Friedberg 290 (W-1493). 1880 $10 Silver Certificate of Deposit. PCGS Currency Very Choice New 64.Offered is a remarkably well preserved example of this rare "Robert Morris" $10 variety, of which roughly 50 are known to exist. The catalog number displays a large red round Treasury Seal and blue serial numbers at lower left and upper right. The portrait of statesman Robert Morris is found at left, and the note features signatures of Bruce and Wyman. The black printed back design displays SILVER in large letters within an ornamental panel at center.pThis is the finest of 12 examples of the catalog number PCGS Currency has graded. It displays sharply printed inks and boldly colored overprints. The paper is bright and well margined. PMG has graded no examples finer than 45 EPQ.ppSilver Certificates of Deposit, per their official name, were antecedents to Silver Certificates. These did not circulate widely but seem to have been mostly held by banks and agencies. The basic motifs of the preceding type of 1878 were continued, but with changes in the overprint. The back remained unchanged. strongThe Silver Situation in the Mid-1870s/strongppAll was not well with the market for silver in the mid-1870s-events that led up to the 1878 Bland-Allison Act and the Silver Certificates of Deposit. New production of silver in Nevada, Colorado, and other Western areas, plus additions to overseas supplies precipitated a continuing worldwide decline in its price during this era. This reduced the profits of silver mines and refiners and led to an economic recession in some areas. Not helping matters was the discovery of vast new silver deposits in Colorado in particular, but also in other Western states. Increasingly, silver became a popular political subject. ppppAs mentioned earlier, silver coins were absent from circulation in the East and Midwest until Legal Tender Notes achieved parity with them in April 1876. The Treasury anticipated a great demand for silver dimes, quarters, and half dollars and minted large quantities to take care of the silver rush.ppppIt did not happen.ppppVast amounts of older silver coins that had been hoarded since spring 1862 flooded the market. New coins were not needed. In addition, citizens who had preferred "hard money" earlier were now perfectly willing to use $1, $2, and other Legal Tender and National Bank Notes instead of a pocket jingling with heavy coins. Because of this vast oversupply of silver coins, mintages of dimes, quarters, and half dollars plunged after 1878.pppp
