Federal Reserve Order for Banknotes in 2024 Peaks at 6.9 Billion

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100-dollar-bills
For a fourth straight year, the Board of Governors of the Federal Reserve System order for banknotes in FY 2024 is ranged by denomination

U.S. money production in 2024 will remain fluid for a fourth straight year, according to a 2024 Federal Reserve order for banknotes submitted to the Bureau of Engraving and Printing (BEP) and published Nov. 1. The BEP is the government agency within the Treasury Department responsible for printing U.S. currency.

In line with the previous three years and in contrast to practices predating that period, the print order includes ranges of notes by denomination rather than specific totals. The money production order for FY 2024 contains a range of 5.3 billion to 6.9 billion notes, valued at $180.5 billion to $204.4 billion. The figures come from an order approved and submitted by the Board of Governors of the Federal Reserve, the issuing authority for U.S. banknotes.

The Federal Reserve’s order for FY 2023 ranged from 4.5 billion to 8.6 billion notes, while the order for FY 2022 ranged from 6.9 billion to 9.7 billion notes, and the order for FY 2021 ranged from 7.5 billion to 9.6 billion notes. Since 2001, ranges have been used to "best match available production with demand throughout the year.

Most of the banknotes produced for the latest fiscal year will be $1s and $100s, like in prior years. In the latest round, the number of $10s stands out as significantly higher than in recent years. The order also includes $2 notes after their absence a year earlier.

Traditionally, most banknotes are manufactured to replace those taken out of circulation because their condition no longer meets the criteria for recirculation or because they are of older designs. Tradition resumed in 2023 and 2024, with both orders stating:

"This year’s print order follows pre-pandemic trends in which the primary driver of the order was the need to replace unfit notes destroyed during normal processing," the Feb Board said in its order.

Cost of Making Federal Reserve Notes

The BEP’s cost of making money varies by banknote. For example, government figures for 2023 show production costs per note at:

  • 2.8 cents for $1s and $2 (from 7.5 cents in 2022)
  • 4.8 cents for $5s (from 12.7 cents in 2022)
  • 4.8 cents for $10s (from 12.4 cents in 2022)
  • 5.3 cents for $20s (from 13.8 cents in 2022)
  • 5.2 cents for $50s (from 13.3 cents in 2022)
  • 8.6 cents for $100s (from 17.0 cents in 2022)

The Fed approved a currency operating budget of $931.4 million for calendar year 2023, down 128.6 million, or 12.1%, from the 2022 currency operating budget of $1,060 million. A currency budget for 2024 is yet to be published.

Banknote Orders by Denomination

The following table shows how the Fed’s latest order breaks down by denomination, number of notes and dollar value:

FY 2024 Federal Reserve Note Print Order

Denomination Number of Notes
(000s of pieces)
Dollar Value
(000s of dollars)
$1 1,785,600 to 2,265,600 $1,785,600 to $2,265,600
$2 211,200 to 256,000 $422,400 to $512,000
$5 576,000 to 748,800 $2,880,000 to $3,744,000
$10 761,600 to 1,017,600 $7,616,000 to $10,176,000
$20 352,000 to 825,600 $7,040,000 to $16,512,000
$50 99,200 to 211,200 $4,960,000 to $10,560,000
$100 1,558,400 to 1,606,400 $155,840,000 to $160,640,000
Total 5,344,000 to 6,931,200 $180,544,000 to $204,409,600

The BEP operates on a fiscal year that begins on Oct. 1 and ends on Sept. 30. They agency produces all U.S. banknotes, and the order for 2024 includes currency set aside for numismatic products.

For reference, the next three tables show banknote orders placed for fiscal years 2020, 2021, 2022 and 2023:

FY 2023 Federal Reserve Note Print Order

Denomination Number of Notes
(000s of pieces)
Dollar Value
(000s of dollars)
$1 1,939,200 to 4,358,400 $1,939,200 to $4,358,400
$2 0 to 0 $0 to $0
$5 684,800 to 1,344,000 $3,424,000 to $6,720,000
$10 172,800 to 563,200 $1,728,000 to $5,632,000
$20 0 to 512,000 0 to $10,240,000
$50 192,000 to 275,200 $9,600,000 to $13,760,000
$100 1,497,600 to 1,497,600 $149,760,000 to $149,760,000
Total 4,486,400 to 8,550,400 $166,451,200 to $190,470,400

 

FY 2022 Federal Reserve Note Print Order

Denomination Number of Notes
(000s of pieces)
Dollar Value
(000s of dollars)
$1 800,000 to 2,297,600 $800,000 to $2,297,600
$2 102,400 to 204,800 $204,800 to $409,600
$5 403,200 to 601,600 $2,016,000 to $3,008,000
$10 256,000 to 601,600 $2,560,000 to $6,016,000
$20 2,361,600 to 2,598,400 $47,232,000 to $51,968,000
$50 752,000 to 851,200 $37,600,000 to $42,560,000
$100 2,201,600 to 2,499,200 $220,160,000 to $249,920,000
Total 6,876,800 to 9,654,400 $310,572,800 to $356,179,200

