848) i) Evolution of the $2 (Two Dollars) Banknote in the United States of America: ii) The Federal Reserve orders a limited quantity of $2 Banknotes for the fiscal year 2019 after a gap of 2 years:
Evolution/History of the $2 (Two Dollars) Banknote in the USA:
In March 1862, the $2 denomination which was authorised by a Congressional Act was first introduced/circulated. At this time, it was designated as a "United States Note". The first $2 Banknote was issued as a Legal Tender Note (United states Note) with a portrait of Alexander Hamilton.
By 1869, the $2 Banknote was redesigned with the portrait of Thomas Jefferson to the left and a vignette of the US Capitol in the centre of the Front.
In 1874, the $2 Banknote underwent a redesign again.
In 1875, the Banknote featured a woman unfurling a flag ans a large "2" on the Front. The Back had the King of England smoking tobacco and an eagle with a shield.
In 1886, the first $2 Silver Certificate with a portrait of US Civil War General Winfield Scott Hancock on the left of the Front was issued.
In 1890, a new $2 Silver Certificate was issued featuring the portrait of US Treasury Secretary William Windom on the Front.
In 1890-91, $2 Treasury or "Coin" Notes were issued for government purchases of silver bullion from the silver mining industry. The Back featured a large "TWO" and a numeral "2".
In 1896, the "Educational Series" Silver certificate was issued which showcased steam and electricity, commerce and manufacture.
In 1899, the themes on the Silver certificates were agriculture and mechanics.
In 1918, large-sized Federal Reserve Banknotes were issued. The Front featured a portrait of Thomas Jefferson while the Back featured a World War I battleship.
In 1928, the $2 Banknote was redesigned to its current size. The Front featured a cropped version of Thomas Jefferson's portrait, while the Back featured his home - Monticello.
In 1953, minor changes in the design were carried out on the Front.
In 1963, another change was carried out. The motto "IN GOD WE TRUST" was added to the Back over the Monticello. Also, as dollar Banknotes were no longer redeemable in silver, the "WILL PAY TO THE BEARER ON DEMAND" clause was removed from the Front.
Around the 1950s, printing of $2 Banknotes began to decrease and their scarcity brought them into the category of a collector's item.
Till the 1960s, this denomination continued to be used.
In 1966, it was decided to discontinue production of the $2 Banknote along with the $5 and $100 Banknote, although they all remain legal tender on account of its low value and not being in much use.
In 1976, production of the two Dollar Banknote was resumed and it was categorised as a Federal Reserve Note. A new design appeared on the Back depicting John Trumbull's depiction of the drafting of the United States Declaration of Independence replacing the previous design of Monticello.
Although still in circulation, the $2 Banknote is not printed as frequently in a new series as other denominations, which are printed according to their demand and usage.
Printing of the $2 Banknote is twice as cost-effective as printing of the more popular $1 Banknote, but the users do not circulate this denomination as widely, because there is a perception that this denomination has been withdrawn and is no longer being printed.
As a result, there have been stray cases of a man being jailed for "attempting to use" $2 Banknotes and a school girl was prevented from eating lunch for "attempting to pay" for her chicken nuggets plate in the school cafeteria because authorities were under the wrong impression that this denomination has been demonetised.
Interestingly, uncut currency sheets are available from the Bureau of Public Engraving and Printing. $2 uncut sheets are a popular collector's item, particularly, those with error prints on them.
On the lower bottom left and right is the denomination in words "TWO DOLLARS". The motto "IN GOD WE TRUST" also figures here.
Federal Reserve has placed printing orders from the Bureau of Engraving and Printing for 2019:
An image of the Front of the $2 Banknote, placed against a background image of the Back of the Banknote, showing the painting of the Declaration of American Independence 1776
Since 2010, the Federal Reserve has had $2 printed in small numbers once in 2012 and then again in 2016.
After a gap of two years, the Federal Reserve has again given a small Print order of $2 Banknotes to the Bureau of Engraving and Printing (BEP) for 2019.
The US Government's 2018 fiscal year ended on 30.09.2018. The BEP has, therefore, commenced a new year of $206.9 billion.
The new order includes 153,600,000 Banknotes to be printed in the $2 Banknotes denomination to meet expected demand in the next three fiscal years. "Series 2013" $2 Banknotes will be provided for two Banks and "Series 2017" $2 Banknotes will be provided for 10 Banks.
The BEP has also been authorised to retain a small quantity of $2 Banknotes for sale at the BEP Store, including uncut sheets of the new $2 Series.
Presently, the circulation of $2 Banknotes accounts for about 1% of the total US currency in circulation.
(The above $2 Banknote is from the collection of Jayant Biswas. Post researched & written by Rajeev Prasad)
Links:
1) America the Beautiful Quarters - 2010 (the start of the Programme)
Federal Reserve has placed printing orders from the Bureau of Engraving and Printing for 2019:
Since 2010, the Federal Reserve has had $2 printed in small numbers once in 2012 and then again in 2016.
After a gap of two years, the Federal Reserve has again given a small Print order of $2 Banknotes to the Bureau of Engraving and Printing (BEP) for 2019.
The US Government's 2018 fiscal year ended on 30.09.2018. The BEP has, therefore, commenced a new year of $206.9 billion.
The new order includes 153,600,000 Banknotes to be printed in the $2 Banknotes denomination to meet expected demand in the next three fiscal years. "Series 2013" $2 Banknotes will be provided for two Banks and "Series 2017" $2 Banknotes will be provided for 10 Banks.
The BEP has also been authorised to retain a small quantity of $2 Banknotes for sale at the BEP Store, including uncut sheets of the new $2 Series.
Presently, the circulation of $2 Banknotes accounts for about 1% of the total US currency in circulation.
(The above $2 Banknote is from the collection of Jayant Biswas. Post researched & written by Rajeev Prasad)
Links:
1) America the Beautiful Quarters - 2010 (the start of the Programme)
Saroj Nanda has commented:
ReplyDelete"Very interesting. I had seen $2 bills years ago but it is very difficult to find one."
Please do look out for an uncut sheets of $2 Banknotes from the BEP sales outlet. These sheets have more value than the notes themselves and are collector's items.
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