US Banknote Production Climbs to 518.4 Million in January

by CoinNews.net on February 26, 2016 · 3 comments

US Money, $100sU.S. money production in January picked up from December and a year earlier, data from the agency responsible for printing currency shows.

518.4 million in $1s, $2s, $5s, $20s, $50s and $100s were produced last month, accounting for a combined value of nearly $12 billion, according to the latest figures from the Bureau of Engraving and Printing (BEP). These figures compare to December totals of over 462 million notes worth more than $11.8 billion.

In percentage comparisons from December to January, the BEP made 12.2% more banknotes for a modest 1% higher total value. In other monthly differences, there were:

  • 321.1% more $2s;
  • 28.6% more $5s;
  • 9.6% more $20s;
  • 44.4% more $50s; and
  • 14.3% fewer $100s.

The number of $1s was the same for both months. Similarly, both months lacked $10s. Before then, $10s had been printed monthly since May 2014.

Compared to the January 2015, the number of notes jumped 15.4% from 449,104,000 and their combined value soared 90.9% from $6,278,480,000.

Below are images of the BEP’s latest monthly production report. They show the type of banknotes manufactured at the agency’s two printing facilities.

January 2016 BEP Banknote Production

Facility at Washington, DC

BEP Money Production in Washington DC, January 2016

Facility at Fort Worth, TX

BEP Money Production in Fort Worth TX, January 2016

The BEP printed 3.2 million in $20 star note. Star notes are replacements for misprinted or damaged notes and for certain serial numbers like 000 000 000. Star notes have serial numbers that end with a star "*" designation, and are also so indicated by quantities in the images above. Money collectors usually find star notes more desirable since they can be harder to find.

The following table lists the type, the amount and the total value of banknotes printed by the BEP for the month:

Banknotes by Denomination: Total Printed and Values

January 2016

Banknotes Total Printed Total Value ($)
$1.00 147,200,000 147,200,000
$2.00 32,000,000 64,000,000
$5.00 57,600,000 288,000,000
$10.00
$20.00 182,400,000 3,648,000,000
$50.00 41,600,000 2,080,000,000
$100.00 57,600,000 5,760,000,000
Totals 518,400,000 11,987,200,000

 

For comparison, four previous monthly money production tables follow.

December 2015

Banknotes Total Printed Total Value ($)
$1.00 147,200,000 147,200,000
$2.00 7,600,000 15,200,000
$5.00 44,800,000 224,000,000
$10.00
$20.00 166,400,000 3,328,000,000
$50.00 28,800,000 1,440,000,000
$100.00 67,200,000 6,720,000,000
Totals 462,000,000 11,874,400,000

 

November 2015

Banknotes Total Printed Total Value ($)
$1.00 160,000,000 160,000,000
$2.00 128,000 256,000
$5.00 60,800,000 304,000,000
$10.00 32,000,000 320,000,000
$20.00 198,400,000 3,968,000,000
$50.00
$100.00 76,800,000 7,680,000,000
Totals 528,128,000 12,432,256,000

 

October 2015

Banknotes Total Printed Total Value ($)
$1.00 195,200,000 195,200,000
$2.00 19,200,000 38,400,000
$5.00 70,720,000 353,600,000
$10.00 96,000,000 960,000,000
$20.00 195,520,000 3,910,400,000
$50.00
$100.00 208,000,000 20,800,000,000
Totals 784,640,000 26,257,600,000

 

September 2015

Banknotes Total Printed Total Value ($)
$1.00 326,400,000 326,400,000
$2.00 6,400,000 12,800,000
$5.00 51,200,000 256,000,000
$10.00 44,800,000 448,000,000
$20.00 64,000,000 1,280,000,000
$50.00 41,600,000 2,080,000,000
$100.00 144,000,000 14,400,000,000
Totals 678,400,000 18,803,200,000

 

As a perspective, the BEP in FY 2014 produced about 24.8 million banknotes a day that combined to a face value of approximately $560 million. That pace accounts for about 8.9 tons of ink each day. Also, the agency delivered approximately 6.2 billion notes at an average cost of 10 cents per banknote. The BEP indicates that more than 90% of paper notes printed each year are for replacing those already in, or taken out of circulation.

The BEP operates on a fiscal year that begins on October 1 and ends on September 30. For FY 2016, the Fed ordered 7.6 billion banknotes.

According to the latest data from the Federal Reserve, there was approximately $1.39 trillion in circulation as of Sept. 30, 2015, of which $1.34 trillion was in Federal Reserve notes.

{ 3 comments… read them below or add one }

Munzen February 26, 2016 at 12:02 pm

Interesting … the pattern of more $2 bills and fewer $10 bills continues. I still haven’t encountered any two’s in circulation although my bank does give them out if you ask. But I’m still receiving multiple fives in place of tens, which is becoming increasingly strange.

Seth Riesling February 26, 2016 at 5:29 pm

Munzen –

Like you, I have wondered recently why the BEP is printing so many (compared to most other years) $2 FRNs last year & this year. I too have never received a $2 FRN as change in my life! The $10 FRN situation is also a strange mystery too like you said. Where in the heck in the USA (or outside the USA) are all these $2 notes going to? They are ordered by the FED as needed of course, but are they actually circulating somewhere? (Ecuador & a few other countries use the U.S. dollar as their official currency – are they winding up there?)
Any thoughts on this mystery CoinNews readers?

Mike Unser –

Thanks for compiling these many stats & your analysis!

-NumisDudeTX

Vachon March 1, 2016 at 10:05 am

@Munzen : a possible explanation for the lack of $10 bills could simply be inflation coupled with the fact that ATMs require withdrawals in $20 increments. If one’s average small purchase (i.e. less than $20) has climbed above $10 (which is not difficult to do anymore), a $10 will not be needed in change. This may be what is impacting their production.

I find in my experience that cash is tendered typically for small purchases, especially ones which appear to be unplanned and credit/debit cards are used for larger or planned purchases. When I do give out $10 bills, it’s usually from purchases that force customers to tend another $20 bill as they have crossed into the next $20 tier (e.g. $26.89; $45.17; $81.15; etc.).

Leave a Comment