Reusing an exact serial number to replace an imperfect note is costly and time consuming. A "star" sheet is used to replace the imperfect sheet. When an imperfect sheet is detected during the manufacturing process after the serial number has been overprinted, it must be replaced with a new sheet. On some notes, a star appears in place of the last letter. The letter O is not used because of its similarity to the digit 0, and the letter Z is not used because it is reserved for test printings. At the time of a series change, the suffix letter returns to the letter A and repeats the cycle. The last letter advances through the alphabet when all eight character serial numbers have been printed for a specific Federal Reserve Bank within the same series. Later, as inflation took off, the difference between one dollar and two dollars shrank in comparison, making it feel kind of silly to have two bills so close together in value.The first letter of such a serial number identifies the Federal Reserve Bank (FRB) which issued the note since there are 12 FRBs, this letter is always between A and L. Back in 1936, the average American made a starting wage of about 45 cents per hour, and many families didn't have two spare dollars to tie up in one bill. During the years of the Great Depression and prior, two dollars was a lot of money. From the time of its original production in 1862, this bill has occupied a strange spot in the list of currency denominations.
In fact, 2-dollar bills weren't even produced from 1970 through 1975 because of lack of demand.Īnother reason for the rarity of 2-dollar bills involves the economy and inflation. One of the reasons 2-dollar bills are so rare is that fewer of them were printed.
Two-dollar bills are the rarest currently produced money in the United States, and only about 1.2 billion 2-dollar bills are in current circulation. According to Business Insider, 2-dollar bills account for less than 0.001% of all currency in circulation.
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