Old Fashion Usa 5 And 10 Dollar Bills And More The Forgotten Two-Dollar Bill

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The Forgotten Two-Dollar Bill

When you look inside your wallet, you might see $1, $5, $10, $20, even a $50 or $100 bill, but you almost never see a $2 bill with a picture of Thomas Jefferson on the front. The $2 bill has an infamous history in the US economy, but it is perfectly legal.

In 1862, the first national paper bills were printed by the federal government. The only bills printed were $1 and $2. Nationalized coins were already in circulation for at least the past sixty years. Therefore, the federal government was not sure how the public would react to the use of paper money for the first time.

Before the turn of the 20th century, the average worker earned $15 a month. Inflation gradually devalued paper money, but then the Great Depression plunged the economy into chaos. Most things were very expensive and many people did not have money. Paper money was rarely used. Therefore, having $2 bills was a luxury only the rich could afford. It has also been identified as a “shadow” bill used for shady transactions such as: gambling, prostitution, and “under the table” transactions.

After the economy improved, $2 bills were rarely printed, as the federal government began printing many new $5, $10, and $20 bills between 1928 and 1950.

In 1966, the federal government didn’t know what to do with the bills, so it stopped printing them altogether. However, they returned to the fold in 1976. But still the average consumer started to cover them as collector’s items. A few years ago, I remember receiving a new $2 bill from my uncle for Christmas, placed in a special leather case. He gave the same gift to the whole family. Everyone was so impressed, we wondered how much he paid for it. “Two $1 bills,” he said.

One misconception is that the $2 bill is no longer in circulation. However, that is not the case as the official Bureau of Engraving designates the $2 bill as one of the Small Currency of the United States. Today, millions of these bills are reprinted. And yet, people still stop when handed a $2 bill in change; they think that either they have been given a collector’s item, worth more money, or maybe they are new things that the government has started printing.

Although $2 bills are rare, they are perfectly legal to use when purchasing something. But if you get stopped because the cashier thinks the bill is fake, you’re now ready to talk about its history.

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