US Banknote Production in June Highest in 8 Months

by CoinNews.net on July 13, 2016 · 12 comments

American dollar money Franklin portrait close-upMore banknotes were produced in June than in any month since October, data from the agency that prints U.S. currency shows.

656 million in $1s, $2s, $5s, $10s, $20s and $100s were printed last month for a combined value of more than $13.6 billion, according to Bureau of Engraving and Printing (BEP) figures published on Monday, July 11. In contrast, May levels registered with 605.44 million notes worth over $12.7 billion.

In percentage comparisons from the previous month, the BEP made 8.4% more banknotes and their total value was 7.3% higher. In other monthly differences, there were:

  • 21.9% more $1s;
  • 21.4% fewer $2s;
  • 9.1% more $5s
  • 5% more $20s; and
  • 14.5% more $100s.

$50s were not printed for the first time since March while the number of $10s matched for a third month in a row.

Compared to the same month a year earlier, the number of notes grew 13.8% but their combined value fell 34.6%.

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.

June 2016 BEP Banknote Production

Facility at Washington, DC

BEP Money Production in Washington DC, June 2016

Facility at Fort Worth, TX

BEP Money Production in Fort Worth TX, June 2016

The BEP printed 9.6 million star notes, split across $1s and $2s. Star notes are replacements for misprinted or damaged notes and for certain serial numbers like 000 000 000. They 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

June 2016

Banknotes Total Printed Total Value ($)
$1.00 249,600,000 249,600,000
$2.00 35,200,000 70,400,000
$5.00 76,800,000 384,000,000
$10.00 64,000,000 640,000,000
$20.00 134,400,000 2,688,000,000
$50.00
$100.00 96,000,000 9,600,000,000
Totals 656,000,000 13,632,000,000

 

For comparison, four previous monthly money production tables follow.

May 2016

Banknotes Total Printed Total Value ($)
$1.00 204,800,000 204,800,000
$2.00 44,800,000 89,600,000
$5.00 70,400,000 352,000,000
$10.00 64,000,000 640,000,000
$20.00 128,000,000 2,560,000,000
$50.00 9,600,000 480,000,000
$100.00 83,840,000 8,384,000,000
Totals 605,440,000 12,710,400,000

 

April 2016

Banknotes Total Printed Total Value ($)
$1.00 188,800,000 188,800,000
$2.00
$5.00 70,400,000 352,000,000
$10.00 64,000,000 640,000,000
$20.00 192,000,000 3,840,000,000
$50.00 3,200,000 160,000,000
$100.00 105,600,000 10,560,000,000
Totals 624,000,000 15,740,800,000

 

March 2016

Banknotes Total Printed Total Value ($)
$1.00 188,800,000 188,800,000
$2.00
$5.00 76,800,000 384,000,000
$10.00 12,800,000 128,000,000
$20.00 173,120,000 3,462,400,000
$50.00
$100.00 108,800,000 10,880,000,000
Totals 560,320,000 15,043,200,000

 

February 2016

Banknotes Total Printed Total Value ($)
$1.00 147,200,000 147,200,000
$2.00
$5.00 64,000,000 320,000,000
$10.00 38,400,000 384,000,000
$20.00 153,600,000 3,072,000,000
$50.00 35,200,000 1,760,000,000
$100.00 83,200,000 8,320,000,000
Totals 521,600,000 14,003,200,000

 

As a perspective, the BEP in FY 2015 delivered about 7 billion notes at an average cost of 10 cents each, and needed about 8.7 tons of ink each day to print them. More than 90% of the banknotes printed are for replacing those already in, or taken out of circulation.

According to data from the Federal Reserve, there was approximately $1.46 trillion in circulation as of June 1, 2016, of which $1.4 trillion was in Federal Reserve notes.

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.

{ 12 comments… read them below or add one }

Jim July 13, 2016 at 8:22 am

The bureau have issued so many $2.00 note and yet we can not exchange it from the banks. I wonder who’s get it?. Anyone?..

