The
United States two-dollar bill ($2) is a current
denominationDenomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
of US currency.
PresidentThe President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
Thomas JeffersonThomas Jefferson was the principal author of the United States Declaration of Independence and the Statute of Virginia for Religious Freedom , the third President of the United States and founder of the University of Virginia...
is featured on the
obverseObverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
of the note. The
reverseObverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
features an engraved modified reproduction of the painting
The Declaration of IndependenceJohn Trumbull's Declaration of Independence is a 12-by-18-foot oil-on-canvas painting in the United States Capitol Rotunda that depicts the presentation of the draft of the Declaration of Independence to Congress...
by
John TrumbullJohn Trumbull was an American artist during the period of the American Revolutionary War and was notable for his historical paintings...
.
The bill was discontinued in 1966, but was reintroduced 10 years later as part of the
United States BicentennialThe United States Bicentennial was a series of celebrations and observances during the mid-1970s that paid tribute to the historical events leading up to the creation of the United States as an independent republic...
celebrations. Today, it is rarely seen in circulation, and as a result the production of the note is the lowest of U.S. paper money: under 1% of all notes currently produced are $2 bills. This comparative scarcity in circulation, coupled with a lack of public awareness that the bill is still in circulation, has also inspired
urban legendAn urban legend, urban myth, urban tale, or contemporary legend, is a form of modern folklore consisting of stories that may or may not have been believed by their tellers to be true...
s and, on a few occasions, created problems for people trying to use the bill to make purchases.
Throughout the $2 bill's pre-1929 life as a large-sized note, it was issued as a
United States NoteA United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for over 100 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks" in their heyday, a...
,
National Bank NoteNational Bank Notes were United States currency banknotes issued by National banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury.- Background :...
,
Silver CertificateSilver Certificates are a type of representative money printed from 1878 to 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United...
, and
Treasury or "Coin" NoteFractional currency notes were issued by the United States Federal Government during and after the U.S. Civil War due to the hoarding and shortage of coins in gold, silver and copper in denominations of 3, 5, 10, 15, 25 and 50 cents. These notes were in use until 1876 and were redeemable by the...
. When U.S. currency was changed to its current size, the $2 bill was issued only as a
United States NoteA United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for over 100 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks" in their heyday, a...
. After United States Notes were discontinued, the $2 bill later began to be issued as a
Federal Reserve NoteA Federal Reserve Note is a type of banknote used in the United States of America. Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane & Co. of Dalton, Massachusetts. They are the only type of U.S...
.
Denomination overview
The denomination of two dollars was authorized under a congressional act and first used in March, 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 was not 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 bicentennialThe United States Bicentennial was a series of celebrations and observances during the mid-1970s that paid tribute to the historical events leading up to the creation of the United States as an independent republic...
and the two-dollar bill was finally assigned as a Federal Reserve Note, with a new design on the back featuring
John TrumbullJohn Trumbull was an American artist during the period of the American Revolutionary War and was notable for his historical paintings...
's depiction of the drafting of the
United States Declaration of IndependenceThe Declaration of Independence was a statement adopted by the Continental Congress on July 4, 1776, which announced that the thirteen American colonies then at war with Great Britain regarded themselves as independent states, and no longer a part of the British Empire. John Adams put forth a...
replacing the previous design of
MonticelloMonticello is a National Historic Landmark just outside Charlottesville, Virginia, United States. It was the estate of Thomas Jefferson, the principal author of the United States Declaration of Independence, third President of the United States, and founder of the University of Virginia; it is...
. It has remained a current denomination since then. Today, two-dollar bills are not frequently reissued in a new series like other denominations which are printed according to demand; two-dollar bills today are issued but are requested to be printed less often than the other denominations.
Though some
cash registerA cash register or till is a mechanical or electronic device for calculating and recording sales transactions, and an attached cash drawer for storing cash...
s accommodate it, its slot is often used for things like checks and rolls of
coinA coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s. Some
vending machineA vending machine is a machine which dispenses items such as snacks, beverages, alcohol, cigarettes, lottery tickets, consumer products and even gold and gems to customers automatically, after the customer inserts currency or credit into the machine....
s 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.
Rarity
The 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 NoteA United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for over 100 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks" in their heyday, a...
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 rarity. This rarity can lead to a greater tendency to hoard any $2 bills encountered and thus decrease their circulation.
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 AtlantaThe Federal Reserve Bank of Atlanta is responsible for the sixth district, which covers the states of Alabama, Florida, and Georgia, 74 counties in the eastern two-thirds of...
.
Until the late 1980s, $2 bills were quite common in
EuropeEurope is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
with military personnel. The money circulating outside the USA could not easily be taken out of circulation, so bills stayed in use much longer than intended, sometimes in very bad shape, even with pieces taped together.
