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A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a US paper currency (1882-1933) and a current meaning as a way to invest in gold. more...

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Perth Mint

The Perth Mint Certificate Program (PMCP) is currently the only government guaranteed gold certificate program in the world.

Historic US gold certificates (1882-1933)

The gold certificate was used from 1882 to 1933 in the United States as a form of paper currency. Each certificate gave its holder title to its corresponding amount of gold coin. Therefore, this type of paper currency was intended to represent actual gold coinage. In 1933 the practice of redeeming these notes for gold coins was ended by the U.S. government and until 1964 it was actually illegal to possess these notes (in 1964 these restrictions were lifted, primarily to allow collectors to own examples legally, however the issue technically converted to standard 'legal tender' with no connection to gold).

Gold certificates were issued in the pre-modern era of U.S. paper money before 1928. When U.S. paper money was modernized (made smaller, as we know it today, with fewer variations or 'types') in 1928, gold certificates discontinued to be issued.

When the U.S. was taken off the gold standard in 1933, gold certificates were withdrawn from circulation. As noted above, it was illegal to own them. That fact, and public fear that the notes would be devalued and made obsolete, resulted in the majority of circulating notes being retired. In general, the notes are scarce and valuable, especially examples in 'new' condition.

The early history of United States gold certificates is somewhat hazy. They were authorized under the Act of March 3rd, 1863, but unlike the United States Notes also authorized, they apparently were not printed until 1865. They did not have a series date, and were hand-dated upon issue. "Issue" meant that the government took in the equivalent value in gold, and the first several series of Gold Certificates promised to pay the amount only to the depositor, who was explicitly identified on the certificate itself. The first issue featured a vignette of an eagle uniformly across all denominations. Several later issues (series 1870, 1871, and 1875) featured various portraits of historical figures. The reverse sides were either blank or featured abstract designs. The only exception was the $20 of 1865, which had a picture of a $20 gold coin.

The Series of 1882 was the first series that was payable to the bearer - namely, it was transferable and anyone could redeem it for the equivalent in gold. This was the case with all gold certificate series from that point on, with the exception of 1888, 1900, and 1934. The series of 1888 and 1900 were issued to specific depositors, as before. The series of 1882 had the same portraits as the series of 1875, but a different back design, featuring a series of eagles, as well as complex border work.

Read more at Wikipedia.org