1.
BUYING, SELLING & REDEEMING
1.1
I have some currency that was damaged. My
bank will not exchange it for undamaged currency. What can
I do?
1.2 How do I purchase sheets of uncut paper
currency through the mail?
1.3 Does the Treasury Department sell shredded
paper currency? Where can I buy it?
1.4 I have an old currency note. Can you tell
me what it is worth? (see also valuing)
1.5 I have a $1,000 currency note from the
Bank of the United States. It is dated December 15, 1840
and has the serial number "8894." Can you tell me what it
is worth now and where I can cash it in?
1.6 I have some old silver certificates. How
can I trade them in for silver dollars?
1.7 I have some old gold certificates and
would like to trade them in for gold. What should I do?
2.
DENOMINATIONS
2.1 What denominations of currency are in
circulation today? Will any new denominations be produced?
2.2 What was the highest denomination of United
States currency ever produced?
2.3 What denominations of currency notes is
Treasury Department no longer printing?
2.4 Did the Treasury Department ever produce
$1 million currency note? I have one I want to know about.
2.5 Why did the Treasury Department remove
the $2 bill from circulation?
2.6 What is a star note?
3.
LEGAL TENDER STATUS
3.1 I thought that United States currency
was legal tender for all debts. Some businesses or governmental
agencies say that they will only accept checks, money orders
or credit cards as payment, and others will only accept
currency notes in denominations of $20 or smaller. Isn't
this illegal?
3.2 What are Federal Reserve notes and how
are they different from United States notes?
3.3 What are United States Notes and how are
they different from Federal Reserve notes?
4.
PORTRAITS AND DESIGNS
4.1 Why were certain individuals chosen to
be pictured on our paper currency?
4.2 What portraits are found on United States
paper currency that is in circulation today? Whose portraits
were included on currency notes that are no longer produced?
4.3 What is the significance of the symbols
on the back of the one-dollar bill? I'm particularly interested
in the eye and the pyramid.
4.4 What is the significance of the series
date on our currency? Doesn't the date change each year
as it does with coins?
4.5 What States are shown on the back of the
five-dollar bill?
4.6 What make and model of cars are shown
on the ten-dollar bill?
4.7 Is the Treasury Department going to change
the designs on our paper money?
5.
PRODUCTION & CIRCULATION
5.1 How much paper currency does the Treasury
Department print every day? Where is it printed?
5.2 What can you tell me about the paper that
is used to make our currency notes? I'm also interested
in the size and weight of the notes.
5.3 Why are United States paper currency notes
printed using green ink?
5.4 I believe that the Treasury Department
should add braille markings to our currency to help the
visually impaired. Are there any plans to do this?
5.5 Can the Treasury Department produce a
special series of currency to honor a distinguished person
or special event? This is done frequently with our coins.
5.6 How much does it cost to produce US currency and paper money?
6.
VALUING
6.1
What is my bill worth?
6.2 What books or magazines can I buy that
will tell me the value of my currency?
1.
BUYING, SELLING & REDEEMING
1.1
I have some currency that was damaged. My bank will not
exchange it for undamaged currency. What can I do?
You will be interested to know that the Bureau
of Engraving and Printing (BEP), through its Office
of Currency Standards, processes all reimbursement for damaged
United States currency. They decide the redemption value
of torn or otherwise unfit currency by measuring the portions
of the notes submitted. Generally, they reimburse the full
face value if clearly more than one-half of the original
note remains. Currency fragments measuring less than one-half
are not redeemable.
If
you feel that the currency you have clearly meets these
standards, then you should forward it to the Department
of the Treasury, Bureau of Engraving and Printing, Office
of Currency Standards (OCS), Room 344-PD, Post Office Box
37048, Washington, D.C. 20013. You can now also visit the
OCS on-line to get complete information about handling unfit
currency notes. Upon receipt, the OCS will examine the currency
to decide its authenticity and suitability for redemption.
They will notify you directly of their findings. Unfortunately,
it is impossible to predict how long this procedure will
take, due to varying workloads. However, they make every
effort to speed up shipments when possible.
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1.2 How do I purchase sheets of
uncut paper currency through the mail?
The Bureau of Engraving and Printing (BEP) operates a mail
order division and has been selling uncut sheets of currency
through the mail since October 26, 1981. In addition, the
BEP participates in numismatic and philatelic shows located
throughout the country where they offer uncut currency for
sale. You can now access the BEP
store and purchase several currency related products. Many sellers on eBay also offer uncut currency for sale.
