The United States two dollar bill ($2) is a denomination of U.S. currency. Former U.S. President Thomas Jefferson is featured on the obverse of the note. The painting The Signing of the Declaration of Independence by John Trumbull is featured on the reverse (Jefferson was one of the major authors of The Declaration of Independence). This reverse has been used since 1976. Before that, the $2 United States Note reverse featured a picture of Monticello, Jefferson's estate.

In spite of its relatively low value, the two dollar bill is one of the most rarely-seen denominations of U.S. currency. This is partially due to the low production of the note; approximately 1% of all notes produced nowadays are $2 bills. However, bills are produced according to demand. There is little everyday demand for the $2 bill, so it is not printed frequently. Since Series 1976, there have only been two other printings, Series 1995 and Series 2003. More will be printed when the current supply of Series 2003 bills dwindles.

$2 bills were used by many horse-racing tracks for placing the standard $2 bets, and some strip clubs distribute them to be used as tips. It could be reasoned that these two factors have helped lead to the negative connotation that $2 bills hold. In addition, as $2 bills are rarely seen and/or used in normal circulation they are often perceived as "rare". Though this is not the case, because they are seen as such they are often hoarded, thus decreasing awareness, so more people think they are rare, so fewer people spend them, etc.

Many have reasoned that the only way for this self-perpetuating cycle to end and for the $2 bill to be accepted would be for the $1 bill to be removed from circulation and replaced by the $1 coin. However, due to factors such as the Save the Greenback group, this seems unlikely to happen in the near future.

Though many cash registers accommodate it, its slot is often used for things like checks and rolls of coin. Few money-handling machines (such as vending machines) accommodate it, but self-checkout lanes have been known to do so, even if the fact that they are accepted is not stated on the label. They are not handed out arbitrarily, but two dollar bills can sometimes be found at banks by request. Oftentimes if a bank has none in stock, they will order them, so long as the customer takes a certain quantity of the order.

Two dollar bills are delivered by Federal Reserve Banks in green straps of 100 bills ($200). They are often packaged in bundles (10 straps/1000 bills), like most other denominations of US currency. Many bank tellers will have a few 'loose' $2 bills in their cash drawer.

 

Collectible $2 bills

Most $2 bills are not collectibles. They are 'uncommon enough to often be hard to find, but not uncommon enough to be really valuable' Exceptions:

• Large runs of mint-condition bills with consecutive serial numbers
• Bills that are Series 1963A or older (these will have red serial numbers, as opposed to green)
• Bills with an interesting pattern in the serial number
• Bills with a star in the serial number

 

History

 

Large size notes

(7.375 inches x 3.125 inches)

• July 1862: The first $2 bill was issued as a Legal Tender Note (United States Note) with a portrait of Alexander Hamilton; the portrait of Hamilton used was a profile view and is unlike the portrait used currently for the $10 bill.

• 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 Capital 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, TREASURY NOTE appeared on it instead of UNITED STATES NOTE.
• 1874: The Series of 1869 United States Note was revised. Changes on the obverse included removing the green tinting, adding a red floral design around WASHINGTON D.C., and changing the term TREASURY NOTE to UNITED STATES NOTE. The reverse was completely redesigned. This note was also issued as Series of 1875 and 1878.
• 1880: The red floral design around WASHINGTON D.C. on the United States Note was removed. This note was also issued as Series of 1917.
• 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.

• 1890: Two dollar Treasury or "Coin Notes" were issued for government purchases of silver bullion from the silver mining industry. The reverse featured large wording of TWO in the center and a numeral 2 to the right surrounded by an ornate design that occupied almost the entire note.
• 1891: A new $2 Silver Certificate was issued with a portrait of U.S. Treasury Secretary, William Windom in the center of the obverse.
• 1891: The reverse of the Series of 1890 Treasury Note was redesigned because the treasury felt that it was too "busy" which would make it too easy to counterfeit. More open space was incorporated into the new design.
• 1896: The famous "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 Morse surrounded by an ornate design that occupied almost the entire note.
• 1899: The $2 Silver Certificate was redesigned with a small portrait of George Washington surrounded by allegorical figures representing agriculture and mechanics.
• 1918: The only large-sized, Federal Reserve Note-like $2 bill was issued as a Federal Reserve Bank Note. 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

(6.125inches x 2.625 inches)

In 1929, when all U.S. currency was changed to its current size, the $2 bill was kept only as a United States Note. The obverse featured a cropped version of Thomas Jefferson's portrait that had been on previous $2 bills. The reverse featured Jefferson's home, the Monticello. The note's seal and serial numbers were red. The Series of 1928 $2 bill featured the treasury seal superimposed by the United States Note obligation to the left and a large gray TWO to the right.

