Paper Money

Fed orders first $2 notes since 2016

The U.S. government’s 2018 fiscal year came to a close on Sept. 30, and with it the Bureau of Engraving and Printing has commenced a new year of currency production: the 2019 fiscal year.

On July 31, the Federal Reserve Board of Governors submitted its order for a little over 7 billion Federal Reserve notes, with a total face value of $206.9 billion. For the first time since Fiscal Year 2016, the new order includes a request for $2 notes, 153,600,000 to be exact, to meet expected demand for the next three fiscal years. Series 2013 $2 notes will be provided for two banks and Series 2017 $2 notes for 10 banks.

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The Federal Reserve says that its order is based on its estimate of net demand from a combination of domestic and international customers. As always, most of the order is not an infusion of new money into the system, but is rather to replace currency that has been damaged or otherwise withdrawn from circulation. This year, it comprises 90 percent of the total order. The balance reflects currency with older designs received from circulation, and operational changes. According to the Federal Reserve Board, “When implemented, the operational changes would improve the quality of $1 notes Reserve Banks distribute to circulation and accelerate the destruction of old-design $5, $10, $20, and $50 notes.”

The board calculates that the new order is a decrease of nearly 0.4 billion notes, or 5 percent, from the FY 2018 order, but is about the same as the average order between FY 2014 and FY 2018. Last year, fewer notes than expected were destroyed, so the system’s banks ended the year with more inventory than originally anticipated.

A footnote to the order says that the FY 2019 order “includes a small quantity of notes that the BEP has requested to make available for sale in the BEP Store and to meet special requests from the Secretary of the Treasury.”

The total print order by denomination, number of notes, and their dollar value appears in the accompanying table. 

Federal Reserve Note Orders FY 2019

Denomination    Number of Notes    Dollar Value

$1                        2,502,400,000            $2,502,400,0000

$2                        153,600,000               $307,200,000

$5                        729,600,000               $3,648,000,000

$10                      339,200,000               $3,392,000,000

$20                      1,548,800,000             $30,976,000,000

$50                      224,000,000                $11,200,000,000

$100                    1,548,800,000              $154,880,000,000

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