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1.3 Does the Treasury Department
sell shredded paper currency? Where can I buy it?
Yes. The Bureau
of Engraving and Printing (BEP) destroys currency notes
that are found to be imperfect during the printing process.
The BEP packages small bags of shredded currency from the
destroyed new currency, and sells these bags as mementos
to visitors at the BEP's Washington, DC and Fort Worth, TX Visitor Centers. The BEP also sells five pound bags
of shredded currency through the mail. Orders can be placed
on the BEP's
website or by calling 1-800-456-3408.
The
Federal Reserve System destroys worn currency notes at some
of its various banks located throughout the country. Shredded
currency is available only from certain Federal Reserve
Banks. They sell it only under contract to buyers who will
purchase the entire residue for at least a one year period.
It is not readily available for distribution or for sale
in small quantities to individuals because of operational
difficulties and excessive administrative work for Federal
Reserve Banks.
The
Treasury Department approves the use of shredded currency
in certain circumstances. One permitted use is recycling
it (mixing it with other materials) to form a useful manufactured
product such as roofing shingles or insulation. In addition,
the shredded currency may be placed in firmly sealed containers
as novelty items like pens, ornaments and jewelry. However,
the Treasury will allow companies or other parties to sell
the shredded currency in its original form or where it is
readily not recoverable.
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1.4 I have an old currency note.
Can you tell me what it is worth? I would like to sell it.
Many sources are available to help you value an old currency note. Use our United States Currency Price Guide for a quick approximation of value. For additional resources, please see our books/magazines page and our links to currency dealers.
Currency dealers and collectors consider the condition, series date, denomination, production totals, and other factors when evaluating currency notes to figure out their numismatic value. Each note is different from every other. In addition, grading is not an exact science, varying from dealer to dealer. Therefore, it is possible to have the same note appraised at significantly different values. There is sometimes a wide range (both above and below the market price) in the values quoted when buying and selling currency notes. This also may be due to the dealer's current inventory and the availability of similar notes in the marketplace.
Another great resource for accurate pricing is searching eBay's Paper Currency category for complete auctions similar to your bill.
Our value estimator is meant only to be a general reference for commonly encountered United States notes and is no way meant to be an exhaustive price guide. Like many collectibles, there are many particulars that can have a significant effect on value. We've attempted to show a sampling of realistic values such as you might find on eBay. However, when buying or selling, we advise you research carefully, consult experts when possible, and do not rely solely on this guide. No guarantee is made as to its accuracy. Please note papermoneyguide.com does not buy or sell currency.
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1.5 I have a $1,000 currency note
from the Bank of the United States. It is dated December
15, 1840 and has the serial number "8894." Can
you tell me what it is worth now and where I can cash it
in?
Currency notes from the Bank of the United States are something
that we have seen many times. It is important to note, first,
that the Treasury Department did not issue notes intended
for circulation as currency until 1862. This being the case,
these notes are not obligations of the United States Government.
You
may be interested in a brief history of the Bank of the
United States. Our research has shown that the "first"
Bank of the United States was founded in 1791 and existed
until 1811; the "second" bank operated from 1816-1836.
The United States Government held 20 percent of the Bank
stock, named five of the 25 trustees, and granted the charter
to the Bank.
In
1836, however, President Andrew Jackson vetoed a bill to
renew the Bank's charter, withdrew United States Treasury
funds from the Bank, and ceased all United States Government
involvement in the Bank's operations. In 1837, the trustees
of the Bank secured a charter from the State of Pennsylvania.
Then, they paid the United States Government for its outstanding
interest and swapped old stock for new stock on a one-to-one
share basis. The Bank's name changed to the Bank of the
United States of Pennsylvania.
After
1837, the history of the Bank was very rocky. On February
4, 1841, the Bank closed its doors. This action left many
creditors, including the London Merchant Bank, Baring Brothers,
and the Rothschild family, with over $25 million in claims.
They were lucky to receive one-third value for their claims.
Because
the Treasury Department did not issue these notes, they
have no way of verifying their authenticity or figuring
out their value. It is likely, though, that the is part
of a series of antiqued reproductions issued in various
denominations and forms for use in advertising campaigns.
The most popular of these bear the serial number 8894. These
notes are so widespread that they were the subject of an
August 5, 1970, article in COIN
WORLD.
