US Banknote Production Slips in November to 9-Month Low

by CoinNews.net on December 22, 2016 · 0 comments

US Money, 50 and 10Banknote production slowed in November for a third straight month and to a nine-month low, data from the agency responsible for printing U.S. currency shows. The number of notes and their combined value dropped sharply from October, although both totals climbed from year-ago levels.

538.24 million in $1s, $5s, $20s, $50s, and $100s were printed last month for a total value of more than $13.5 billion, according to Bureau of Engraving and Printing (BEP) figures. These compare to October amounts of 675.84 million notes worth nearly $20.6 billion.

In month-over-month percentage comparisons, the BEP made 20.4% fewer banknotes for a combined value that is 234.2% lower. In other monthly differences, there were:

  • 21.6% fewer $1s;
  • 15.4% fewer $5s;
  • 7.1% more $20s;
  • 18.9% fewer $50s; and
  • 47.6% fewer $100s.

The BEP did not produce $10s for the first time since January. $2s have not been made since July, and more are not expected for some time. The Federal Reserve noted that their FY 2016 order for $2s was enough to meet demand for "multiple years."

Compared to the same month a year earlier, the number of notes edged up 1.9% from 528,128,000 and their total value jumped 8.9% from $12,432,256,000. Going forward, fewer notes will be printed on average since the Fed ordered 7.1 billion banknotes for FY 2017 compared to 7.6 billion banknotes in FY 2016.

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.

November 2016 BEP Banknote Production

Facility at Washington, DC

BEP Money Production in Washington DC, November 2016

Facility at Fort Worth, TX

BEP Money Production in Fort Worth TX, November 2016

The BEP printed 7.04 million star notes, split across $1s and $20s. 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

November 2016

Banknotes Total Printed Total Value ($)
$1.00 185,600,000 185,600,000
$2.00
$5.00 70,400,000 352,000,000
$10.00
$20.00 154,240,000 3,084,800,000
$50.00 57,600,000 2,880,000,000
$100.00 70,400,000 7,040,000,000
Totals 538,240,000 13,542,400,000

 

For comparison, four previous monthly money production tables follow.

Banknotes by Denomination: Total Printed and Values

October 2016

Banknotes Total Printed Total Value ($)
$1.00 236,800,000 236,800,000
$2.00
$5.00 83,200,000 416,000,000
$10.00 6,400,000 64,000,000
$20.00 144,000,000 2,880,000,000
$50.00 71,040,000 3,552,000,000
$100.00 134,400,000 13,440,000,000
Totals 675,840,000 20,588,800,000

 

September 2016

Banknotes Total Printed Total Value ($)
$1.00 314,100,000 314,100,000
$2.00
$5.00 76,800,000 384,000,000
$10.00 32,000,000 320,000,000
$20.00 134,400,000 2,688,000,000
$50.00 64,000,000 3,200,000,000
$100.00 99,200,000 9,920,000,000
Totals 720,500,000 16,826,100,000

 

August 2016

Banknotes Total Printed Total Value ($)
$1.00 320,350,000 320,350,000
$2.00
$5.00 76,800,000 384,000,000
$10.00 32,000,000 320,000,000
$20.00 160,320,000 3,206,400,000
$50.00 41,600,000 2,080,000,000
$100.00 89,600,000 8,960,000,000
Totals 720,670,000 15,270,750,000

 

July 2016

Banknotes Total Printed Total Value ($)
$1.00 195,200,000 195,200,000
$2.00 44,800,000 89,600,000
$5.00 77,120,000 385,600,000
$10.00 44,800,000 448,000,000
$20.00 128,000,000 2,560,000,000
$50.00
$100.00 96,000,000 9,600,000,000
Totals 585,920,000 13,278,400,000

 

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 those printed are for replacing those already in, or taken out of circulation.

Federal Reserve data indicates that there was approximately $1.48 trillion in circulation as of Oct. 20, 2016, of which $1.43 trillion was in Federal Reserve notes.

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