Paper Money

Fed changes order for printing of notes in 2024

The above graph shows Federal Reserve orders for Federal Reserve notes by denomination from 2010 to 2024.

Image courtesy of the Federal Reserve.

The Federal Reserve Board of Governors made a notable change in its print order for Federal Reserve notes for 2024, with a switch from a traditional order for the fiscal year that began on Oct. 1, to one for the calendar year beginning Jan 1.

The board claimed the reason “was driven by the benefits of an increased supply chain lead time and longer production planning horizons for the BEP,” but did not explain how. The order was transmitted to the Bureau of Engraving and Printing on July 17, but only announced in early November. It also mentioned that with the Treasury Department’s announced 2026 issue date for the Catalyst $10, production of that note will start in 2025.

The lower range of the order is an increase of about 0.8 billion notes, or 17.4%, from the revised FY 2023 print order. The upper range of the order is a decrease of about 1.7 billion notes, or 20.0%, from FY 2023. The board, in conjunction with the BEP, will adjust production of each denomination within the stated ranges to best match available production with demand throughout the year.

Consistent with its practice begun in 2021, the new order was given as a range by denomination. It totals 5.3 billion to 6.9 billion notes, valued at $180.5 billion to $204.4 billion, and includes every denomination from $1 to $100, including 211,200,000 to 256, 000,000 $2 bills.

More than half of 2024’s production will be for $1 notes and $100 notes, with a projection of 1,785,600,000 notes to 2,265,600,000 notes for the former and 1,558,400,000 to 1,606,400,000 notes for the latter. The demand for the other values is expected to be:
$5    576,000,000 to 748,800,000
$10 761,600,000 to 1,017,600,000
$20 352,000,000 to 825,600,000
$50   99,200,000 to 211,200,000

The order reflects an estimate of net demand from domestic and international customers. It is based on factors such as forecasted currency inventory volumes, destruction rates of unfit notes, and trends in net payments. The focus of this order is the need to replace unfit notes destroyed during normal processing.

Paper currency in circulation increased by 0.8 billion notes or $58.5 billion between July 2022 and July 2023. During the same period the previous year, paper currency in circulation also increased by 0.8 billion notes, but for $86.8 billion. While notes in circulation continue to increase, the rate at which it is increasing is below pre-pandemic levels.

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