands : two 345c and one 345d Bruce-Wyman.
Friedberg records for the $ 1000 certificate five copies of the 1880 series, all of them in the Bruce-Wyman configuration. The $ 1000 certificate of the next sale is estimated $ 800K, lot 2041. This Bruce-Wyman (Friedberg 346d) is graded Very Fine 25 by PCGS. It was sold for $ 670K including premium by Lyn Knight in October 2005. It is one of the two remaining in private hands. No $ 1000 from the 1878 series has survived.
RESULTS INCLUDING PREMIUM :
$ 1000 : SOLD for $ 1.02M
$ 500 : SOLD for $ 750K