The series of 18 were issued to specific payees as before. This was the case with all gold certificate series from that point on, with the exception of 1888, 1900, and 1934. The Series of 1882 was the first series that was uniformly payable to the bearer it was transferable and anyone could redeem it for the equivalent in gold.
The only exception was the $20 of 1865, which had a picture of a $20 gold coin. The reverse sides were either blank or featured abstract designs. Later issues (series 1870, 1871, and 1875) featured portraits of historical figures. They featured a vignette of an eagle uniformly across all denominations. The first gold certificates had no series date they were hand-dated and payable either to the bearer or to the order of a named payee. After 1879 the government started to redeem United States Notes at face value in gold, bringing them into parity with gold certificates and making the latter also a candidate for general circulation. The notes, as legal tender for most purposes, were the dominant paper currency until 1879 but were accepted at a discount in comparison to the gold certificates. Gold certificates, representing coins held physically in the Treasury, were instead provided for those purposes. To promote the flow of gold into the Treasury and maintain the credit of the government, the notes could not be used to pay customs duties or interest on the federal debt. The need for them arose from the limitations of the United States Notes. Gold certificates were first authorized under the Legal Tender Act of 1863, but unlike the United States Notes also authorized, they apparently were not printed until 1865. 4.1 Complete United States gold certificate type set.3.1 Series of 1934 Gold Certificates Modern usage by the Federal Reserve System.3 End of the Gold Certificate Era in the United States (March 1933).Thin vault stocks could force Indian buyers to pay hefty premiums to secure supplies, said a Mumbai-based bullion dealer with a bank.
GOLD BANK NOTE DRIVERS
After these festivals, the wedding season starts, which is one of the biggest drivers of gold purchases in India. Indians will celebrate Dussehra, Diwali and Dhanteras in October, when buying gold is considered auspicious. China's net gold imports via Hong Kong jumped nearly 40% to a more than four-year high in August. India's gold imports in September fell 30% from a year ago to 68 tonnes, while Turkish gold imports soared 543%. There is no comparison when we equate it with the Indian market," said the official, who declined to be named due to the bank's policy.
"Buyers in China and Turkey are right now paying a very high premium. "Banks will sell where they will get a higher price," said a Mumbai-based official with a leading bullion-supplying bank. That contrasts with the $20-45 premiums offered in top consumer China, helped by pent-up demand being released after COVID-related lockdowns, and $80 in Turkey, where gold imports have risen sharply against a backdrop of rampant inflation. Premiums were driven sharply lower by a now-closed loophole that led some Indian trading houses to import gold as lower-tariff platinum alloy, allowing some to even offer gold at a discount, Chanda Venkatesh, managing director of Hyderabad-based bullion merchant CapsGold, said. In India, premiums over the international gold price benchmark have slid to $1-$2 an ounce, against around $4 this time last year.
JPMorgan, ICBC and Standard Chartered declined to comment.
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