(Redirected from U.S. two dollar bill)
Face of the Series 1995 $2 bill
Back of the Series 1995 $2 bill
The 'United States two-dollar bill' ($2) is a current
denomination of U.S. currency. Former
U.S. President Thomas Jefferson is featured on the
obverse of the note. The painting ''
The Declaration of Independence'' by
John Trumbull is featured on the
reverse. The design on the obverse (excluding the elements of a
Federal Reserve Note) is the oldest of all current U.S. currency having been adopted in 1929; the reverse is the second oldest design having been adopted in 1976.
In spite of its relatively low value amongst denominations of U.S. currency, the two-dollar bill is one of the most rarely-seen in circulation and actual use. They are almost never given as change for commercial transactions, and thus consumers rarely have them on hand. Indeed, many
cash register drawers have slots for
ones,
fives,
tens, and
twenties, but not twos. Production of the note is quite low; approximately 1% of all notes currently produced are $2 bills. This comparative scarcity in circulation has led to an overall lack of public knowledge of the $2 bill and has also inspired
urban legends and folk beliefs concerning it.
Throughout the $2 bill's pre-1928 life as a large-sized note, it was issued as a
United States Note,
Silver Certificate, Treasury or "Coin" Note, and a
Federal Reserve Bank Note. When U.S. currency was changed to its current size, the $2 bill was issued only as a United States Note. After United States Notes were discontinued, the $2 bill later began to be issued as a Federal Reserve Note.
Denomination overview
The denomination of two dollars was first used by the United States federal government in July 1862. The denomination was continuously used until 1966 when the only class of U.S. currency it was then assigned to, United States Notes, began to be discontinued. The $2 bill initially wasn't reassigned to the Federal Reserve Note class of United States currency and was thus discontinued; the Treasury Department cited the $2 bill's low use and unpopularity as the reason for not resuming use of the denomination. In 1976 use of the two-dollar denomination was resumed as part of the
United States bicentennial ($2.00 is equal to two hundred cents) and the two-dollar bill was finally assigned as a Federal Reserve Note, with a new design on the back featuring
John Trumbull's depiction of the drafting of the
United States Declaration of Independence replacing the previous design of
Monticello. It has remained a current denomination since then, although the vast majority of $2 bills in circulation today are from the 1976 series, with newer bills being inserted into the money supply as needed.
Today, two-dollar bills are not frequently reissued in a new
series like other denominations which are printed according to demand. When the Federal Reserve Banking System runs low on its current supply of $2 bills, it will submit an order to the
Bureau of Engraving and Printing, which will then print more. Demand for $2 bills is low enough that one printing can last for many years.
Though some
cash registers accommodate it, its slot is often used for things like checks and rolls of
coins. Some
vending machines accommodate it, and self-checkout lanes have been known to do so, even if the fact is not stated on the label. Although they usually are not handed out arbitrarily, two-dollar bills can often be found at banks by request. Two-dollar bills are also appropriately given as change at the gift shop of
Monticello, Thomas Jefferson's
Virginia estate.
Two-dollar bills are delivered by
Federal Reserve Banks in green straps of 100 bills ($200). They are often packaged in bundles (10 straps/1000 bills equaling $2000) for large shipments, like all other denominations of U.S. currency.
Perceived rarity
The perceived rarity of a $2 bill can be attributed to its low printing numbers that sharply dropped beginning in the late 1950s when the $2 bill was a
United States Note and recently the sporadic printings of still relatively low numbers as a Federal Reserve Note. Lack of public knowledge of the $2 bill further contributes to its perceived rarity. This perceived rarity can lead to a greater tendency to hoard any $2 bills encountered and thus decrease their circulation.
After United States currency was changed to its current size, the two-dollar bill, unlike other denominations, was only assigned to one class of currency, the United States Note. United States Notes had a legal statutory limit of $346,861,016 that could be in circulation at any one time which was not a significant amount of money, even at the time. The bulk of this amount was assigned to the $5 United States Note. From 1929-1957 (from Series of 1928 to Series 1953), the $2 bill on average was printed in quantities of 50 million notes per series with only several variances to this number. From 1957 onwards, $2 bill production figures steadily decreased from 18 million notes in Series 1953A to just 3.2 million notes in its final printing, Series 1963A, which ended in 1966. By contrast, an average of 125 million per series of $5 United States Notes were printed from 1929-1957; the final Series 1963 printing of the $5 United States Note included 67.2 million notes.
When the current note was first issued in 1976, it was met with general curiosity, and was seen as a collectible, not as a piece of regularly circulating currency, which the Treasury intended it to be. The main reason it failed to circulate was that businesses never really requested them as part of their normal operations to give back out in change. This failure is linked to the gradual disappearance of the former $2 United States Notes.