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1.6 I have some old silver certificates.
How can I trade them in for silver dollars?
On March 25, 1964, C. Douglas Dillon, the 57th Secretary
of the Treasury announced that silver certificates would
no longer be redeemable in silver dollars. This decision
was pursuant to the Act of June 4, 1963 (31 U.S.C. 405a-1).
The Act allowed the exchange of silver certificates for
silver bullion until June 24, 1968. This was the deadline
set by the Congress. Since that date, there has been no
obligation to issue silver in any form in exchange for these
certificates. You may be interested to know that the Congress
took this action because there were approximately three
million silver dollars remaining in the Treasury Department's
vaults. These coins had high numismatic values, and there
was no way to make an equitable distribution of them among
the many people holding silver certificates.
Silver
certificates are still legal tender and do still circulate
at their face value. Depending upon the age and condition
of the certificates, however, they may have a numismatic
value to collectors and dealers.
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1.7 I have some old gold certificates
and would like to trade them in for gold. What should I
do?
Gold certificates were withdrawn from circulation along
with all gold coins and gold bullion as required by the
Gold Reserve Act of 1934. Gold certificates circulated until
December 28, 1933. That is when the President ordered private
owners of gold certificates to deliver their notes to the
Treasurer of the United States by midnight on January 17,
1934. It was then illegal to hold gold certificates. C.
Douglas Dillon, the 57th Secretary of the Treasury, removed
the restrictions on the acquisition or holding of these
notes on April 24, 1964.
Under
31 U.S.C. 5118(b) as amended, "The United States Government
may not pay out any gold coin. A person lawfully holding
United States coins and currency may present the coins for
currency . . . for exchange (dollar for dollar) for other
United States coins and currency (other than gold and silver
coins) that . . ." citizens may lawfully own. Although
gold certificates are no longer produced and are not redeemable
in gold, they still maintain their legal tender status.
You may redeem the notes you have through the Treasury Department
or any financial institution. The redemption, however, will
be at the face value on the note. These notes may, however,
have a "premium" value to coin and currency collectors
or dealers.
2.
DENOMINATIONS
2.1
What denominations of currency are in circulation today?
Will any new denominations be produced?
The present denominations of our currency in production are $1, $2, $5, $10, $20, $50 and $100. The purpose of the United States currency system is to serve the needs of the public and these denominations meet that goal. The present currency in circulation satisfies the public at large, and the Bureau of Engraving and Printing (BEP) has no plans to change the denominations in use today. Denominations greater than $100 ceased production in 1969.
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2.2 What was the largest currency
denomination ever produced?
The largest denomination of currency ever printed by the Bureau of Engraving and Printing (BEP) was the $100,000 Series 1934 Gold Certificate featuring the portrait of President Wilson. These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury Department. The notes were used only for official transactions between Federal Reserve Banks and were not circulated among the general public. To view samples of high denomination currency, view these listings on eBay.
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2.3 What denominations of currency
notes is the Treasury Department no longer printing?
On July 14, 1969, David M. Kennedy, the 60th Secretary of
the Treasury, and officials at the Federal Reserve Board
announced that they would immediately stop distributing
currency in denominations of $500, $1,000, $5,000 and $10,000.
Production of these denominations stopped during World War
II. Their main purpose was for bank transfer payments. With
the arrival of more secure transfer technologies, however,
they were no longer needed for that purpose. While these
notes are legal tender and may still be found in circulation
today, the Federal Reserve Banks remove them from circulation
and destroy them as they are received. To view samples of high denomination currency, view these listings on eBay.
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2.4 Did the Treasury Department
ever produce a $1 million currency note? I have one that
I want to know about.
The United States has never issued a $1 million note. While you may find one in circulation or selling on the internet, they are not official United States currency notes manufactured by our Bureau of Engraving and Printing (BEP). As such, they are not redeemable by the Department of the Treasury. Most are simply collectibles or novelty items produced to celebrate an occasion or make a political statement. Such bills do not assert that they are legal tender. However, the Federal Reserve has declared them legal to print or own because they are not infringing on a genuine issue of US currency.
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2.5 Why did the Treasury Department
remove the $2 bill from circulation?
Contrary to the impression of many people, the Treasury Department did not stop circulating the $2 bill. On September 12, 1996, Robert E. Rubin, the 70th Secretary of the Treasury, was presented with a new series $2 bill. The Series 1995 notes were printed at the Bureau of Engraving and Printing's (BEP) Western Currency Facility and bear the seal of the Federal Reserve Bank of Atlanta.
