United States two-dollar bill
The United States two-dollar bill is a current denomination of United States currency. A portrait of Thomas Jefferson, the third president of the United States, is featured on the obverse of the note. The reverse features an engraving of John Trumbull's painting Declaration of Independence.
Throughout the $2 bill's pre-1929 life as a large-sized note, it was issued as a United States Note, a National Bank Note, a Silver Certificate, a Treasury or "Coin" Note, and a Federal Reserve Bank Note. In 1928, when U.S. currency was redesigned and reduced to its current size, the $2 bill was issued only as a United States Note. Production continued until, when United States Notes were phased out; the $2 denomination was discontinued until 1976, when it was reissued as a Federal Reserve Note, with a new reverse design. The obverse design of the $2 bill is the oldest of all current US currency.
Because of businesses' banking policies that do not rely on $2 bills, fewer are produced and therefore they circulate much less than other denominations of U.S. currency. This scarcity in circulation has contributed to low public awareness that the bill is still being printed and has inspired urban legends and misinformation about $2 bills and has occasionally caused difficulties for persons trying to spend them. Some merchants are unfamiliar with $2 bills and question their validity or authenticity. In spite of its relatively low production figures, the apparent scarcity of the $2 bill in daily commerce also indicates that significant numbers of the notes are removed from circulation and collected by many people as $2 bills are scarcer and more valuable than common bills.
Denomination overview
Authorized under an act by the United States Congress, the first two-dollar bill was issued in March 1862 and the denomination was continuously used until 1966; by that time, the United States Note was the only remaining class of U.S. currency to which the two-dollar bill was assigned. In August 1966, the Treasury Department discontinued production of the and denominations of United States Notes. While the denomination had been issued simultaneously as a Federal Reserve Note, a United States Note and a Silver Certificate, the denomination was not immediately reassigned to the Federal Reserve Note class of United States currency, thus was fully discontinued. The Treasury cited low usage of the two-dollar bill as the reason for not immediately resuming use of the denomination. Production of the two-dollar denomination was resumed in December, 1975, and the two-dollar bill was finally reissued in the spring of 1976 as a Federal Reserve Note with a new reverse design featuring John Trumbull's depiction of the drafting of the United States Declaration of Independence, replacing the previous design of Monticello. The two-dollar note has remained a current denomination of U.S. currency since that time. As estimated at the time, if two-dollar notes replaced about half of the one-dollar notes in circulation, the federal government would be able to save about in 1976 dollars over the period from 1976 to 1981, due to reduced production, storage, and shipping costs.However, due to their limited use, two-dollar notes are not printed as frequently in a new series as other denominations, which are produced according to demand. Most bill acceptors found in vending machines, self checkout lanes, transit systems, ATM's and other automated kiosks are configured to accommodate two-dollar bills, even if the fact is not stated on the device. Although they are generally available at most banks, two-dollar notes are usually not handed out except upon specific request by the customer, and may require the teller to make a trip to the vault, or order the desired amount if not present at the branch.
Rarity
The common misconception that the note is no longer being produced also remains, though notes have been printed since 1862, except for a 10-year hiatus between 1966 and 1976. The U.S. Treasury reports that worth of bills were in circulation worldwide as of April 30, 2007.Unusual serial numbers and replacement notes can raise the collector value of some bills. "Collectible" or "enhanced" two-dollar bills, commemorating America's national parks and other places, people, and events, have been made and sold by coin dealers and others in recent years merely by adding color, special graphics or color printed plastic overlays onto regular-issue $2 notes by using computer printers. The creators and marketers of many of these notes unscrupulously imply that they are authorized or issued by the federal government; however, no "collectible" or "enhanced" two-dollar bills have been authorized by the United States Treasury, the Bureau of Engraving and Printing, nor any other government agency and the bills have no value above their face on the collectors' market.
Certain conventions and tourism/convention bureaus capitalize on the scarcity of notes in circulation, encouraging convention attendees and tourists to spend the bills to illustrate to the host communities the economic impact that the conventions and tourism bring. Sometimes known as "SpendTom" campaigns, the bills linger in the community as a constant reminder. Some campaigns encourage people to participate in a hunt for the bills to win prizes.
History
Large-sized notes
In March 1862, the first $2 bill was issued as a Legal Tender Note with a portrait of Alexander Hamilton; the portrait of Hamilton used was a profile view, different from the familiar portrait in use on the small-sized $10 bill since 1928.
By 1869, the $2 United States Note was redesigned with the now-familiar portrait of Thomas Jefferson to the left and a vignette of the United States Capitol in the center of the obverse. This note also featured green tinting on the top and left side of the obverse. Although this note is technically a United States Note, appeared on it instead of. The reverse was completely redesigned. This series was again revised in 1874; changes on the obverse included removing the green tinting, adding a red floral design around, and changing the term to. The 1874 design was also issued as Series of 1875 and 1878, and by 1880, the red floral design around on the United States Note was removed and the serial numbers were changed to blue. This note with the red floral design was also issued as Series of 1917 but with red serial numbers by that time.