Today, there is a common misconception by the public 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". In response, the Treasury states: "The $2 bill remains one of our circulating currency denominations. According to
B.E.P.The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
statistics, 590,720,000 Series 1976 $2 bills were printed and as of February 28, 1999, $1,166,091,458 worth of $2 bills were in circulation worldwide." However, "in circulation" does not necessarily mean that the notes are actively circulated, only that this is the amount that has not 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 annually between 1990 and 2001. Many
bankA bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s 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
vaultA bank vault is a secure space where money, valuables, records, and documents can be stored. It is intended to protect their contents from theft, unauthorized use, fire, natural disasters, and other threats, just like a safe...
. Another misconception is that the $2 bill is worth more than its face value; special $2 bills have been made in recent years, however they are not worth anything more than face value on the collectors' market while most current $2 bills are not worth much more than their face value.
Large size notes
(approximately 7.4218 × 3.125 in ≅ 189 × 79 mm)
In March 1862, the first $2 bill was issued as a Legal Tender Note (United States Note) with a portrait of
Alexander HamiltonAlexander Hamilton was a Founding Father, soldier, economist, political philosopher, one of America's first constitutional lawyers and the first United States Secretary of the Treasury...
; the portrait of Hamilton used was a profile view and is unlike the portrait used currently for the $10 bill.
By 1869 the $2 United States Note was redesigned with the now familiar portrait of
Thomas JeffersonThomas Jefferson was the principal author of the United States Declaration of Independence and the Statute of Virginia for Religious Freedom , the third President of the United States and founder of the University of Virginia...
to the left and a
vignetteVignettes, in graphic design, are decorative designs usually in books, used both to separate sections or chapters and to decorate borders.In Descriptive, or Analytical Bibliography for the hand-press period a vignette refers to an engraved design printed using a copper-plate press, on a page that...
of the
United States CapitolThe United States Capitol is the meeting place of the United States Congress, the legislature of the federal government of the United States. Located in Washington, D.C., it sits atop Capitol Hill at the eastern end of the National Mall...
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. The reverse was completely redesigned. This series was again revised in 1874, 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 1874 design was also issued as Series of 1875 and 1878 and by 1880 the red floral design around
WASHINGTON D.C. on the United States Note was removed and the serial numbers were changed to blue. This note with the red floral design was also issued as Series of 1917 but with red serial numbers by that time.
National Bank Notes were issued in 1875 and feature a woman unfurling a flag and a big 2 (Lazy Duce) on the obverse, the reverse has the king of England smoking tobacco and an eagle with a shield.
In 1886, the first $2
Silver CertificateSilver Certificates are a type of representative money printed from 1878 to 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United...
with a portrait of United States Civil War General
Winfield Scott HancockWinfield Scott Hancock was a career U.S. Army officer and the Democratic nominee for President of the United States in 1880. He served with distinction in the Army for four decades, including service in the Mexican-American War and as a Union general in the American Civil War...
on the left of the obverse was issued. This design went on until 1891 when a new $2 Silver Certificate was issued with a portrait of U.S. Treasury Secretary
William WindomThis page is about the former United States politician. William Windom was an American politician from Minnesota. He served as U.S. Representative from 1859 to 1869, and as U.S. Senator from 1870 to January 1871, from March 1871 to March 1881, and from November 1881 to 1883...
in the center of the obverse.
Two-dollar Treasury or "Coin Notes" were first issued for government purchases of silver bullion in 1890 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. In 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.
In 1896 The famous "
Educational SeriesThe Educational Series series of notes is the informal nickname given by numismatists to a series of United States Silver Certificates produced by the United States Treasury in 1896, after Bureau of Printing and Engraving chief Claude M. Johnson ordered a new currency design...
" 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 FultonRobert Fulton was an American engineer and inventor who is widely credited with developing the first commercially successful steamboat...
and
Samuel F. B. MorseSamuel Finley Breese Morse was an American contributor to the invention of a single-wire telegraph system based on European telegraphs, co-inventor of the Morse code, and an accomplished painter.-Birth and education:...
surrounded by an ornate design that occupied almost the entire note.
By 1899 however, The $2 Silver Certificate was redesigned with a small portrait of
George WashingtonGeorge Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...
surrounded by allegorical figures representing agriculture and mechanics.
The only large-sized, Federal Reserve Note–like $2 bill was issued in 1918 as a
Federal Reserve Bank NoteFederal Reserve Bank Notes are legal tender in the United States, together with United States Notes, Silver Certificates, Gold Certificates, National Bank Notes and Federal Reserve Notes. They had the same value as other kinds of notes of similar face value...
. 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 IWorld War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
battleship.
1929 - 1966
(6.14 × 2.61 in ≅ 156 × 66 mm)
In 1929, when all U.S. currency was changed to its current size, the $2 bill was kept only as a
United States NoteA United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for over 100 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks" in their heyday, a...
. The obverse featured a cropped version of Thomas Jefferson's portrait that had been on previous $2 bills. The
reverseObverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
featured Jefferson's home, the
MonticelloMonticello is a National Historic Landmark just outside Charlottesville, Virginia, United States. It was the estate of Thomas Jefferson, the principal author of the United States Declaration of Independence, third President of the United States, and founder of the University of Virginia; it is...