Supplies of the Series 1976 $2 bill were allowed to dwindle until August 1996 when another series finally began to be printed; this series, however, was only printed for the Federal Reserve Bank of Atlanta. Once again, in October 2003, the $2 bill was printed for only the Federal Reserve Bank of Minneapolis after supplies dwindled . A Series 2003A was also issued starting in 2006, with larger numbers and for multiple Federal Reserve Banks, due to an increase in demand for supplies of the note.
Today, there is a common misconception that the $2 bill is no longer in circulation. According to the Treasury, they "receive many letters asking why the $2 bill is no longer in circulation".
[1] In response, the Treasury states: "The $2 bill remains one of our circulating currency denominations. According to
B.E.P. 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." However, "in circulation" does not necessarily mean that the notes are actively circulated, only that this is the amount that hasn't been redeemed for shredding. The Treasury states that the best way for the $2 bill to circulate is if businesses use them as they would any other denomination.
The most significant evidence of the $2 bill's reawakening would be that, in 2005 alone, 61 million $2 bills were printed by the U.S. Bureau of Engraving and Printing. This is more than twice the number of $2 bills that were printed between 1990 and 2001.
Many banks stocking $2 bills will not use them except upon specific request by the customer, and even then, may cause a delay with a trip to the vault. Another factor in the bill's rarity is the outright refusal of some commercial banks to reorder them at all.
History
Large size notes
''(
approximately 7.4218 × 3.125 in ≅ 189 × 79 mm)''
★
July 1862: The first $2 bill was issued as a Legal Tender Note (
United States Note) with a portrait of
Alexander Hamilton; the portrait of Hamilton used was a profile view and is unlike the portrait used currently for the
$10 bill.
First $2 bill issued in 1862 as a Legal Tender Note
★ 1869: The $2 United States Note was redesigned with the now familiar portrait of
Thomas Jefferson to the left and a
vignette of the
United States Capitol in the center of the obverse. This note also featured green tinting on the top and left side of the obverse. Although this note is technically a United States Note,
TREASURY NOTE appeared on it instead of
UNITED STATES NOTE.
★ 1874: The Series of 1869 United States Note was revised. Changes on the obverse included removing the green tinting, adding a red floral design around
WASHINGTON D.C., and changing the term
TREASURY NOTE to
UNITED STATES NOTE. The reverse was completely redesigned. This note was also issued as Series of 1875 and 1878.
★ 1880: The red floral design around
WASHINGTON D.C. on the United States Note was removed. This note was also issued as Series of 1917.
★ 1886: The first $2
Silver Certificate with a portrait of
United States Civil War General
Winfield Scott Hancock on the left of the obverse was issued.
Famous 1896 "Educational Series" $2 Silver Certificate
★ 1890: Two-dollar Treasury or "Coin Notes" were issued for government purchases of silver bullion from the silver mining industry. The reverse featured large wording of
TWO in the center and a numeral 2 to the right surrounded by an
ornate design that occupied almost the entire note.
★ 1891: A new $2
Silver Certificate was issued with a portrait of U.S. Treasury Secretary
William Windom in the center of the obverse.
★ 1891: The reverse of the Series of 1890 Treasury Note was redesigned because the treasury felt that it was too "busy" which would make it too easy to counterfeit. More open space was incorporated into the new design.
★ 1896: The famous "
Educational Series" Silver Certificate was issued. The entire obverse of the note was covered in artwork with an
allegorical figure of science presenting steam and electricity to commerce and manufacture. The reverse of the note featured portraits of
Robert Fulton and
Samuel F. B. Morse surrounded by an ornate design that occupied almost the entire note.
★ 1899: The $2 Silver Certificate was redesigned with a small portrait of
George Washington surrounded by allegorical figures representing agriculture and mechanics.
★ 1918: The only large-sized, Federal Reserve Note-like $2 bill was issued as a
Federal Reserve Bank Note. Each note was an obligation of the issuing Federal Reserve Bank and could only be redeemed at the corresponding bank. The obverse of the note featured a border-less portrait of Thomas Jefferson to left and wording in the entire center. The reverse featured a
World War I battleship.
Small size notes
''(6.14 × 2.61 in ≅ 156 × 66 mm)''
Obverse of Series 1953A $2 bill
Reverse of Series 1953A $2 bill
Bicentennial first day of issue $2 bill with canceled
JFK postage stamp
In 1929, when all U.S. currency was changed to its
current size, the $2 bill was kept only as a
United States Note. The obverse featured a cropped version of Thomas Jefferson's portrait that had been on previous $2 bills. The
reverse featured Jefferson's home, the
Monticello. The note's
seal and serial numbers were red. The
Series of 1928 $2 bill featured the treasury seal superimposed by the United States Note obligation to the left and a large gray
TWO to the right.