National Bank Notes were issued in 1875 and feature a woman unfurling a flag and a large sideways '2' on the obverse. The reverse has Sir Walter Raleigh smoking tobacco and an eagle with a shield. In 1886, the first $2 silver certificate with a portrait of United States Civil War General Winfield Scott Hancock on the left of the obverse was issued. This design continued until 1891 when a new $2 Silver Certificate was issued with a portrait of U.S. Treasury Secretary William Windom in the center of the obverse.
Two-dollar Treasury, or "Coin", Notes were first issued for government purchases of silver bullion in 1890 from the silver mining industry. The reverse featured large wording of in the center and a numeral 2 to the right surrounded by an ornate design that occupied almost the entire note. In 1891, the reverse of the Series of 1890 Treasury Note was redesigned because the treasury felt that it was too "busy", making it too easy to counterfeit. More open space was incorporated into the new design.
In 1896, the "Educational Series" Silver Certificate was issued. The entire obverse of the note was covered in artwork with an allegorical figure of science presenting steam and electricity to commerce and manufacture. The reverse of the note featured portraits of Robert Fulton and Samuel F. B. Morse surrounded by an ornate design that occupied almost the entire note.
By 1899, however, The $2 Silver Certificate was redesigned with a small portrait of George Washington surrounded by allegorical figures representing agriculture and mechanics.
Large-sized Federal Reserve Bank Notes were issued in 1918. Each note was an obligation of the issuing Federal Reserve Bank and could only be redeemed at the corresponding bank. The obverse of the note featured a borderless portrait of Thomas Jefferson to left and wording in the entire center. The reverse featured a World War I battleship.
Small size notes
''''1928–1966
In 1928, when all U.S. currency was redesigned and downsized, the bill was issued only as a United States Note. The obverse featured a cropped version of Thomas Jefferson's portrait that had been on previous bills. The reverse featured Jefferson's home, Monticello. As with all United States Notes, the treasury seal and serial numbers were printed in red ink. The Series of 1928 bill featured the treasury seal superimposed by the United States Note obligation to the left and a large gray to the right.During the 1950s, production of bills began to decrease. The relative scarcity of the notes led some to start saving any they received, with the inevitable result that the bills became less common in circulation.
In 1953, the bill, along with the United States Note, received minor design changes. The treasury seal was made smaller and moved to the right side of the bill; it was superimposed over the gray word. The United States Note obligation now became superimposed over a gray numeral 2. The reverse remained unchanged.
The final change to United States Notes came in 1963 when the motto was added to the reverse over the Monticello.
Further, because silver certificates were soon to be no longer redeemable in silver, was removed from the obverse. $2 and $5 United States Notes were discontinued in August, 1966.
1976–present
On November 3, 1975, Secretary of the Treasury William E. Simon announced the reissuance of the note as a cost-saving measure; Series 1976 notes would be available from banks on, Thomas Jefferson's birthday. Series 1976 bills were partially redesigned and reissued as a Federal Reserve Note. The note retains the same portrait of Jefferson, and the basic design of the obverse remained unchanged since 1928. The treasury seal and serial numbers are printed in green ink, replacing the red used on the previous United States Note. Since the reintroduction of the note coincided with the United States Bicentennial, it was decided to use a bicentennial-themed design on the reverse, although the bill was not issued specifically to celebrate the bicenntenial, as is widely believed. An engraved rendition of John Trumbull's Declaration of Independence replaced Monticello on the reverse. First-day issues of the new bills could be taken to a post office and stamped with the date "APR 13 1976". The BEP produced a total of 590,720,000 notes from Series 1976, the final run printed in 1978.Currently, stamped Series 1976 notes typically trade for about twice their face value. If the bills were stamped in a city with an unusual name, the value may be slightly higher. However, no first-day-issued 1976 bills with postage stamps are especially rare or valuable.
Despite their age, crisp, uncirculated Series 1976 notes are not uncommon and are not particularly valuable. More than a half billion series 1976 notes were printed and a very large number were saved and hoarded upon their original issue. A typical, single uncirculated 1976 bill is worth only slightly above face value. An average, circulated Series 1976 note has no additional value above its face.
In 1996 and 1997, 153,600,000 bills were printed as Series 1995 for the Federal Reserve District of Atlanta. Beginning with Series 1995, all notes have been produced at the Western Currency Facility in Fort Worth, Texas. In 2004, 121,600,000 of the Series 2003 bills were printed for the Federal Reserve District of Minneapolis. An issue of Series 2003A bills was printed from July to September 2006 for all twelve Federal Reserve Banks. In all, 220,800,000 notes were printed.
In February 2012, the BEP printed 512,000 Series 2009 Star Notes, in anticipation of more regular runs being printed later in 2012. Series 2009 bills were issued to banks during the autumn of 2012.
In November 2013, the BEP began printing Series 2013 notes for the Federal Reserve Bank of Atlanta; these notes entered circulation in early 2014. A total of 44,800,000 notes were ordered for fiscal year 2014, which ran from October 2013 through September 2014. Series 2017A notes were first issued to banks in December 2019.
Production of series 2021 $2 star notes for the Federal Reserve Bank of Kansas City began in March, 2025.