Adopted in 1929, the U.S. two-dollar bill features the third U.S. President Thomas Jefferson as the design upfront while the backside of it shows a painting of the United States Declaration of Independence. It is one of the rarest current denominations due to low printing numbers. Unlike the other bills, this one features two former U.S. presidents, namely Jefferson and John Adams. There are many other interesting things to find out about it including the worth of a two-dollar bill.
The Value of a Two-Dollar Bill
How much is a two-dollar bill worth? The answer is $2. Because of its rarity, many people were led to believe that a two-dollar bill is more valuable compared to other current denominations out there. Because of this misconception, a number of people started to hoard them, which eventually caused a further decline in the number of circulating two-dollar bills. Add to that, the government has reduced its production since the latter parts of the 1950s.
Additional Information and Other Interesting Details
Amongst the many currency denominations in the U.S. today, the two-dollar bill is one of the least circulated. Several factors contributed to this, one of which is the low production. According to reports, its production rate is less than 1 percent of all the bills produced. Add to that, people rarely use them as change when it comes to commercial transactions. Third, some individuals who own two-dollar bills hoard them because of folk beliefs and urban legends surrounding this particular denomination.
The U.S. federal government used it first some time in July 1862. It use was discontinued in 1966, the reasons of which include unpopularity and low use. Its use was only resumed in 1976, when it became part of the U.S. bicentennial. At that point, the government gave it a much higher status. Since then, it was considered officially as a Federal Reserve Note.
After it was released in 1976, many people considered this bill as a collectible. In fact, the primary intention of the U.S. Treasury was to make it part of the circulating currency. A major reason for this failure was the decision of business enterprises and corporations not to make it part of their usual operations. In addition, many believed that the disappearance of the old $2 U.S. Notes also contributed to this failure. In 2005, the United States Bureau of Engraving and Printing printed 61 million of this bill, which of course contributed to the increase of its circulation in recent years.