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50 Dollars Gold Certificate, Gold Seal left
| Issuer | United States Treasury |
|---|---|
| Year | 1928 |
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| Reference(s) | P#402 |
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|---|---|
| Obverse lettering | THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OF GOLD This certificate is a legal tender in the amount thereof in payment of all debts and dues public and private. CERTIFICATE WASHINGTON, D.C. GRANT THE UNITED STATES OF AMERICA FIFTY DOLLARS IN GOLD COIN PAYABLE TO THE BEARER ON DEMAND |
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| Reverse lettering | THE UNITED STATES OF AMERICA U.S. CAPITOL FIFTY DOLLARS |
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| Comments |
Gold Certificates of the 1928 series were payable to the bearer in gold coin on demand — a promise the government honored until April 1933, when Executive Order 6102 required most Americans to surrender their gold holdings, including Gold Certificates, to Federal Reserve Banks at the fixed rate of $20.67 per troy ounce. Continued private possession became illegal under the same order, and the certificates were formally demonetized. Legal private ownership wasn't restored until 1964, by which point enormous quantities had already been destroyed or surrendered.
The Mellon signature dates this note to before his resignation as Treasury Secretary in February 1932. Woods served as Treasurer from 1921 to 1928, making the precise signing window quite narrow.