Would you be surprised to hear that 38 million bank notes are produced each day by the Bureau of Engraving and Printing?1
The daily printing has a face value of $541 million, but 95% of the money printed replaces notes already in circulation.1
The money business is big business for the Bureau of Engraving and Printing. But since the pandemic, cash use has dropped and hasn’t fully recovered. In fact, 60% of all payments are made with debit or credit cards. Cash is now the third-most used payment method in the U.S., measured by the number of transactions.2
Still, the Bureau is responsible for keeping track of the more than $2.3 trillion in circulation. And that’s no small feat, considering that the Federal Reserve estimates that 60% of all bills and nearly 80% of $100 bills are currently overseas.3,4
Show Me the Money!2
Currency in circulation by type of bill (In billions.).
“And he saith unto them, Whose is this image and superscription? They say unto him, Caesar’s. Then saith he unto them, Render therefore unto Caesar the things which are Caesar’s; and unto God the things that are God’s. When they had heard these words, they marveled, and left him, and went their way.” Matthew 22:20-22
The chart shows that the $100 bill is the most popular one in circulation, but for most people, the $20 bill is the more common bill used in day-to-day living. So here’s some fun facts about your $20 bill that’s hopefully “not burning a hole in your pocket!”
Durable and foldable: Currency paper isn’t paper at all. It’s 75% cotton and 25% linen, and it can be folded about 4,000 times before the note will tear.5
The first $20 bill: The first paper notes in the U.S. were in denominations of 3, 5, 10, 15, 25, and 50 cents. The $20 bill was first printed in 1861. Andrew Jackson, the seventh U.S. president, has been featured on the bill since 1928.6,7
$20 bill makeover: The current version of the $20 bill was designed in 2003. It contains an amazing amount of details to prevent counterfeiting, including an embedded security thread that glows green when illuminated by UV light. Also, when held to light, a portrait watermark of President Jackson is visible from both sides of the note.8
Counterfeit countdown: Did you know that the Secret Service was established in 1865 to combat counterfeiting of the US currency? In fact, following the Civil War, one-third to one-half of the currency in circulation was estimated to be counterfeit.9
Despite the rise in payment apps and expanded uses for debit and credit cards, paper money doesn’t appear to be going away anytime soon! The money business has a long, rich tradition in our country and throughout the world.
- SoundVision.com, November 2, 2024
- WSJ.com, February 24,2024
- USCurrency.gov, 2024
- ChicagoFed.org, 2024
- BureauEngravingPrinting.gov, 2024
- Wikipedia.org, 2024
- Wikipedia.org, 2024
- USCurrency.gov, 2024
- SecretService.gov, 2024
