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The Two Dollar Bill

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two-dollar-bill

Not an Urban Myth

Originally introduced in July 1862, the Two Dollar Bill has seen very little circulation during its history as legal US currency. This has lead to many urban legends, tall tales, and for some, allegations of counterfeiting. But in fact, the Two Dollar Bill is legal and still printed by the Federal Reserve. Learn all about this unusual piece of US currency!

two-dollar-bill

Legitimate Currency

A brief history of the $2 bill

Contrary to what some people might believe, the two dollar bill is a real denomination in US currency. The two dollar bill was first used by the US Federal Government in July of 1862 and was continuously used until 1966, when the United States Notes (the class of currency the bill was assigned to) began to be discontinued.

Initially, the two dollar bill was not reassigned to Federal Reserve Note class of United States currency, due to the Treasury Department noting that it was unpopular and rarely used. When the United State's Bicentennial came around in 1976, two dollar bill printing was resumed and the bill received assignment as a Federal Reserve Note as well as a new design on the back.

The two dollar bill is still in continuous circulation today. Because demand for the bills is low enough that one printing can be circulated for many years, the two dollar bills you see these days are ones printed from the 1976 Bicentennial series. When the Federal Reserve Banking System runs low on its current supply of $2 bills, it will submit an order to the Bureau of Engraving and Printing, which will then print more and add them to the current circulation.

Rare But There!

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The Art $2 Bill

Changes over the years

The art of the two dollar bill also has a rich history. The obverse (front) of the two dollar bill originally featured a portrait of Alexander Hamilton in profile, when it was originally issued as Legal Tender in July of 1862. In 1869 the two dollar bill was redesigned to feature former U.S. President Thomas Jefferson; this design (excluding the elements of a Federal Reserve Note) was first adopted in 1929, making it the oldest design in the history of US Currency.

Around this time, the reverse (back) of the two dollar bill featured an engraving of Monticello, Thomas Jefferson's Virginia estate. During the United States Bicentennial, the reverse design was changed to John Trumbull's depiction of the drafting of the United States Declaration of Independence. This makes the two dollar bill the only U.S. Currency note that features two Presidents, John Adams and Thomas Jefferson, the only two future presidents to sign the Declaration.

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The Design of the $2 Bill

Changes in size and design

During its history, the two dollar bill has come in several sizes and versions. Prior to 1928, it was issued as a Legal Tender Note. It was roughly 7.4218" in length and 3.125" in height. In 1869, when the bill was redesigned, it received the designation was a Treasury Note even though it was a United States Note.

In 1886, the first $2 Silver Certificate with a portrait of United States Civil War General Winfield Scott Hancock was issued. Another version of the $2 Silver Certificate was released in 1891, featuring a portrait of U.S. Treasury Secretary William Windom.

The famous "Educational Series" $2 Silver Certificate was issued in 1896. 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. Only three short years later, in 1899, the $2 Silver Certificate was again redesigned with a small portrait of George Washington surrounded by allegorical figures representing agriculture and mechanics.

From 1929 on, when all United States currency was changed to its current size (6.14" long by 2.61" tall) the $2 bill was only kept as a United States Note. The obverse featured a cropped version of the original portrait of Thomas Jefferson that had been seen on prior $2 bills and Monticello on the reverse.

As part of the United States Bicentennial celebration in 1976, the note was redesigned and issued as a Federal Reserve Note, this time featuring an engraved rendition of John Trumbull's The Declaration of Independence on the reverse.

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Rarity of Use = Cause for Confusion

Have you ever seen a $2 bill?

Contrary to what you might have heard from a friend or read online, the two dollar bill has not been removed from circulation and is still a legal denomination of United States paper currency.

The problem lies with the fact that its circulating numbers are far lower then that of the standard denomination bills ($1, $5, $10, etc) and the Federal Reserve system does not request printing runs of $2 bills as often as the aforementioned. Under 1% of all notes currently produced are $2 bills.

The Series 2003 $2 bill was the last printed and bears the names of former Secretary of the Treasury John W. Snow and Treasurer Rosario Marin. As of April 30, 2007 there were $1,549,052,714 worth of two dollar bills in circulation worldwide.

Paying with a $2 bill?

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Urban Legends and Tall Tales

Surrounding the $2 Bill

Scarcity in circulation of the two dollar bill has caused an overall lack of public awareness to its existence. Most children these days have never seen one with their own eyes. This "rarity" has inspired countless legends and stories about the two dollar bill

Snopes.com has documented stories in which patrons have tried to use the two dollar bill to pay for items or food only to have the cashier accuse them of counterfeiting. Their belief that the two dollar bill is fake has led to tense circumstances, including involvement of the police and the Secret Service in order to clear up the confusion.

