Banknote production retreated in October for a second straight month but the combined value of the notes was the highest in a year, data from the agency that prints U.S. currency shows.
675.84 million in $1s, $5s, $10s, $20s, $50s, and $100s were printed last month for a combined value of almost $20.6 billion, according to Bureau of Engraving and Printing (BEP) figures. These figures compare to September totals of 720.5 million notes worth more than $16.8 billion. October 2015 was the last time the BEP printed notes in a month that totaled above $20 billion.
In month-over-month percentage comparisons, the BEP made 6.2% fewer banknotes but their combined value was 22.4% higher. In other monthly differences, there were:
- 24.6% fewer $1s;
- 8.3% more $5s;
- 80% fewer $10s;
- 7.1% more $20s;
- 11% more $50s; and
- 35.5% more $100s.
$2s have not been made since July, and more are not expected for some time. The Federal Reserve noted that their FY 2016 order for $2s was enough to meet demand for "multiple years."
The BEP started its 2017 fiscal year last month. Comparing October to the same month a year earlier, the number of notes dropped 13.9% and their combined value fell 21.6%. There is little surprise in the declines. Fewer notes will be printed throughout the new fiscal year since the Fed ordered 7.1 billion banknotes compared to 7.6 billion banknotes in FY 2016.
Below are images of the BEP’s latest monthly production report. They show the type of banknotes manufactured at the agency’s two printing facilities.
October 2016 BEP Banknote Production
Facility at Washington, DC
Facility at Fort Worth, TX
The BEP printed 3.84 million star notes, split across $20s and $50s. Star notes are replacements for misprinted or damaged notes and for certain serial numbers like 000 000 000. They have serial numbers that end with a star “*” designation, and are also so indicated by quantities in the images above. Money collectors usually find star notes more desirable since they can be harder to find.
The following table lists the type, the amount and the total value of banknotes printed by the BEP for the month:
Banknotes by Denomination: Total Printed and Values
October 2016
| Banknotes | Total Printed | Total Value ($) |
| $1.00 | 236,800,000 | 236,800,000 |
| $2.00 | – | – |
| $5.00 | 83,200,000 | 416,000,000 |
| $10.00 | 6,400,000 | 64,000,000 |
| $20.00 | 144,000,000 | 2,880,000,000 |
| $50.00 | 71,040,000 | 3,552,000,000 |
| $100.00 | 134,400,000 | 13,440,000,000 |
| Totals | 675,840,000 | 20,588,800,000 |
For comparison, four previous monthly money production tables follow.
September 2016
| Banknotes | Total Printed | Total Value ($) |
| $1.00 | 314,100,000 | 314,100,000 |
| $2.00 | – | – |
| $5.00 | 76,800,000 | 384,000,000 |
| $10.00 | 32,000,000 | 320,000,000 |
| $20.00 | 134,400,000 | 2,688,000,000 |
| $50.00 | 64,000,000 | 3,200,000,000 |
| $100.00 | 99,200,000 | 9,920,000,000 |
| Totals | 720,500,000 | 16,826,100,000 |
August 2016
| Banknotes | Total Printed | Total Value ($) |
| $1.00 | 320,350,000 | 320,350,000 |
| $2.00 | – | – |
| $5.00 | 76,800,000 | 384,000,000 |
| $10.00 | 32,000,000 | 320,000,000 |
| $20.00 | 160,320,000 | 3,206,400,000 |
| $50.00 | 41,600,000 | 2,080,000,000 |
| $100.00 | 89,600,000 | 8,960,000,000 |
| Totals | 720,670,000 | 15,270,750,000 |
July 2016
| Banknotes | Total Printed | Total Value ($) |
| $1.00 | 195,200,000 | 195,200,000 |
| $2.00 | 44,800,000 | 89,600,000 |
| $5.00 | 77,120,000 | 385,600,000 |
| $10.00 | 44,800,000 | 448,000,000 |
| $20.00 | 128,000,000 | 2,560,000,000 |
| $50.00 | – | – |
| $100.00 | 96,000,000 | 9,600,000,000 |
| Totals | 585,920,000 | 13,278,400,000 |
June 2016
| Banknotes | Total Printed | Total Value ($) |
| $1.00 | 249,600,000 | 249,600,000 |
| $2.00 | 35,200,000 | 70,400,000 |
| $5.00 | 76,800,000 | 384,000,000 |
| $10.00 | 64,000,000 | 640,000,000 |
| $20.00 | 134,400,000 | 2,688,000,000 |
| $50.00 | – | – |
| $100.00 | 96,000,000 | 9,600,000,000 |
| Totals | 656,000,000 | 13,632,000,000 |
As a perspective, the BEP in FY 2015 delivered about 7 billion notes at an average cost of 10 cents each, and needed about 8.7 tons of ink each day to print them. More than 90% of the banknotes printed are for replacing those already in, or taken out of circulation.
Federal Reserve data indicates that there was approximately $1.48 trillion in circulation as of Oct. 20, 2016, of which $1.43 trillion was in Federal Reserve notes.
