History

HistoryAlison.Wargo@bep.gov Fri, 03/11/2022 - 12:54
Black and White photo of woman looking at currency sheet


The Bureau of Engraving and Printing had its foundations in 1862 with workers signing, separating, and trimming sheets of Demand Notes in the Treasury building.
 

Gradually, more and more work, including engraving and printing, was entrusted to the organization.  Within a few years, BEP was producing Fractional Currency, revenue stamps, government obligations, and other security documents for many federal agencies.  In 1877, BEP became the sole producer of all United States currency.  The addition of postage stamp production to its workload in 1894 established BEP as the nation's security printer, responding to the needs of the U.S. government in both times of peace and war.  Today, the Bureau of Engraving and Printing no longer produces government obligations or postage stamps, but it still holds the honor of being the largest producer of government security documents with production facilities in Washington, D.C. and in Fort Worth, Texas.

The centrality of BEP to the financial, monetary, postal and printing developments of the United States since the Civil War has made it a repository of numerous invaluable historic items.  At the same time, BEP's history reflects and provides a unique perspective on the development of modern America. These facts have long been recognized by BEP, which is devoted to the preservation and exploration of its own past.  Some of the work of the curatorial, archival, and historical efforts of BEP are presented on this website.

 

1690
Colonial Notes

The Massachusetts Bay Colony, one of the 13 original colonies, issues the first paper money to cover costs of military expeditions.  The practice of issuing paper notes spread to the other colonies.

 

1739
Franklin's Unique Counterfeit Deterrent

Benjamin Franklin's printing firm in Philadelphia prints colonial notes with nature prints--unique raised impressions of patterns cast from actual leaves.  This process added an innovative and effective counterfeit deterrent to notes, not completely understood until centuries later.

 

1775
Continental Currency

The Continental Congress issues paper currency to finance the Revolutionary War. Continental currency was denominated in Spanish milled dollars.  Without solid backing and easily counterfeited, the notes quickly lost their value, giving rise to the phrase "not worth a Continental."

 

1792
Monetary System

The Coinage Act of 1792 creates the U.S. Mint and establishes a federal monetary system, sets denominations for coins, and specifies the value of each coin in gold, silver or copper.

 

1861
Greenbacks

The first general circulation of paper money by the federal government occurs.  Pressed to finance the Civil War, Congress authorizes the U.S. Treasury to issue non-interest-bearing Demand Notes.  All U.S. currency issued since 1861 remains valid and redeemable at full face value.

 

1861
First $10 Bills – Demand Notes

The first $10 notes are Demand Notes, issued in 1861 by the Treasury Department.  A portrait of President Abraham Lincoln is included on the face of the notes.

 

1862
Treasury Department Authorization

The Treasury Secretary is authorized to engrave and print notes at the Treasury Department; the design of which incorporates fine-line engraving, intricate geometric lathe work patterns, a Treasury seal, and engraved signatures to aid in counterfeit deterrence.

 

1862
Spencer Clark

Spencer M. Clark, Chief Clerk in the Treasury Department’s Bureau of Construction, obtains presses for the Treasury’s Loan Branch for overprinting seals on notes.  About the same time, Clark experiments with two hand-crank machines for trimming and separating. Later that year, Treasury Secretary Salmon Chase directs Clark to proceed with trials using steam-powered machines to trim, separate and seal $1 and $2 United States Notes.

 

1863
National Banknotes

Congress establishes a national banking system and authorizes the U.S. Treasury to oversee the issuance of National Banknotes.  This system sets federal guidelines for chartering and regulating "national" banks and authorizes those banks to issue national currency secured by the purchase of United States bonds.  These notes are printed by private companies and finished by the BEP until 1875, when BEP begins printing the faces.

 

1863
Fractional Currency

Fractional Currency notes, in denominations of 5, 10, 25, and 50 cents, are issued.  This is the first currency produced entirely at the Treasury Department.

 

1864
The 5-cent note of the second issue of Fractional Currency features the portrait of Spencer Clark, causing a public uproar.  It is unclear how Clark’s portrait ended up on the note, but in 1866, Congress prohibits the portrait or likeness of any living person on currency notes, bonds, or securities.

 

1865
The United States Secret Service is established as a bureau of the Treasury for the purpose of deterring counterfeiters whose activities are destroying the public’s confidence in the nation's currency.  The Secret Service is now part of the Department of Homeland Security.

 

1865
Gold Certificates

Gold Certificates, backed by gold held by the Treasury, are first issued.  Along with Fractional Currency, Gold Certificates are one of the first currency issues produced entirely by BEP.

 

1866
Revenue Stamps

The BEP begins producing revenue stamps to be placed on boxes of imported cigars.