The two dollar bill is also not as "rare" as some might want you to believe. Most current two dollar bills are too common to make them collectible items. Conversely, all small-sized two dollar United States Notes with a red seal and older large size notes are obsolete and are collectibles.

If you want to see a two dollar bill for yourself, you can acquire one by request at most banks. Or you can visit Monticello where, appropriately, two dollar bills given as change at the gift shop.

Long Live the $2 Bill!

Cage Bev on April 14, 2018:

I recently found a $2 bill from 1896 left in my grandfather's belongings. I spent a little time looking up the history but don't see many people mentioning the women that are on the face of the bill.

jccastro on April 25, 2016:

who is the writer of this article?

anonymous on April 11, 2013:

@anonymous: Lucky

anonymous on November 16, 2012:

Back in the 1950s my dad used to say "Phoney as a two dollar bill." I was in grade school and went to the bank to check it out. Yep! They existed and I took one home to show him. We all learned something. Now I am a grandma and giving my grandchildren one for Christmas along with its history. My sons also got one when they were little. It's a fun history lesson.

anonymous on November 05, 2012:

I have 8 2$ bills

iQwestArticles on September 12, 2011:

The two dollar bill brings back good memories as my parents gave a new bill to my sister and I when we were younger. As you can imagine, we were both intrigued! Going back a good number of years now, I did receive one in a shopping transaction as well.

anonymous on March 31, 2011:

Isn't is funny I found this lens today. Just this morning I noticed that my sister had two $2 bills sitting on her dresser. She's forever on the lookout for $2 bills and $1 coins. Nice lens. Interesting information.

Vicki Green from Wandering the Pacific Northwest USA on December 31, 2010:

I haven't seen a $2 for several years. Very interesting and fun lens with lots of great information about $2 bills. Blessed by a SquidAngel.

Aquavel on September 29, 2010:

I found a $2 bill in bad shape years ago in a drawer while visiting my family, which they said I could have. I don't remember ever seeing one before that! I had no idea of its history, nor did I know it is still made and in circulation! Fascinating lens!

anonymous on September 26, 2010:

A very interesting lens. I enjoyed reading about the $2 bill.

Cynthia Sylvestermouse from United States on September 25, 2010:

My grandmother used to love the $2 bill. I think she just liked it because it was different, I had always heard it was bad luck, so she probably enjoyed disproving that myth too :)

TriviaChamp on September 10, 2010:

I learnt a fair amount from this lens. Very interesting. Being from Canada, I cannot fathom not having a $2 currency in circulation.

anonymous on January 25, 2010:

I hope the twodollar bill is remebered.

julieannbrady on October 25, 2009:

You know, I don't think I ever received too many $2 bills, but I like the idea of this particular currency! What about a $3 bill today -- I'd like that one.

Deb Kingsbury from Flagstaff, Arizona on September 16, 2009:

I knew the $2 bill was real currency but I never knew a thing about its history. This was really interesting!

puzzlerpaige on August 15, 2009:

I carried a $2 bill around in my wallet for years, then spent it. Good to know I can replace it easily.

Rhonda Albom from New Zealand on August 15, 2009:

I thought they were out of circulation. Very interesting and fun lens. I had never seen some of the other designs.

MarleyK LM on August 15, 2009:

Wow, lots of $2 info. I saw them at the Ft. Worth mint and was surprised that they are still being produced.

anonymous on August 13, 2009:

Had never heard of the $2 bill - but then I am English!!

Kiwisoutback from Massachusetts on August 12, 2009:

I didn't know these were still in print. Very interesting!

JanieceTobey on August 12, 2009:

What an interesting lens about 2 dollar bills! I'd love to go to Monticello and get one that way!

Nancy Tate Hellams from Pendleton, SC on August 11, 2009:

Clemson Tiger Fans use the $2 for purchases when we play in a bowl game. It is kind of a tradition. Super idea for a lens.

Sandy Mertens from Frozen Tundra on August 10, 2009:

Great job.

Nan from London, UK on August 10, 2009:

I've never had any problems with the $2 bill, but I have had problems with the Suzie B Anthony $1 coin

Joan4 on August 09, 2009:

Very interesting! I have not thought about $2 bills in a while. Would like to see folks use them more!

Marelisa on August 09, 2009:

Since I read about the $2.00 bill a few months back I've been trying to find one here in Panama (the dollar is legal tender here) but with no luck. Still looking!

Michey LM on August 09, 2009:

Yes, I like the $2.00 bill, it is an interesting lens

Dianne Loomos on August 09, 2009:

I like the $2 bills and am glad you thought to write about them.

Robin S from USA on August 09, 2009:

Great topic!

anonymous on August 09, 2009:

Very interesting lens!

Samantha Lynn from Missouri on August 09, 2009:

Very cool!