The Strange and Mysterious $2 Bill

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There always seems to be a sparkle in people’s eyes when they have a $2 bill in their hands. It is a note like no other. It has a mystique that makes people hoard them, an interesting design, and a joy that brings folks happiness. For such a famous bill, its history isn’t widely known, but I’m trying to change that. Here is the strange story of America’s most mysterious bill.

Design History

The odd denomination was born in 1862, but its design was much different than today. Alexander Hamilton was on the front, with a lot of 2s on the fairly simple back. You may be wondering what this denomination was used for. Was it as obsolete then as it is now?

No—in fact, it was very useful back then. The government used $2 bills to pay for the Civil War and to buy expensive products, as $2 was a significant sum back then, equivalent to about $70 to $80 in today’s purchasing power. Several years later, in 1869, the design was changed to feature Thomas Jefferson’s portrait and the Capitol. The design saw many other changes over the next century, eventually becoming the note we know today.

From 1966 to 1976, the bill wasn’t printed because no one was using it. However, in 1976, to celebrate America’s 200th birthday, the U.S. Mint and the Bureau of Engraving and Printing produced some special coins and bank notes. One of these issues was a $2 bill. After a decade-long break in printing, it was revised with a final design change. In an effort to save money printing $1s, the government tried to convince people to use $2s instead. Unfortunately, people falsely believed that they would be worth a lot in the future and kept them, causing the government’s plan to fail. That is why the 1976 $2 is very common today. The design was quite popular though and is still printed.

Rooted in a Negative Perspective

While the $2 bill is considered lucky today, this wasn’t always the case. Back in the olden days, it was often considered bad luck, for multiple, somewhat ridiculous, reasons.

Deuce, another way of saying the word “two,” also meant devil. This led the denomination to become associated with evil, and some of that unease lingers today, leading some people to be wary of getting the bill in change. To supposedly get rid of the bad luck,  people would rip the corners off the bill. But as this is technically mutilated currency, the notes were pulled out of circulation. This means that fewer were available to be spent and pass from hand to hand.

Another reason is that some unscrupulous politicians used $2 bills to bribe voters, leading people to avoid spending $2s in fear of being accused of selling their vote. Additionally, the standard bet back then was $2, so if you had a $2 bill in your pocket, it could be assumed you were a gambler.

Though most of these connotations are not widely held anymore, other obstacles to circulation exist today.  

Today’s View

If you look in a cash register, you will see that no space is reserved for $2 bills. There simply isn’t a need for it. This shows how little they are being spent. Many businesses don’t accept them, as they falsely believe they are counterfeit. Also, many people don’t know they are legal tender or that millions of them are printed regularly. People think that the fact that you almost never see them must mean they have special sentimental value, and you should hold onto them, making them all the more rare in circulation. But, this misconception is not necessarily a bad thing in my opinion because $2 bills bring a bit of whimsy and happiness into folks’ days. The denomination has an amazing story, and though it has its quirks and misgivings, it is my favorite bill. 

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Ben Lewandowski is an 11- year-old numismatist that enjoys reading, rock climbing, playing Dungeons and Dragons, and solving word games. He collects cents, German state coins, and presidential medals.  You can catch him wearing a nerdy coin shirt while reading a book by Q. David Bowers and attending his three coin clubs.