Us Currency Paper Money Facts and History

The history of US currency paper money is fascinating. The first paper currency was issued in 1862, during the Civil War, to help finance the war effort.

The first paper currency, known as "United States Notes", was designed to be a temporary measure. It was green in color and featured a portrait of Salmon P. Chase, the Secretary of the Treasury at the time.

These early paper currencies were not very durable and quickly wore out. This led to the introduction of the $1 silver certificate in 1878, which featured a portrait of George Washington.

The $1 silver certificate was a significant improvement over the earlier paper currencies, but it was still not very long-lasting.

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The Check List and Record Book of United States Paper Money is a great resource for collectors, but let's talk about the different types of US currency.

There are various types of US currency, and one way to keep track of them is with a handy resource like the Check List and Record Book of United States Paper Money.

Its 6 x 9-inch size is convenient for storing and referencing, and it's a great tool for anyone interested in collecting US paper money.

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The $2 bill is a unique denomination in US currency, featuring a portrait of Thomas Jefferson on the obverse side. It's been printed since the Civil War, with the first bills printed in 1862.

The reverse side of the $2 bill is a reproduction of John Trumbull's famous painting, "Declaration of Independence." This makes the $2 bill a visually appealing note to have in circulation.

As of 2023, around 1.6 billion $2 bills are in circulation, worth a total of $3.2 billion. This is a significant amount, considering the $2 bill is the rarest denomination in the US.

Here's a breakdown of the $2 bill's notable features:

The $2 bill may be rare, but it's still considered legal tender and can be used in everyday transactions.

The $5,000 bill was first issued in 1861 during the Civil War.

It featured a portrait of James Madison and was primarily used for interbank transactions, meaning few Americans ever held one of these bills.

President Richard Nixon ordered the bills to be recalled in 1969 due to concerns about money laundering activities.

Finding a $5,000 bill today requires a combination of luck, pluck, and a significant amount of money, as the article humorously notes.

The $5,000 bill was discontinued along with the $1,000 bill in 1969, and it's interesting to think about how much more useful these larger denomination bills would be today due to inflation.

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The $10,000 bill was a large denomination that never got much use. It was first printed in 1918.

Salmon P. Chase, the guy on the $10,000 bill, was a highly accomplished politician who served in many roles, including governor of Ohio and chief justice of the U.S. Supreme Court.

The value of the $10,000 bill outstripped the net worth of the average American during most of the time it was available. This made it impractical for everyday use.

The $10,000 bill was eventually phased out in 1969, as part of a purge of large currencies.

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The $2 bill is not as rare as you might think, but it's still not as common as other denominations of US currency. The US government has printed $2 bills since 1862, but they've never been as widely circulated as other bills.

In fact, the $2 bill is the least circulated denomination of US currency, accounting for less than 1% of all currency in circulation. This is likely due to the fact that many businesses and individuals don't accept them.

Despite their rarity, $2 bills are still valid and can be used for everyday transactions. They're also highly collectible, which can make them valuable to some people.

The most common denomination of U.S. currency is the $100 bill, with 18.9 billion in circulation as of 2023. This makes it not only the most issued banknote but also the highest-value bill in circulation.

The second-most common denomination is the $1 bill, with 14.5 billion in circulation. This is a significant number, and it's interesting to note that the government may choose to take certain money out of circulation for various reasons, such as inflation eroding its face value or a lack of demand.

On a similar theme: How Could Us Currency Lose Value

Interestingly, the government may discontinue banknotes due to a lack of demand or if they're too similar in look or close in value to other common denominations. This has happened in the past, and it's a good reminder that currency is constantly evolving.

Here's a breakdown of the top two denominations in circulation:

It's worth noting that the U.S. government has discontinued many high-value denominations in the past, including the $500, $1,000, $5,000, and $10,000 bills.

The redesign of U.S. bills was a significant change that aimed to honor women's suffrage and civil rights movements.

The U.S. Department of the Treasury planned to replace Andrew Jackson's portrait on the $20 bill with Harriet Tubman's face in 2020.

In 2016, the Treasury announced a redesign of the $5, $10, and $20 bills to include faces of women from the suffrage and civil rights movements.

The faces of Lincoln and Hamilton would remain, but the backs of those bills would depict key players in those movements.

The redesign plans stalled after the election of Donald Trump in 2016, and it wasn't until 2021 that the Biden administration revived efforts to put Tubman on the $20 bill.

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The redesign of US bills has been a topic of interest in recent years. The federal agency responsible for printing bills planned to put a woman on a US bill for the first time in over a century.

In 2016, the US Department of the Treasury announced plans to bump Andrew Jackson to the back of the $20 bill and place Harriet Tubman's face on the front. This was to coincide with the 100th anniversary of the 19th Amendment to the Constitution.

Then-Treasury Secretary Jacob J. Lew wrote that the inclusion of Tubman's face on the $20 bill was part of a larger redesign of all $5, $10, and $20 bills to honor women's suffrage and civil rights movements.

The faces of Lincoln and Hamilton would remain on the $5 and $10 bills, but the backs would depict key players in the suffrage and civil-rights movements.

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The Secretary of the Treasury has the final say over whose faces are on U.S. bills. The Treasury Department considers "persons whose places in history the American people know well" when making these decisions.

One figure - Salmon P. Chase - might seem obscure, but his appearance is fitting since he was the first person responsible for the design of the nation's paper currency.

Federal law prohibits any living person's face from appearing on U.S. currency, but the exact criteria for deciding who appears on our paper currency is unclear.

George Washington's portrait has been featured on the $1 bill since its inception. His leadership during the American Revolution is still revered today.

The $2 bill, on the other hand, showcases Thomas Jefferson, who played a key role in drafting the Declaration of Independence.

Here's a list of the presidents featured on US currency:

Benjamin Franklin's face has been on the $100 bill since its introduction in 1914. He was a true Renaissance man, known for his contributions to science, politics, and literature.

The $1 bill features a portrait of George Washington, the first president of the United States. He's been a prominent figure in American history for centuries.

George Washington's face has been on the front of the $1 bill since 1869, when it was first introduced. Initially, the bill didn't feature his likeness, but rather Secretary of the Treasury Salmon P. Chase.

The $1 bill has a long history, dating back to 1862. It was first issued by the government, but without Washington's image.

Here's a list of the presidents whose faces appear on U.S. bills:

The Treasury department's only known criteria for deciding whose face goes on a U.S. bill is that the person must be among the "persons whose places in history the American people know well."

Benjamin Franklin's face has been a staple on the $100 bill since 1914.

He's not just a founding father, but also a famed inventor, and his contributions to American history are still widely recognized today.

The $100 bill is the largest denomination in circulation, making Benjamin Franklin's portrait a prominent feature in many wallets and transactions.

Franklin's face has been a trusted and familiar sight for over a century, a testament to his enduring legacy in American society.

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The $1,000 bill featuring Grover Cleveland is a piece of history that's hard to find today.

Grover Cleveland's face appears on the $1,000 bill, which was first issued in 1918. His portrait replaced Alexander Hamilton's, who initially appeared on the denomination.

The $1,000 bill was discontinued in 1969, but it's still held by Americans today.

To put its value into perspective, the Consumer Price Index (CPI) was at about 36.7 in 1969, but by May 2024, it had risen to 313. This means that a $1,000 bill today would be equivalent to about $100 in 1969.

The Treasury Department argues that keeping smaller denomination bills reduces money laundering, which is a major reason why larger bills like the $1,000 bill are no longer in circulation.