In 1953 the $2 bill received design changes analogous to the $5 United States Note. The treasury seal was made smaller and moved to the right side of the bill; it was superimposed over the gray word
TWO. The United States Note obligation now became superimposed over a gray numeral 2. The reverse remained unchanged.
The final change to $2 United States Notes came in 1963 when the motto
IN GOD WE TRUST was added to the reverse over the Monticello.
And, because dollar bills were soon to no longer be redeemable in silver,
WILL PAY TO THE BEARER ON DEMAND was removed from the obverse. These $2 bills were officially discontinued in August of 1966.
In 1976, the Treasury Department reintroduced the $2 bill as a cost-saving measure.
[2] As part of the
United States Bicentennial celebration, the note was redesigned and issued as a
Federal Reserve Note. The obverse featured the same portrait of Jefferson, a
'green' instead of red seal and serial numbers, and an engraved rendition of
John Trumbull's ''
The Declaration of Independence'' on the reverse. First day issues of the new bicentennial $2 bills could be taken to a
post office and stamped with the date "APR 13 1976". In all, 590,720,000 notes from Series 1976 were printed.
In 1996 and 1997, 153,600,000 bills were printed
[3] as Series 1995 for the Federal Reserve District of Atlanta. In 2004, 121,600,000 of the newest $2 bills, Series 2003, were printed for the Minneapolis Federal Reserve Bank. Both of these issues have the same design as the Series 1976 $2 bill.
A new issue of Series 2003A $2 bills was printed from July to September 2006 for all 12 Federal Reserve Banks. In all, 220,800,000 notes were printed.
[4]
There are currently no plans to redesign the $2 bill.
The two-dollar bill in American consciousness
Use of $2 bills to show economic impact
★ A documented case of using two-dollar bills to send a message to a community is the case of
Geneva Steel and the communities in the surrounding
Utah County. In 1989, Geneva Steel paid its employee bonuses in $2 bills. When the bills began showing up everywhere, people recognized the importance of the company to the local economy.
[5]
★ Similarly,
Clemson University football fans have, since 1977, used $2 bills stamped with the school's orange "tiger paw" logo to demonstrate their economic impact on a destination community and support their team when traveling to road games or bowl games.
[6][7]
Non-acceptance
Taco Bell
In another story, documented on Snopes.com,
[8] a
Taco Bell patron attempts to pay for a burrito with a two-dollar bill. The cashier and the store manager both refuse to accept it as valid U.S. currency, believing that there is no such thing as a two-dollar bill. The patron then says that the only other bill he had was a fifty-dollar bill, the manager said that since it was less than an hour to closing, he didn't want to open the safe. When the patron insists on paying with it, they call the security guard, who then explains that two-dollar bills are actually valid U.S. currency.
Others have written in to Snopes to report similar incidents at other restaurants.
[9]
Best Buy
In February of 2005, an annoyed patron of
Best Buy was attempting to pay for an electronics installation with 57 $2 bills.
[10] The cashier refused to accept them and marked them as counterfeit. The cashier then called the police and the patron was handcuffed until a
U.S. Treasury Agent arrived to clear up the issue. The suspicion was supposedly caused by ink smearing on the bills, which is not uncommon, and by the fact that the serial numbers on the bills were in sequential order, which is a legitimate sign of possible counterfeiting.
Increasing Usage
Currency tracking
Over half a million $2 bills are entered at the American currency tracking website
Where's George?. A certain niche of site users has made the $2 bill their preferred denomination, and use it frequently. An unofficial club called "Top Toms" has even appeared for those who have entered 2,000 or more $2 bills into the system.
[11]
The hope of the Top Toms is to increase the circulation of $2 bills by demanding them from banks. Some members and aspiring members simply ask for the few $2 bills that a particular bank may have in stock at the time of their visit. Some also have their banks order 'straps' (100 bills) or 'bricks' (1000 bills) of $2's direct from the
Federal Reserve. Many of the Top Toms will also mark "This is not a rare bill." on the notes before introducing them into circulation. Several dozen people are on this list, and many more aspire for this goal.
As of May 2007, there are 49 known Top Toms.
$2 Bill Project
The $2 Bill Project is a grassroots effort started in April of 2007 to increase the use of the $2 bill.
[12] The web site lists various reasons for increased use of the $2 bill, such as government savings and convenience. It also encourages guests to get $2 bills from their local banks and introduce them into circulation.
Steve Wozniak
Steve Wozniak has been known to pay for services using $2 notes from a "pad" of money—he buys uncut sheets of bills from the U.S. Treasury and has them bound into booklets with removable, perforated "pages".
[13]
Specific business usage
★ At
Monticello, Thomas Jefferson's historic
Virginia home, the adult admission price was $13 in 2004, usually requiring change to be made using $2 amounts, if any had been received from paying customers...
