The act of Feb. 28, 1878, provided that any holder of standard silver dollars might deposit them in sums not less than $10 with the Treasurer or any assistant treasurer of the United States and receive certificates therefor, in denominations not less than $10, which certificates should be receivable for customs, taxes, and all public dues. They are not "legal tender." The Act of Aug. 4, 1886, provided for the issue of denominations of $1, $2, and $5. These silver certificates have largely taken the place in circulation of the standard silver dollars, which they represent.

The Treasurer of the Philippine Islands is authorized, in his discretion, to receive deposits of standard silver coins of one "peso" (see that subject) in sums of not less than 20 "esos," and to issue "silver certificates" in exchange therefor in denominations not less than two nor more than ten "pesos." The coin so deposited must be retained in the treasury and held only for the payment of such certificates on demand. These certificates are receivable for customs, taxes, and all public dues in the Philippine Islands, and may be reissued when so received. When held by any banking association in the Islands they may be counted as a part of its " lawful reserve." 1