I can’t speak to silver, but I know that gold had two important dates—there was 1933, when FDR banned private gold ownership, and then there was IIRC 1971, when Bretton Woods collapsed and Nixon formally ended gold convertibility. For the decades in between, gold notes were formally convertible, but not to ordinary citizens, only to banks(generally, foreign central banks).
When did we stop honoring silver notes, again? Wasn’t it in the 70′s?
I can’t speak to silver, but I know that gold had two important dates—there was 1933, when FDR banned private gold ownership, and then there was IIRC 1971, when Bretton Woods collapsed and Nixon formally ended gold convertibility. For the decades in between, gold notes were formally convertible, but not to ordinary citizens, only to banks(generally, foreign central banks).
The ban on gold wasn’t indefinite, IIRC. It doesn’t much matter though.
It wasn’t repealed until the Ford administration.
June 24, 1968, if you trust Wikipedia.