The $2 bill remains one of our circulating currency denominations. According to BEP statistics, 590,720,000 Series 1976 $2 bills were printed and as of February 28, 1999, there was $1,166,091,458 worth of $2 bills in circulation worldwide.
The key for successfully circulating the two-dollar bill is for retailers to use them just like any other denomination in their daily operations. In addition, most commercial banks will readily supply their retail customers with these bills if their customers request them in sufficient volume to justify stocking them in their vaults. However, neither the Treasury Department nor the Federal Reserve System can force the distribution or use of any denomination of currency on banks, businesses or individuals.
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2.6 What is a star note?
A star note is a note with a "*" in the prefix or suffix of the serial number. A Star Note is typically used as a replacement for a note found to be defective or otherwise damaged during the printing process to maintain the correct number of notes in a specific print run. Because Star Notes are replacements for errors made in the printing process, they are much more uncommon than "normal" notes, and are therefore popular with collectors. To find star notes, browse eBay listings.
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3.
LEGAL TENDER STATUS
3.1 I thought that United States
currency was legal tender for all debts. Some businesses
or governmental agencies say that they will only accept
checks, money orders or credit cards as payment, and others
will only accept currency notes in denominations of $20
or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question
is the Coinage Act of 1965, specifically Section 31 U.S.C.
5103, entitled "Legal tender," which states: "United
States coins and currency (including Federal reserve notes
and circulating notes of Federal reserve banks and national
banks) are legal tender for all debts, public charges, taxes,
and dues."
This
statute means that all United States money as identified
above are a valid and legal offer of payment for debts when
tendered to a creditor. There is, however, no Federal statute
mandating that a private business, a person or an organization
must accept currency or coins as for payment for goods and/or
services. Private businesses are free to develop their own
policies on whether or not to accept cash unless there is
a State law which says otherwise. For example, a bus line
may prohibit payment of fares in pennies or dollar bills.
In addition, movie theaters, convenience stores and gas
stations may refuse to accept large denomination currency
(usually notes above $20) as a matter of policy.
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3.2 What are Federal Reserve notes
and how are they different from United States notes?
Federal Reserve notes are legal tender currency notes. The
twelve Federal Reserve Banks issue them into circulation
pursuant to the Federal Reserve Act of 1913. A commercial
bank belonging to the Federal Reserve System can obtain
Federal Reserve Notes from the Federal Reserve Bank in its
district whenever it wishes. It must pay for them in full,
dollar for dollar, by drawing down its account with its
district Federal Reserve Bank.
Federal
Reserve Banks obtain the notes from the Bureau of Engraving
and Printing (BEP). It pays the BEP for the cost of producing
the notes, which then become liabilities of the Federal
Reserve Banks, and obligations of the United States Government.
Congress
has specified that a Federal Reserve Bank must hold collateral
equal in value to the Federal Reserve notes that the Bank
receives. This collateral is chiefly gold certificates and
United States securities. This provides backing for the
note issue. The idea was that if the Congress dissolved
the Federal Reserve System, the United States would take
over the notes (liabilities). This would meet the requirements
of Section 411, but the government would also take over
the assets, which would be of equal value. Federal Reserve
notes represent a first lien on all the assets of the Federal
Reserve Banks, and on the collateral specifically held against
them.
Federal
Reserve notes are not redeemable in gold, silver or any
other commodity, and receive no backing by anything. This
has been the case since 1933. The notes have no value for
themselves, but for what they will buy. In another sense,
because they are legal tender, Federal Reserve notes are
"backed" by all the goods and services in the
economy.
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3.3 What are United States Notes
and how are they different from Federal Reserve notes?
United States Notes (characterized by a red seal and serial
number) were the first national currency, authorized by
the Legal Tender Act of 1862 and began circulating during
the Civil War. The Treasury Department issued these notes
directly into circulation, and they are obligations of the
United States Government. The issuance of United States
Notes is subject to limitations established by Congress.
It established a statutory limitation of $300 million on
the amount of United States Notes authorized to be outstanding
and in circulation. While this was a significant figure
in Civil War days, it is now a very small fraction of the
total currency in circulation in the United States.
