<P> This meant that for every ounce of silver in the U.S. Treasury's vaults, the U.S. government could continue to issue money against it . These silver certificates were shredded upon redemption since the redeemed silver was no longer in the Treasury . With the world market price of silver having been in excess of $1.29 per troy ounce since 1960, silver began to flow out of the Treasury at an increasing rate . To slow the drain, President Kennedy ordered a halt to issuing $5 and $10 silver certificates in 1962 . That left the $1 silver certificate as the only denomination being issued . </P> <P> On June 4, 1963, Kennedy signed Public Law 88 - 36, which marked the beginning of the end for even the $1 silver certificate . The law authorized the Federal Reserve to issue $1 and $2 bills, and revoked the Silver Purchase Act of 1934, which authorized the Secretary of the Treasury to issue silver certificates (by now limited to the $1 denomination). Because it would be several months before the new $1 Federal Reserve Notes could enter circulation in quantity, there was a need to issue silver certificates in the interim . Because the Agricultural Adjustment Act of 1933 granted the right to issue silver certificates to the president, Kennedy issued Executive Order 11110 to delegate that authority to the Treasury Secretary during the transition . </P> <P> Silver certificates continued to be issued until late 1963, when the $1 Federal Reserve Note was released into circulation . For several years, existing silver certificates could be redeemed for silver, but this practice was halted on June 24, 1968 . </P> <P> Finally, President Richard Nixon announced that the United States would no longer redeem currency for gold or any other precious metal, forming the final step in abandoning the gold and silver standards . This announcement was part of the economic measures now known as the "Nixon Shock". </P>

When did we get off the silver standard