“Two” Many Rumors
Public misconceptions about our hobby are both entertaining and frustrating. When it comes to bank notes, most questions are undoubtedly about $2 bills. Whenever major news outlets run articles on them, a flood of questions arises. (To read about a recent example of this, see “Way Too Far.”) Many numismatists handle inquiries that seem mundane and repetitive, but we must properly and patiently inform noncollectors about what they really want to know: “How much is my item worth, and where can I sell it?” We can’t blame people for thinking deuces are rare. They don’t circulate with regularity, and cash registers have never had a designated space for them. Therefore, many merchants are reluctant to accept them, unless they want to keep the $2 bills for themselves.
Negative Connotations & Low Production
Twos have long been associated with perceived negative vices in American society—particularly gambling, prostitution, and even voter fraud. Many of us believe a $2 bill is either good or bad luck, though most of us don’t really know for sure. Several older specimens have been found with at least one corner torn off. This was done to provide an outlet for any associated evil to spill out, allowing the owner to safely possess it. This is an archaic practice, and anyone with a $2 bill stashed in their wallet or purse nowadays likely treats it as a good-luck charm.
Two-dollar notes have been made with less frequency than other denominations. They’ve had smaller print runs and were never issued as Silver Certificates in the small-size format. Two-dollar Federal Reserve notes (FRNs) weren’t released until 1976, and that was after a 10-year hiatus from when production of $2 United States notes ended in 1966. The rendition of John Trumbull’s Declaration of Independence painting on this newer back design shows the presentation of the document’s first draft to the Second Continental Congress, not the actual signing. The scene is entirely fictitious, as the document was signed sporadically over many months. This image was previously used on postage stamps and $100 National Bank notes of the 1st Charter Period starting in 1863.
Not So Special
April 13, 1976, was the first day of issue for $2 FRNs. Some have a 13-cent bicentennial stamp affixed, along with a local post-office cancellation. Their release was a nationwide event, with coin and stamp collectors waiting in line alongside millions of other Americans who thought they were securing their financial future with such keepsakes. Despite official statements that these were not one-time commemoratives, public perception was that the new design would be short lived and thus, a solid investment. The Bureau of Engraving and Printing made over a half billion Series 1976 $2 FRNs. The design is currently still in use with no apparent plans to change it. No twos were printed in 2020 or 2021, but production was over 108.3 million in 2022.
I enjoy telling people that most $2 bills (star notes excepted) are worth 200 cents and still available at financial institutions for even exchange. Twos may be deemed obsolete someday and pulled from circulation, and I can only imagine the deluge of phone calls and emails I’ll get if that happens! Until then, I try to keep one in my wallet for good luck, with all corners intact.
A version of this article appeared in the July 2023 issue of The Numismatist (money.org).