Both
United States Notes and Federal Reserve Notes are parts
of our national currency and both are legal tender. They
circulate as money in the same way. However, the issuing
authority for them comes from different statutes. United
States Notes were redeemable in gold until 1933, when the
United States abandoned the gold standard. Since then, both
currencies have served essentially the same purpose, and
have had the same value. Because United States Notes serve
no function that is not already adequately served by Federal
Reserve Notes, their issuance was discontinued, and none
have been placed in to circulation since January 21, 1971.
The
Federal Reserve Act of 1913 authorized the production and
circulation of Federal Reserve notes. Although the Bureau
of Engraving and Printing (BEP) prints these notes, they
move into circulation through the Federal Reserve System.
They are obligations of both the Federal Reserve System
and the United States Government. On Federal Reserve notes,
the seals and serial numbers appear in green.
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4.
PORTRAITS AND DESIGNS
4.1
Why were certain individuals chosen to be pictured on our
paper currency?
As with our nation's coinage, the Secretary of the Treasury
usually selects the designs shown on United States currency.
Unless specified by an Act of Congress, the Secretary generally
has the final approval. This is done with the advice of
Bureau of Engraving and Printing (BEP) officials. In addition,
the Commission on Fine Arts reviews all of the designs.
The
law prohibits portraits of living persons from appearing
on Government Securities. Therefore, the portraits on our
currency notes are of deceased persons whose places in history
the American people know well.
The
basic face and back designs of all denominations of our
paper currency in circulation today were selected in 1928,
although they were modified to improve security against
counterfeiting starting in 1996. A committee appointed to
study such matters made those choices. The only exception
is the reverse design of the one-dollar bill. Unfortunately,
however, BEP records do not suggest why certain Presidents
and statesmen were chosen for specific denominations.
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4.2 What portraits are found on
United States paper currency that is in circulation today?
Whose portraits were included on currency notes that are
no longer produced?
United States currency notes now in production bear the
following portraits: George Washington on the $1 bill, Thomas
Jefferson on the $2 bill, Abraham Lincoln on the $5 bill,
Alexander Hamilton on the $10 bill, Andrew Jackson on the
$20 bill, Ulysses S. Grant on the $50 bill, and Benjamin
Franklin on the $100 bill.
There
are also several denominations of currency notes that are
no longer produced. These include the $500 bill with the
portrait of William McKinley, the $1,000 bill with a portrait
of Grover Cleveland, the $5,000 bill with a portrait of
James Madison, the $10,000 bill with a portrait of Salmon
P. Chase, and the $100,000 currency note bearing a portrait
of Woodrow Wilson.
Small size United States currency notes bear the following portraits:
| Denomination |
Portrait |
Design on Back |
$1 |
Washington |
Great Seal of the US |
$2 |
Jefferson |
Monticello |
$5 |
Lincoln |
Lincoln Memorial |
$10 |
Hamilton |
United States Treasury |
$20 |
Jackson |
The White House |
$50 |
Grant |
United States Capitol |
$100 |
Franklin |
Independence Hall |
$500* |
McKinley |
Five Hundred |
$1000* |
Cleveland |
One Thousand |
$5000* |
Madison |
Five Thousand |
$10,000* |
Chase |
Ten Thousand |
$100,000* |
Wilson |
One Hundred Thousand |
*Production discontinued in 1969
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4.3 What is the significance of
the symbols on the back of the one-dollar bill? I'm particularly
interested in the eye and the pyramid.
The eye and the pyramid shown on the reverse side of the
one-dollar bill are in the Great Seal of the United States.
The Great Seal was first used on the reverse of the one-dollar
Federal Reserve note in 1935. The Department of State is
the official keeper of the Seal. They believe that the most
accurate explanation of a pyramid on the Great Seal is that
it symbolizes strength and durability. The unfinished pyramid
means that the United States will always grow, improve and
build. In addition, the "All-Seeing Eye" located
above the pyramid suggests the importance of divine guidance
in favor of the American cause. The inscription ANNUIT COEPTIS
translates as "He (God) has favored our undertakings,"
and refers to the many instances of Divine Providence during
our Government's formation. In addition, the inscription
NOVUS ORDO SECLORUM translates as "A new order of the
ages," and signifies a new American era.
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4.4 What is the significance of
the series date on our currency? Doesn't the date change
each year as it does with coins?
Each time the design on our paper currency notes changes,
a new series date appears on the face of the bill. This
shows the year that the design change occurred. The series
date on currency notes does not change each calendar year
as it does on coins, but only when there is a major revision
in the basic design. The capital letter following the series
year shows that a minor design change was authorized in
a particular series. Such a change occurs after the appointment
of a new Secretary of the Treasury or Treasurer of the United
States. At this time, the signature(s) found on the notes
also change. A change in only one signature is a minor revision.
