2016-11-26 Sat

Official reports have suggested that the production of US currency notes has reached the highest of the year mark in October. $1s, $5s, $10s, $20s, $50s, and $100s were printed last month with a total worth of $20.6 billion. In September, currency notes worth $16.8 billion were printed. October 2015 was the last time when notes worth more than $20 billion were produced.

The reports suggested that the FY 2016 order for $2s was enough to meet demand for "multiple years. Fewer notes will be printed in the new fiscal year since 7.1 billion banknotes compared to 7.6 billion banknotes were ordered in FY 2016.

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.

In FY 2015, about 7 billion notes were delivered at an average cost of 10 cents each, and about 8.7 tonnes of ink was required each day to print them. More than 90% of the banknotes printed are for replacing those already in or taken out of circulation.

Approximately $1.48 trillion are in circulation as of 20th October 2016, of which $1.43 trillion was in Federal Reserve notes.