. The note's
sealThe United States Treasury Seal is the official symbol of the United States Department of the Treasury. It actually predates the department, having originated with the Board of Treasury during the period of the Articles of Confederation. It is used on all U.S...
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 1966.
1976 - Present
(6.14 × 2.61 in ≅ 156 × 66 mm)
In 1976, the Treasury Department reintroduced the $2 bill as a cost-saving measure. As part of the
United States BicentennialThe United States Bicentennial was a series of celebrations and observances during the mid-1970s that paid tribute to the historical events leading up to the creation of the United States as an independent republic...
celebration, the note was redesigned and issued as a
Federal Reserve NoteA Federal Reserve Note is a type of banknote used in the United States of America. Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane & Co. of Dalton, Massachusetts. They are the only type of U.S...
. The obverse featured the same portrait of Jefferson, a green instead of red seal and serial numbers, and an engraved rendition of
John TrumbullJohn Trumbull was an American artist during the period of the American Revolutionary War and was notable for his historical paintings...
's
The Declaration of IndependenceJohn Trumbull's Declaration of Independence is a 12-by-18-foot oil-on-canvas painting in the United States Capitol Rotunda that depicts the presentation of the draft of the Declaration of Independence to Congress...
on the reverse. First day issues of the new bicentennial $2 bills could be taken to a
post officeA post office is a facility forming part of a postal system for the posting, receipt, sorting, handling, transmission or delivery of mail.Post offices offer mail-related services such as post office boxes, postage and packaging supplies...
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 as Series 1995 for the Federal Reserve District of Atlanta. In 2004, 121,600,000 of the Series 2003 bills were printed for the Minneapolis Federal Reserve Bank. Both of these issues have the same design as the Series 1976 $2 bill. An 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.
Currency tracking
Over 2.1 million $2 bills are entered at the American currency tracking website
Where's George?Where's George? is a website that tracks the natural geographic circulation of American paper money. Its popularity has led to the establishment of a number of other currency tracking websites , sites that track other objects—such as used books—and it has been used in at least one research paper to...
. A certain niche of site users have made the $2 bill their preferred denomination, and use it frequently.
Use to show economic impact
Because $2 bills are uncommon in daily use, their use can make a particular group of spenders visible. A documented case of using two-dollar bills to send a message to a community is the case of
Geneva SteelGeneva Steel was a steel mill located in Vineyard, Utah, founded during World War II to enhance national steel output. It operated from December 1944 to November 2001...
and the communities in 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. It has been a
Clemson UniversityClemson University is an American public, coeducational, land-grant, sea-grant, research university located in Clemson, South Carolina, United States....
TigersThe Clemson Tigers are any team that represents Clemson University as a member of the NCAA's Division I or in the Atlantic Division of the Atlantic Coast Conference....
football tradition dating from September 24, 1977, for the school's fans to spend two-dollar bills on away-game trips. To show the Atlanta business community how much money Clemson fans contributed to the local economy, Tiger fans spent vast quantities of two-dollar bills.
Use as commentary
At least one example exists of a $2 note being used as commentary on economic events. Following the collapse of
Bear StearnsThe Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
, one famous photo surfaced of a two-dollar note taped above the corporate logo at the bank's headquarters in
New YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, in reference to the per-share price offered as a takeover bid by JPMorgan (down from $93 a share just a month before).
Use as change where tipping is encouraged
$2 notes have seen increased usage in situations where tipping is encouraged, especially in strip clubs. This is due to the idea that tips will increase because of the ease of use of a single, higher-denomination bill as the lowest common note in use.
Legal tender confusion
Since the $2 bill makes up such a small percentage of paper money in circulation, the public sometimes mistakes $2 bills for being counterfeit when used in
financial transactionA financial transaction is an event or condition under the contract between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals.-History:...
s. There have been cases where arrests have been made with the
Secret ServiceThe United States Secret Service is a United States federal law enforcement agency that is part of the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States...
later stepping in stating that the bills are in fact legal tender.
Uncut currency sheets
Uncut currency sheets are available from the
Bureau of Engraving and PrintingThe Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
. 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 for the
BostonThe Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers most of Connecticut , Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. It is headquartered in the Federal Reserve Bank Building in Boston,...
(A),
AtlantaThe Federal Reserve Bank of Atlanta is responsible for the sixth district, which covers the states of Alabama, Florida, and Georgia, 74 counties in the eastern two-thirds of...
(F),
ChicagoThe Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank....
(G),
MinneapolisThe Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota, in the United States, covers the 9th District of the Federal Reserve, including Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan...
(I), and
DallasThe Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico....
(K) Federal Reserve Districts despite the fact that notes from the Minneapolis district were the only ones released for circulation. Uncut sheets of Series 2003A have also been produced, although in this case circulating currency for all districts has also been made. All two dollar bills from Series 1995, 2003, and 2003A have been printed in the BEP facility in
Fort Worth, TexasFort Worth is the 16th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, just southeast of the Texas Panhandle, the city is a cultural gateway into the American West and covers nearly in Tarrant, Parker, Denton, and...
.
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, is available. Other sheet 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. Uncut sheets are sold for more than their respective face values.
External links