 

FY 2021 Federal Reserve Note Print Order

Denomination Number of Notes
(000s of pieces)
Dollar Value
(000s of dollars)
$1 709,120 to 1,030,400 $709,120 to $1,030,400
$2 38,400 to 51,200 $76,800 to $102,400
$5 419,200 to 467,200 $2,096,000 to $2,336,000
$10 300,800 to 428,800 $3,008,000 to $4,288,000
$20 3,107,200 to 3,968,000 $62,144,000 to $79,360,000
$50 483,200 to 499,200 $24,160,000 to $24,960,000
$100 2,482,176 to 3,196,800 $248,217,600 to $319,680,000
Total 7,568,896 to 9,612,800 $341,237,120 to $430,931,200

 

FY 2020 Federal Reserve Note Print Order

Denomination Number of Notes
(000s of pieces)
Dollar Value
(000s of dollars)
$1 1,574,400 $1,574,400
$2 0 $0
$5 736,000 $3,680,000
$10 460,800 $4,608,000
$20 1,241,600 $24,832,000
$50 76,800 $3,840,000
$100 1,078,400 $107,840,000
Total 5,168,000 $146,374,400

 

Lastly, this Fed chart shows orders from FY 2010 to FY 2024:

Federal Reserve Print Orders FY2010-FY2024
Federal Reserve Print Orders FY2010-FY2024. Note: The bars from FY 2021 and onward represent the number of banknotes the BEP committed to deliver in its respective fiscal year.

 

The Bureau of Engraving and Printing produces banknotes at facilities in Fort Worth, TX and Washington, D.C. According to Fed data, currency in circulation topped $2.323 trillion through the week ended Nov. 1, 2023.

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Dazed and Coinfused

Print it in Ukraine and Isreal, at least that way we’ll save in shipping costs.

Dazed and Coinfused

$1? Anything less than a $20 is undignified and barbaric and an insult to those that hate drugs, but love the smell of coke.

Last edited 6 months ago by Dazed and Coinfused
Dazed and Coinfused

It is popularly though that thanks to Escobar, virtually all $20 bills in circulation during his rule held traces of coke. No wonder hepC (pepsi) couldn’t win the soda battles. The choice of a new generation. New formula Coke, now with real bud lite

Antonio

I have yet to see any bills printed after the Trump Administration. All the ones I come across are from the George W Bush, Obama and Trump years.

Christo

If you get a bundle of used $2 bills from the bank there is a good chance you’ll get one from 1976.

Dazed and Coinfused

That’s cuz all the money under biden gets shipped overseas immediately.

Jeff Legan

Hi Dazed and Coinfused,
You sure do have a lot of strong political opinions for a non-voter. You do not support any cash going for Israel and Ukraine? Freedom bad? We mostly give them both weapons, but we do give them both some cash too. I believe cash for freedom is still a better deal than Trump shipping our cash directly into his own pockets during his last time in office.

Dazed and Coinfused

I bet all those protesters and picketers all voted. That rallies, and organized gatherings are all only attended by voters. We need more government as everything is political and requires a vote. Nothing settled between 2 people. No bartering. No compromise, straight to social media to see what your elected official tells you to do. I wonder what blacks and women did before they could vote. I bet they had strong opinions too. But they don’t matter, they didn’t vote. Lot of the generation don’t. Remember MTV Rock the vote. Then Stacy Abrams campaign to vote, paid for by taxpayers… Read more »

Jeff Legan

“I bet all those protesters and picketers all voted. That rallies, and organized gatherings are all only attended by voters.“—-At least they didn’t protest on a coin site. “I wonder what blacks and women did before they could vote. I bet they had strong opinions too. But they don’t matter, they didn’t vote.“—-Apparently they did. They made a ruckus to gain the vote. What is yours about? To take it away again? “Another funny and overlooked fact Dear Jeff, is that on a couple occasions in the army, lot if others were with me at the time. I wonder how… Read more »

Dazed and Coinfused

Nobody I want to win is running. I don’t like either side. Been that way since forever. I am not going to vote just for the sake of voting. Especially when almost 300 years later we are still changing voting laws and districts. Put up a candidate worth voting for and I might be tempted to register. FYI I have contacted senators, representatives, mayors, city council members for assistance and always got canned answers that never addressed the issues. But they had no problem calling me every day, and sending Mr pamphlets and flooding my inbox with their requests for… Read more »

Vachon

I’ve only seen a few myself and only $1 and $5 denominations so far, with the $5 bills dominating my series-2021 sightings

Vachon

Every decade I keep waiting to see if it’ll happen but so far no. There has never been a small-sized currency series year ending with a 2. All the other digits are represented at least once (series-1950, 1981, 1993, 1934, 1985, 1996, 1977, 1988, 1929…but none ending with a 2)

Maybe there’ll be a series-2032…but I doubt it 🙂