In 1953 the $2 bill received design changes analogous to the $5 United States Note. The treasury seal was made smaller and moved to the right side of the bill; it was superimposed over the gray word TWO. The United States Note obligation now became superimposed over a gray numeral 2. The reverse remained unchanged.

The final change to $2 United States Notes came in 1963 when the motto IN GOD WE TRUST was added to the reverse over the Monticello. And, because dollar bills were soon to no longer be redeemable in silver, WILL PAY TO THE BEARER ON DEMAND was removed from the obverse. These $2 bills were officially discontinued in August of 1966.

In 1976, the Treasury Department reintroduced the $2 bill as a cost-saving measure. As part of the United States Bicentennial celebration, the note was redesigned and issued as a Federal Reserve Note. The obverse featured the same portrait of Jefferson, a green instead of red seal and serial numbers, and an engraved rendition of John Trumbull's The Signing of the Declaration of Independence on the reverse. First day issues of the new bicentennial $2 bills could be taken to a post office and stamped with the date "APR 13 1976". In all, 590,720,000 notes from Series 1976 were printed. The bills proved extremely unpopular and printing was stopped.

Many give as a reason for its failure that its value is redundant, being only twice the value of the $1. However, the fact that the $2 bill (and later coin) succeeded in Canada offers a potential counterpoint to this. Also, one could have used the redundancy argument to predict that the dime (being worth two nickels) and the $10 (being worth two $5 bills) would likewise be failures, but this has not been the case. Other, more colorful, stories about the reasons for its failure exist.

In 1996 and 1997, 153,600,000 bills were printed [1] as Series 1995 with the signatures of Robert Rubin and Mary Ellen Withrow. In 2004, 121,600,000 of the newest $2 bills, Series 2003, were printed bearing the signatures of John W. Snow and Rosario Marin. Both of these issues have the same design as the Series 1976 $2 bill.

There are currently no plans to redesign the $2 bill.

 

The Two-dollar bill in American consciousness

 

Urban legends

Whether or not the following stories are true is unknown.

 

Marked money

An amusing and perhaps apocryphal story regarding two dollar bills being paid to military servicemen has circulated intermittently in American public consciousness over the years. This story being constantly retold reflects how some Americans view the two dollar bill.

The basic premise is as follows: a coastal town somewhere has a business district that, while successful financially, is plagued by uncouth Navy servicemen on shore leave. They come in, make a ruckus, get drunk, and generally upset the town's otherwise quiet atmosphere. The locals, who do not appreciate the intrusion, finally get together and lodge a formal complaint with the Navy.

The Navy, in response, decides to teach the arrogant town a lesson in economics and pays a substantial portion of its servicemen's following months' salary in two dollar bills. When the sailors subsequently descend on the town to spend their wages, the local businesses are inundated with two dollar bills; in fact, they realize that they have more two dollar bills than anything else, which certainly grabs their attention.

The message, of course, is that the Navy servicemen on shore leave might very well be boorish and intrusive, but the money they spend represents the livelihood of the store owners responsible for the letter of complaint. Needless to say, they were more patient with the sailors thenceforth.

The fact that this tactic worked, of course, is entirely a result of the two dollar bill's rarity. One dollar bills or five dollar bills would not have been so readily noticed. Two dollar bills drive the point home; there is no way they can be ignored, given that they are almost never seen.

 

Non-acceptance

A different story is documented on Snopes. In the story, a Taco Bell patron attempts to pay for a burrito with a two dollar bill. The cashier, and the store manager all refuse to accept it as valid US currency thinking there is no such thing a as a $2 bill. When the patron insists on paying with it, they call security who then explains that $2 bills are valid US currency.

Others have written in to Snopes to report similar incidents.

 

Documented Stories

Just recently, in February of 2005, [2] an annoyed patron of Best Buy was attempting to pay for an electronics installation that had been originally promised to be free, with 57 $2 bills. The cashier refused to accept them and marked them as counterfeit. The cashier then called the police and the patron was handcuffed until a Secret Service Agent arrived and straightened things out. The suspicion was supposedly caused by ink smearing on the bills which is not totally uncommon.

 

Currency Tracking

Approximately half a million $2 bills are entered at the American currency tracking website "Wheres George?". A certain niche of site users have made the $2 bill their preferred denomination, and use it frequently. An unofficial club called "Top Toms" has even appeared for those who have entered 2000 or more $2 bills into the system. Several dozen people are on this list, and many more aspire for this goal.

 

References

The "History" portion of this article is adapted from the following:

• An article at the website of the Bureau of Engraving and Printing.

• Standard Catalog of United States Paper Money, 17th edition published by Krause Publications

 

 

United States currency and coinage

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