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4.5 What States are shown on the
back of the five-dollar bill?
The vignette on the reverse of the five-dollar bill depicts
the Lincoln Memorial. You may be aware that, engraved on
that Memorial are the names of the 48 states in 1922, which
was the year the Memorial was dedicated. There are engravings
of 26 State names on front of the building, which appears
on the note vignette. As a result, only 26 of the States
appear on the note.
The
upper frieze of the Memorial bears the States of Arkansas,
Michigan, Florida, Texas, Iowa, Wisconsin, California, Minnesota,
Oregon, Kansas, West Virginia, Nevada, Nebraska, Colorado,
and North Dakota. The lower Frieze lists the States of Delaware,
Pennsylvania, New Jersey, Georgia, Connecticut, Massachusetts,
Maryland, Virginia, and New York. In addition, the engravings
show the abbreviated names "Hampshire" (for New
Hampshire) and "Carolina" (for South Carolina).
We have no information why the prefixes for these states
were not used.
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4.6 What make and model of cars
are shown on the ten-dollar bill?
There are four cars represented on the reverse of the ten-dollar
bill. None of these automobiles are of any specific year,
make, or model, but rather a composite representation of
the style of automobiles manufactured in the early 1920s.
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4.7 Is the Treasury Department
going to change the designs on our paper money?
Most people are now aware that the Bureau of Engraving and
Printing (BEP) issued newly-designed currency notes beginning
in 1996. The current design effort is a response to the
need to anticipate potential problems with counterfeiting
and to prevent criminals from abusing United States paper
currency. Research for counterfeit deterrent features is
a continuing process that has already resulted in two recent
features being added. These features are not readily visible
to the naked eye. Specifically, there is an embedded polyester
thread identifying the denomination, and microprinting around
the portrait on the face of the note. Neither of these recent
changes altered the appearance of our paper currency. The
thread is visible with the naked eye, but only if you hold
the note up to a light source. The microprinting is visible
only under a magnifying glass. These features cannot be
picked up by a copying machine. This is how many counterfeiters
produce currency notes today.
The
Treasury Department has historically continued to honor
previous designs of our currency. Furthermore, the Department
has never recalled currency when introducing a new design.
There are billions of dollars in U.S. currency circulating
worldwide. Any new design, when issued, would enter circulation
in a deliberate and organized way, avoiding any recall or
exchange. This will ensure the continued confidence of people
in the value of the U.S. currency they now possess.
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5.
PRODUCTION & CIRCULATION
5.1
How much paper currency does the Treasury Department print
every day? Where is it printed?
The Bureau of Engraving and Printing (BEP) headquarters
is located in Washington, DC. The BEP is responsible for
designing and printing our paper currency. There is also
a satellite production facility located in Fort Worth, Texas,
which began operations in January 1991. The BEP produced
approximately 37 million currency notes each day with a
face value of about $696 million, and 45 percent of these
notes are the $1 denomination. About 95 percent of the currency
notes printed each year are used to replace notes that are
already in circulation.
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5.2 What can you tell me about
the paper that is used to make our currency notes? I'm also
interested in the size and weight of the notes.
The paper that the Bureau of Engraving and Printing (BEP)
uses to produce our currency is "distinctive."
Crane
& Co. produces it according to BEP specifications.
It is composed of 75 percent cotton and 25 percent linen.
The paper also contains red and blue fibers of various lengths
that are evenly distributed throughout the paper.
All
denominations of paper currency notes printed since 1929
are the same size, measuring approximately 2.61 inches (6.63
centimeters) by 6.14 inches (15.60 centimeters). Each note
is 0.0043 inches thick, and a stack of currency notes one
mile high would contain over 14.5 million notes. If all
of the currency notes printed were laid end to end, they
would stretch around the earth's equator approximately 24
times.
Each
currency note, regardless of its denomination, weighs about
one gram. There are 454 grams in one U.S. pound, so there
should be 454 notes in a pound.
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5.3 Why are United States paper
currency notes printed using green ink?
When the small currency notes in use today were first introduced
in 1929, the Bureau of Engraving and Printing (BEP) continued
using green ink. There were three reasons for this decision.
