Monday, February 18, 2008

Manic Monday - two

Mo's word for today is TWO.

Look what I found out about the TWO-dollar bill...

The United States two-dollar bill ($2) is a current denomination of U.S. currency. Did you know this?

Former U.S. President Thomas Jefferson is featured on the obverse of the note. The painting The Declaration of Independence by John Trumbull is featured on the reverse. The design on the obverse (excluding the elements of a Federal Reserve Note) is the oldest design of current U.S. currency, having been adopted in 1929; the reverse is the second oldest design, having been adopted in 1976.
The two-dollar bill is one of the most rarely seen in circulation and actual use. They are almost never given as change for commercial transactions, and thus consumers rarely have them on hand.
Production of the note is quite low; approximately 1% of all notes currently produced are $2 bills. This comparative scarcity in circulation has led to an overall lack of public knowledge of the $2 bill and has also inspired urban legends and folk beliefs concerning it.

In 1976 use of the two-dollar denomination was resumed as part of the United States bicentennial ($2.00 is equal to two hundred cents) and the two-dollar bill was finally assigned as a Federal Reserve Note, with a new design on the back.

When the current note was first issued in 1976, it was met with general curiosity, and was seen as a collectible, not as a piece of regularly circulating currency, which the Treasury intended it to be. The main reason it failed to circulate was that businesses never really requested them as part of their normal operations to give back out in change. This failure is linked to the gradual disappearance of the former $2 United States Notes.

Today, there is a common misconception that the $2 bill is no longer in circulation. According to the Treasury, they "receive many letters asking why the $2 bill is no longer in circulation". In response, the Treasury states: "The $2 bill remains one of our circulating currency denominations. According to B.E.P. statistics, 590,720,000 Series 1976 $2 bills were printed and as of February 28, 1999, there was $1,166,091,458 worth of $2 bills in circulation worldwide." However, "in circulation" does not necessarily mean that the notes are actively circulated, only that this is the amount that hasn't been redeemed for shredding. The Treasury states that the best way for the $2 bill to circulate is if businesses use them as they would any other denomination.

$2.00 bill 1862 Legal Tender


Obverse of the famous 1896 $2 "Educational Series" Silver Certificate

The artwork on the note is an allegorical figure of science presenting steam and electricity to commerce and manufacture.

Here are some stories about the TWO-dollar bil:

Taco Bell

In a story, documented on Snopes.com, a Taco Bell patron attempted to pay for a burrito with a two-dollar bill. The cashier and the store manager both refused to accept it as valid U.S. currency, believing that there was no such thing as a two-dollar bill.

Best Buy

In February of 2005, a patron of Best Buy attempted to pay for an electronics installation 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 U.S. Treasury Agent arrived to clear up the issue.

Most current $2 bills are not collectible!

Sharing information about Two-Dollar Bills with the World

theteach

22 comments:

Ian Thomas Healy said...

The Tooth Fairy leaves $2 bills under the pillows for my kids. Inflation, I suppose. I felt privileged to get a quarter.

Ian

Roger said...

I guess these kids today have not seen to many $2 bills, I have a couple tucked away some where in the back of a box. They don't work well in change machines :D

Tammy said...

In Canada here we have a $2 coin. It sucks having so much change all the time.

crazy working mom said...

We have some $2 bills here as well. They are a rare find , though.

Sharon said...

Very interesting info! Thanks!

Travis said...

I used to have a few $2 bills. I had them in a box with a bunch of Kennedy half dollars and some Susan B Anthony dollars. I must have spent them because I never came across the little box when I organized all my mementos.

Happy MM!

Hazel said...

nice pic, i haven't see those money before

The Flying Monkeys said...

PEEK A BOO!

Hi this is Chuck Woolery from the dating game, and we'll be back in two and two!

Come check out my blog in 2's.

Happy Monday 2 you

Villager said...

Great MM Post! I use $2 bills as gifts for my nieces and nephews...

I struggled with this week's MM meme. Come visit if you have time or inclination.

peace, Villager

Jamie said...

When you do see a $2.00 bill it will often be missing one corner to keep them from being "unlucky"

Nancy Lindquist-Liedel said...

The idiocy of people never ceases to amaze me.

Sandee (Comedy +) said...

I saved a couple of these. I'm not sure where they are, but I think they are unique. Great information here. Have a great MM Teach. :)

Linda said...

Can you imagine being handcuffed for trying to use legal US currency? How awful!

I suppose the old saying "phony as a $2 bill" is to blame for a lot of the misconception surrounding this particular denomination.

Great choice for the theme!

Shelia said...

Mary, that has to be one of the most informative posts I've ever read. I don't know when or where I'll use the info, but I now have it!

Excellent post!

Happy MM!

Gattina said...

Very interesting post ! I never really payed attention to 2 $ bills !

Corina said...

Nice one! When I graduated from college, my dad gave me a box, all wrapped up with a pretty yellow bow on it. I opened it and it was full of paper til I got to the bottom...there were 50 Two dollar bills loose inside the box. He said he had gone to the bank and gotten them. They sold him brand new, uncirculated bills. The best part was that he had gone through all that trouble, for me!

Mariposa said...

Very informative! Now I have to dig my drawer and check if I still have several $2...

Desert Songbird said...

I forgot about the $2 bill. I see $1 coins frequently, but not the $2 bill.

Bond said...

I think it is incredible that people do not know about these bills

Marilyn said...

Wow... I thought the saying was "phony as a three dollar bill" but it isn't a saying I use and Andy likes to get those kinds of things wrong on purpose just to confuse me.

frenchkys said...

We had 2 Peso bills once upon a time and 2 Peso coins when I was much younger. I didn't really care how much the tooth fairy left for me -- as long as it was a crisp new bill, I was happy as a bee.

Cool MM, Teach! Have a good one now, ya hear? Cheers! ;)

Lew said...

I have carried one in my wallet since the current version was relesed in 1976. I got a few at the bank and haven't seen one in circulation since.