Seth Riesling July 13, 2016 at 1:25 pm

Jim –

It is a mystery where all these $2 FRNs go that are put into circulation. I haven’t seen one in circulation for years!
I buy the special $2 notes with fancy serial numbers & uncut note sheets directly from the BEP.
Today I received my BEP 2016 fancy serial number $1 birthday notes that went on sale July 6 from the BEP beginning with numbers “2016” as the first four digits. The embossed folder is colorful & includes a big red envelope to use for mailing as gifts. It is limited to 5,000 sets & I got 5 consecutive numbers in the low 0350 range.

-NumisDudeTX

Boz July 13, 2016 at 3:27 pm

yes i have always wondered the same things about cut and bundled notes
star notes, low serial numbers, repeating digits, poker hands, radar numbers never make it to consumers out of the federal reserve system

evidently they are like concert and show tickets, inside traders have special access through employee contacts. desirable numbers are diverted to currency brokers of various types and to hoarders

they are sometimes sold to collectors at a significant premium, or just never see the light of day anywhere

congress should investigate this and fix the problem
bep is missing the boat, govt should sell and put the premiums against some other debts

what they do sell like lucky notes with three 7’s are not nearly as collectible as stuff they let go at face value, and much of the uncut notes are more novelties than collectible
if it costs 10 cents to produce a note, how much more does it cost to transport and distribute?
this is starting to sound a lot like the penny and nickle…for what a dollar will buy today it is just a scam to cut diwn trees and keep loggers and paper producing banknote supply operators on easy street

Whistler July 13, 2016 at 3:46 pm

I just ask @ the BANK & get $2 all the time, last visit a fresh pad of 100 w/a BEP strap from “I” although I am in the L district…….great for tips!

Seth Riesling July 13, 2016 at 6:00 pm

Boz –

You are so right! Former Treasurer of US Katharine Davalos Ortega is auctioning off her collection of special serial #1 notes she received while in office & the printing plate with her engraved signature used to print notes! They are offered by Heritage Auctions at next months ANA coin show & convention in Anaheim, California. How scandalous is that? She got some of them free as a gift & some she got for face value while in office. Amazing!

-NumisDudeTX

Munzen July 13, 2016 at 10:40 pm

Jim, Seth –
Ditto here. I live just outside a major city (also a Fed district seat if that matters) but even at major banks, asking for twos usually gets the same response as a request for a roll of buffalo nickels.

Seth Riesling July 14, 2016 at 12:11 am

Munzen –

That is funny. I should ask my bank teller for some silver certificate notes! But it is some of the 12 Federal Reserve Banks that order the $2 notes or the BEP would not be printing them. So they must be circulating somewhere – but where? Lol

-NumisDudeTX

Vachon July 14, 2016 at 1:19 pm

It takes some searching, but there are still a few banks out there interested in providing customer service. As soon as I found a bank that would get me $2 bills and half-dollars on demand, I parked the vast majority my money with them. I’ll admit I have a second account at another bank with a good coin counter to dump the really bad-looking half-dollars in while I spend the rest/give them out in change at work.

You’re reminding me that I need to start asking for $2s again in the hopes I will score a 2013 series 🙂

Vachon July 14, 2016 at 1:21 pm

The rumor I’ve heard about $2 bill circulation is that they’re used in Gentleman’s Clubs so that the dancers will get better tips. Can’t say I blame them. A dollar doesn’t mean much anymore.

But production of the denomination has increased over the years. We’ve had several consecutive series now.

Seth Riesling July 14, 2016 at 4:20 pm

Vachon –

Good info! Dancing for $2 bills – a new tv reality show in the making. Lol.

-NumisDudeTX

Munzen July 14, 2016 at 6:58 pm

Vachon –

Interesting! I guess it’s like the saying “everything old is new again”. Supposedly one of the reasons $2 bills lost favor around the end of the 19th century was that they were used to pay for, uh, “gentlemen’s entertainment” back then as well – but it was, hmmm, a rather more substantial form of pleasure. People stopped spending the denomination due to fear of guilt by association.

Seth Riesling July 14, 2016 at 7:12 pm

Munzen –

Interesting! Benjamin Franklin must have had his pockets full of $2 bills at all times, as he was a frequent “guest” at houses of ill repute all over the place (one of his many hobbies! ) & he was a fairly wealthy man.

-NumisDudeTX

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