First, pigment of that color was readily available in large
quantity. Second, the color was high in its resistance to
chemical and physical changes. Finally, the public psychologically
identified the color green with the strong and stable credit
of the Government. There is no definite reason green was
chosen originally for our currency notes.
The
BEP has researched this question and found some evidence
to support the following explanation. It appears that the
growing popularity of bank notes and the development of
photography in the mid-1800s forced currency production
changes. It was customary to print the currency notes in
black combined with colored tints as a deterrent to counterfeiting.
Early cameras saw everything in black and features that
were distinguishable on a note by color variant lost their
individuality when reproduced photographically. However,
counterfeiters soon discovered that it was easy to remove
the colored inks used then from a note without disturbing
the black ink. In other words, a counterfeiter could erase
the colored portion, photograph the black ink, and then
make the desired number of copies. They then would overprint
the copies with an imitation of the colored ink.
The
solution to this problem was in the development of ink that
counterfeiters could not erase without adversely affecting
the black coloring. After the development of such an ink
product, Tracy R. Edson purchased the patent rights. He
was a co-founder of the American Bank Note Company. This
was one firm that produced the first paper money issued
by the United States. The companies printed the faces of
these and other early notes under contract with a green
tint, presumably of the protective ink.
When
printing with oil-base inks, such as the "patent green,"
it is not unusual for the color to strike through to the
opposite side of a sheet. It is possible that they used
a darker shade of the ordinary green for the backs of the
early currency notes to make the tine "strike through"
less obvious.
The
transition of printing money exclusively at the BEP was
gradual. They probably printed the backs of the notes during
the transition period in green simply to make all the currency
a uniform color. Once the BEP was on full-scale production,
there was no reason to change the traditional color and
this practice remains to this day.
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5.4 I believe that the Treasury
Department should add braille markings to our currency to
help the visually impaired. Are there any plans to do this?
You may be aware that over the years, the Congress considered
several legislative initiatives to incorporate such features
in United States currency. However, it never enacted any
of them into law. Also, our Bureau of Engraving and Printing
(BEP) has conducted several reviews in the past of our currency
system. They evaluated the incorporation of Braille symbols
and/or other design features into currency to help the visually
impaired.
We
understand that the National Academy of Sciences and the
Committee on Currency Features for the Visually Impaired
have also studied this question. In these studies, individuals
evaluated features that could be incorporated in the production
of United States currency notes that would enable blind
and visually disabled people to more easily determine the
denomination of a note. Previous studies surrounding this
issue suggested that several modifications were possible,
including Braille dots, raised symbols, cutting corners,
producing notes of different sizes, or with perforations.
The studies have shown that the durability of these modifications
is limited. Research into features to help the blind will
continue.
You
may be interested to know that the Series 1996 $50, $20,
$10 and $5 currency notes include a large dark numeral on
the back of the note that will help millions of people with
low vision to identify the denomination of their currency.
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5.5 Can the Treasury Department
produce a special series of currency to honor a distinguished
person or special event? This is done frequently with our
coins.
Officials in the Treasury Department and our Bureau of Engraving
and Printing (BEP) appreciate the spirit of helpfulness
of persons who suggest that we commemorate noteworthy persons
or events on United States currency notes. Adopting such
a suggestion at this time is unlikely because carrying out
a proposal for a special currency issue requires spending
several hundred thousand dollars for the necessary additional
printing and processing equipment. It would also require
increased costs for examining and handling operations and
would require changing both the obverse and reverse sides
of the currency, along with preparing new printing plates.
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5.6 How much does it cost to produce US currency?
Each year, the Federal Reserve Board projects the need for new currency, which it acquires from the Department of the Treasury's Bureau of Engraving and Printing at the cost of production. The new-currency budget for 2012 is $747 million, and reflects the following costs per denomination:
$1 and $2 notes -- 5.2 cents per note
$5 and $10 notes -- 8.5 cents per note
$20 and $50 notes -- 9.2 cents per note
$100 note -- 7.7 cents per note
VALUING
6.1
What is my bill worth?
The
following is a VERY BASIC chart of approximate prices for
common small size notes. Please note that there are various
exceptions to this chart including star notes, fancy serial
numbered notes, error notes, signature combinations, and
certain other rarities. This chart is by no means meant
to be an exhaustive valuing system, but rather a quick reference
for non-collectors who wish to find an approximate value
for their bills. When buying or selling, we suggest that
you research your transaction thoroughly.
