Greysheet Catalog Details (GSID: 61258)
According to Dustin Johnston of Heritage Auctions, "Collectors regard the Series 1933 $10 Silver Certificate as the 'King of the Silver Certificates.' Several factors contributed to its rarity. First, a mere 216,000 were printed, nearly 60,000 of which were destroyed before being issued. By comparison, the Bureau of Engraving and Printing produced about 800,000 notes every hour in 2021. Second, the 1933 $10 Silvers saw very limited distribution. Rather than being sent to the twelve Federal Reserve Banks nationwide to be issued into commerce channels, they were only issued out of the Treasury Cash Room in Washington, D.C., and for only eight months in 1934.

In 1933, Franklin D. Roosevelt signed an executive order banning public ownership of gold. Citizens had until May 1 to turn in their gold. Silver Certificates continued to be issued to help quell the public reaction to the Gold Act. However, the intention was never to print them in significant quantities. The government favored fiat money, which was not backed or redeemable by gold or silver. In the case of Series 1933 $10 Silvers, they were printed in minuscule numbers, so few even to impact the money supply.

The 1933 $10s are numismatically important because of their obligation clause, “This certificate is issued pursuant to…” is not found on any other note. It is the only design to feature 'Payable in silver coin to the bearer on demand.' While the government provided silver-backed notes, it did not want the general public to redeem them for physical silver. The clause was changed quickly, and there was a massive campaign to pull the notes from circulation.

Today, only about 80 examples are known. This number would be much lower were it not for the efforts of George Blake and Colonel E.H.R Green (son of Hetty Green), to collect the low serial numbered notes from the issue. At public auction, the Series 1933 $10s sell for $5,000 to over $100,000, depending on condition. By contrast, Series 1934 $10 Silver Certificates start around $15 and can be bought in high grades for a few hundred dollars."

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