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Printing $2 bills is half as expensive for the government as printing $1 notes, since they both cost the same amount (6.2 cents per bill) to manufacture, [12] but the public has not circulated them as widely. During the Great Depression, few Americans had enough money to require $2 notes.
The first use of Thomas Jefferson's portrait on $2 notes was on Series 1869 United States Notes. The same portrait has been used for all series of $2 United States Notes as well as for all $2 Federal Reserve notes.
The Treasury Department’s Bureau of Engraving and Printing (BEP) will print up to 204 million $2 bills this year, based on an annual order from the Federal Reserve System.
The Federal Reserve orders new $2 bills from the Bureau of Engraving and Printing every year to keep up with ongoing demand. This table shows the quantities of new $2 bills printed annually: As these figures illustrate, several million new $2 notes enter circulation each year.
In 1862, the Federal Government began printing the very first paper bills which included the two-dollar bill. Paper money took a while to catch on, as coin was the preferred currency at the time.
Below, you will find every generation of the federal $2 bill, along with pictures and all of their information, in chronological order by printing year. Because they are printed based on demand, and $2 bills are the least common, there are often several-year gaps between printing years.
The United States issued red seal two-dollar Legal Tender Notes between 1928 and 1966 (Series 1965). The front of the bill features a portrait of Thomas Jefferson by Charles Bert. The back of the note features Thomas Jefferson's home, Monticello, engraved by Joachim C. Benzing.
The first $2 notes are Continentals and are over a year older than America. On May 10, 1775, the Continental Congress authorizes issuance of the first $2 denominations in “bills of credit” for the defense of American independence.
In the 1860s, there were limits on how many $1 and $2 notes the banks could issue because, at the time, it was believed that the widespread use of small-denomination notes caused inflation.
Why has the design of the $2 note remained the same since the note was issued in 1976? The United States government redesigns Federal Reserve notes primarily for security reasons: to stay ahead of counterfeiting threats and keep counterfeiting levels low.