We've all seen the story, that some $2 bills could be worth thousands. But before you tear apart your attic in search of them, there's a few things that you need to know.
Unless you had a distant relative who was cashing his paycheck and then squirreling away the dough, it's unlikely you'll cash in, no pun intended. According to U.S. Currency Auctions, it was an 1890 $2 bill that is worth — not sold for — $4,500. You'd have to find a buyer willing to pay that, and it would have to also be in uncirculated condition.
Littleton Coin Company's "How To Collect Paper Money" booklet defines uncirculated as "a note that has not been released into circulation and is in the same condition as it was when produced." In other words, the note had to have gone from the Bureau of Engraving and Printing in Washington, D.C., where it was made, to the bank, to the person and kept in the same condition as when it rolled off the press.
What about the newer $2 bills?
That same story notes that a recent $2 bill, printed in 2003, sold for $2,400 through Heritage Auctions. But it's unlikely as well that you'll be able to go to your bank and find one of those. There are two strikes against you: The first is that it was an unusually low serial number, 00000007. The other is that it was a star note. A star replaces the letter at the end of the serial number — in this case the bill was serial number L 00000007 * — and is used when an imperfect sheet is found after the serial number has been printed on the bill. A star sheet is used to replace that imperfect sheet, according to the BEP.
"Reusing an exact serial number to replace an imperfect note is costly and time consuming. A 'star' note has its own special serial number followed by a star in place of a suffix letter," the Bureau of Engraving and Printing notes on its website.
The BEP also states that star notes are rare, and can only be found among circulating currency as the bureau does not sell them.
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"The bottom line? If you’ve got some recent $2 notes from Series 1976 or more recent sitting around – and they are worn and carry no special markings, errors, or other oddities, they have no additional monetary value above face," writes Joshua McMorrow-Hernandez, a numismatic author and journalist.
As well, because so many of them were printed, they're not scarce.
How many $2 bills are even out there?
In Fiscal Year 2022, about 108.35 million $2 bills were made, according to the BEP's own figures. They've been in continuous printing and circulation since they were re-introduced in 1976 for the Bicentennial, after being last produced 10 years earlier.
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With that many $2 bills, why don't you see more of them around?
The BEP cites two reasons on its $2 Fact Sheet: "For most of their history, $2 notes have been unpopular, being viewed as unlucky or simply awkward to use in cash exchanges." As well, "$2 notes were often returned to the Treasury with corners torn off, making them mutilated currency and unfit for reissue."
So if you come across a $2 bill, go ahead and spend it. Or gift it. Either way, don't plan to make a major purchase or a renovation with it.
