My Dollar Bill has a Red Spot! (image)

[WoodenJefferson]

A bit off topic, but still US currency related by things you see and observe when dealing with our currency, be it coin or be it paper.

 

 

In 1969 on the island of Okinawa, we started seeing stamped on the faces of US dollar bills, red ink dots. At the time, we thought nothing of it, you often find currency with graffiti on it, so it was nothing out of the ordinary. The currency of Okinawa was converted from the Yen (Japanese) to the US system not long after WWII, so there was still a lot of old currency floating around the island, plenty of time for unique things to occur.

 

More and more of these red dots stared to appear on our dollars as well as other denominations. We also noted that this red dot was only placed upon the "Silver Certificate" series of 1957. Aha!!! I went to the Credit Union and inquired about these mysterious dots on my money and was told the US Federal Government requested a count of "Silver Certificates" on the island so the appropriate amount of Reserve notes could be put back into circulation as soon as the now noticeable counted (red dotted) "Silver Certificate" notes could be removed.

 

Sure enough, there were three locals (Okinawans) sorting through stacks of bills at a table over in the corner. Each one had a red inked stamp pad and a host of pencils. As they came across a Silver Certificate in the stack, they would occasionally dip the eraser into the red ink pad and stamp them. All the dots were positioned at one end of the bill, the shuffling of going though a stack of dollars was done in nothing flat.

 

It was furtherer explained to me that since our monetary system was an integral part of the closed local economy, (remember, it's an island) a balance had to be maintained so there would be no shortage of paper money once the "Silver Certificates" were removed from circulation. Rather than having to re-examine the bills after the count, these red dot bills could be easily removed and sent back to the US mainland for shredding.

 

I saved this one and still have it to this day, just more history behind our ever changing money.

 

1957 Ivy Baker Priest - Robert B. Anderson 2,916,640,000

 

 

Bit of history to refresh even my memory.

 

In March 1964, Secretary of the Treasury C. Douglas Dillon halted redemption of Silver Certificates for Silver Dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. Silver Certificates were abolished by Congress on June 4, 1963 and all redemption in silver ceased on June 24, 1968. Paper currency is still valid legal tender without the Silver Certificate, instead being backed simply by the strength of the U.S. economy. According to the U.S. treasury, "The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.

[MunkyMan95]

Wow, that's great! A lot of history in that bill. Great info

[DaveG]

Interesting story!

 

If you look at the Silver Certificates, you can see that the obligation changes from "One Silver Dollar Payable to the Bearer" for the Series 1928 and earlier Certificates to "One Dollar in Silver Payable to the Bearer" for the Series 1934 and later Certificates to reflect that silver dollars were no longer being minted.

[rrantique]

I spent some time there in "Koza" myself Woody. Don't remember how much money in cash i picked up from finance center in a cardboard box. Payroll for the Group,around

3/4 million$ nothing smaller than a $5 bill. Did see a nice Saint there for around $100.

Wished i had got the Saint and left Koza alone.