★ Some
strip clubs will hand out $2 bills as change and for
tips instead of singles to increase the amount given to dancers, and will only hand out singles when they are specifically asked for.
[14]
Collectible $2 bills
Most current $2 bills are not valuable
Current $2 bills, which are Federal Reserve Notes, are not commonly encountered in circulation but are too common to be valuable. All small-sized $2 United States Notes with a red seal and older large size notes are obsolete and are collectibles. The only $2 Federal Reserve Notes that are collectibles are special products consisting of notes not put into circulation and are sold through the B.E.P; also, Series 1976 $2 bills with a canceled stamp are collectibles.
In addition, current United States currency, regardless of its denomination, can be considered collectible if:
★ There is an interesting pattern in the serial number
★ There is a star in the serial number (
Star note)
★ The bill were to have some sort of an error, such as an ink spill, missing the third printing (which includes the serial number and the seal), or improper cutting.
From the B.E.P.
Premium products
In recent years, the Bureau of Engraving and Printing has sold a variety of two-dollar bill products. All of these $2 bill products have been made up of special issues of star notes.
Some of these products have been based on extremely limited printings of the $2 bill that also, unlike regular circulation issues, were printed for all 12 Federal Reserve Districts instead of just one. However, there is no real significance of these $2 bills having all 12 Federal Reserve Banks' features printed on them as they were never released to any Federal Reserve Bank. In celebration of the new millennium, the B.E.P. printed 9,999 Series 1995 $2 bills that began with a "2000" in the serial number (e.g. K20000886
★ ) for each Federal Reserve District. In 2005, 16,000 $2 bills from each of the 12 Federal Reserve Districts were sold and had a low serial (i.e. L00000001
★ through L00016000
★ ). Premium Federal Reserve Sets were also sold for both of these series and consisted of $2 bills from all 12 Federal Reserve Banks with matching serial numbers.
Another product sold by the B.E.P. was the "$2 Evolutions" Set. Ironically, "Evolutions" sets sold by the B.E.P. showcase new designs recently introduced, but the $2 hasn't had any modern design changes. The set instead consists of a regular circulation issue Series 2003 $2 bill and a star note with a matching low serial number.
Another item for sale by the B.E.P. is the "$2 Independence Note". It is simply a star note from Series 1995.
Most of these premium products all sold out quickly after they went on sale to the public, but the Series 1995 Independence Note is still offered for sale by the B.E.P.
Uncut currency sheets
Uncut 32-subject sheet
Uncut currency sheets are also available from the Bureau of Engraving and Printing. Some of the recent $2 uncut sheets from Series 1995 and Series 2003 have indeed been collectibles as they come from special non-circulation printings. Most of the Series 1995 $2 uncut sheets had a higher suffix letter in the serial number than regular circulation $2 bills. Uncut $2 sheets from Series 2003 were printed from the Boston (A), Atlanta (F), Chicago (G), Minneapolis (I), and Dallas (K) Federal Reserve Districts despite the fact that notes from the Minneapolis district were the only ones released for circulation.
Uncut sheets of $2 bills are available in various sizes. A 32-subject sheet, which is the original size sheet that the notes are printed on, are available. Other sheets sizes available have been cut from the original 32-subject sheet. These include half (16-note), quarter (8-note), and eighth (4-note) sheets for $2 bills. All these uncut sheets cost higher than their respective face values.
References
1. FAQs: Denominations of currency United States Department of the Treasury
2. The Bill Returns Stone, Suzanne J.
3. Annual Production Figures Bureau of Engraving and Printing
4. Series 2003A
5. Geneva workers give their worth Tad Walch
6. http://alumni.clemson.edu/events/awaygame.htm
7. http://rob.orangejack.com/2005/12/05/two-dollar-bills-return-to-orlando/
8. Urban Legends Reference Pages: Taco Hell
9. Urban Legends Reference Pages: Currency Recognition Glitches
10. Two Dollar Man jailed in Baltimore County Michael Olesker
11. http://web.nsc.nevada.edu/~jlee/toptoms.html
12. http://2dollarbills.tripod.com/
13. http://www.woz.org/letters/general/78.html
14. http://blogs.usatoday.com/ondeadline/2006/11/why_the_2_bill_.html
★ ''Standard Catalog of United States Paper Money'', 17th edition published by Krause Publications''
★ ''The Official REDBOOK A Guide Book of United States Paper Money'' by Arthur L. and Ira S. Friedberg
★
The Bureau of Engraving and Printing website
★
[1]
External links
★
USAToday: "$2 bill increasing in use and shedding its 'play-money' image" 2006-11-06.
★
Website promoting the further use of the US two dollar bill
★
$2 Bill Project - Grass Roots Effort to Increase $2 bill circulation
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