 

1869
United States Notes

The BEP begins engraving and printing the faces and seals of United States Notes, Series 1869.  Prior to this time, United States Notes were produced by private banknote companies and then sent to BEP for sealing, trimming and cutting.

 

1874
Bureau of Engraving and Printing

For the first time, Congress allocates money specifically to a “Bureau of Engraving and Printing” for fiscal year 1875.

 

1876
Congress passes an appropriation bill that directs the Internal Revenue Service to procure stamps engraved and printed at the Bureau of Engraving and Printing – provided costs do not exceed that of private firms.  As a result, BEP begins producing almost all revenue stamps in fiscal year 1878.

 

1877
The BEP begins printing all United States currency.

 

1878
Silver Certificates

Silver Certificates are first issued.  Backed by silver held by the Treasury, the certificates are authorized by legislation directing an increase in the purchase and coinage of silver. 

 

1880
First Facility

The first building constructed specifically for BEP operations is completed at the corner of 14th Street and B Street (Independence Avenue).

 

1890
Treasury Coin Notes

Treasury Notes, also known as Treasury Coin Notes, are first issued as part of legislation requiring the Treasury Secretary to increase government purchases of silver bullion.

 

1894
Postage Stamps

The BEP begins printing postage stamps. The first BEP-printed stamp issued is the 6 cent President Garfield.

 

1900
The first issue of postage stamps in small booklets is produced.

 

1905
Paper Currency with Background Color

The last United States paper money printed with background color is the $20 Gold Certificate, Series 1905, which had a golden tint and a red seal and serial number.

 

1912
Offset Printing

Offset printing is first used at BEP for the production of checks, certificates and other miscellaneous items.

 

1913
Federal Reserve Act

The Federal Reserve Act of 1913 establishes the Federal Reserve as the nation’s central bank and provides for a national banking system that is more responsive to the fluctuating financial needs of the country.  Federal Reserve Bank Notes are authorized by the Federal Reserve Act and used as a form of emergency currency in the early twentieth century.  The Board of Governors of the Federal Reserve System then issues new notes called Federal Reserve notes.

 

1914
The first $10 Federal Reserve Notes

The first $10 Federal Reserve notes are issued.  These notes are larger than today’s notes and feature a portrait of President Andrew Jackson on the face.

 

1914
New DC Facility

The BEP moves into a new, larger facility, later known as the “Main Building".

 

1929
Federal Reserve Note Standardized Design

The first sweeping change to affect the appearance of all paper money occurs in 1929.  In an effort to lower manufacturing costs, all Federal Reserve notes are made about 30 percent smaller.  The reduced size enables BEP to convert from eight to 12 notes per sheet.  In addition, standardized designs are instituted for each denomination across all classes of currency, decreasing the number of different designs in circulation.  This standardization makes it easier for the public to distinguish between genuine and counterfeit notes.

 

1938
Annex Building

BEP operations begin in the “Annex Building".  The building is officially dedicated in November, 1938.

 

1939
Food Stamps

The BEP begins printing Food Order and Surplus Food Order stamps.  The Cotton Order and Surplus Cotton Order stamps follow in 1940.  The stamps encourage consumption of surplus farm commodities while providing assistance to low-income consumers.

 

1942
Hawaii Overprints

The BEP receives an order for special $1, $5, $10, and $20 notes overprinted with the word “Hawaii.”  The overprinted notes replace regular currency in Hawaii.  In the event of enemy occupation of the islands, the overprinted currency can be declared worthless.

 

1943
Allied Military Currency

The War Department places an order for Allied Military Currency (AMC).  The first AMCs are used by Allied forces in Italy.  Production begins in July, 1943.

 

1946
Military Payment Certificates

The BEP begins work on Military Payment Certificates for use by U.S. troops.

 

1951
Congressional Appropriations

The BEP begins operating on a reimbursable basis in accordance with a legislative mandate to convert to business-type accounting methods.  As a result, annual Congressional appropriations cease.

 

1952
18-Subject Sheets

The BEP begins conversion from 12- to 18-subject sheets in currency production.  The use of larger sheets is made possible by new non-offsetting ink.  By reducing wetting and drying operations, distortion of paper is decreased.  By September 1953, all currency is produced from 18-subject plates.

 

1957
In God We Trust

Following a 1955 law that requires “In God We Trust” on all currency, the motto first appears on paper money on series 1957 $1 silver certificates, then on 1963 series Federal Reserve notes.

 

1957
32-Subject Sheets

The BEP begins producing currency on high-speed rotary presses that print notes via the dry intaglio process.  Paper distortion caused by wetting is now completely eliminated and sheet sizes increase from 18- to 32-subjects.  The first notes printed by this process are the series 1957 silver certificates.

 

1968
Barr Notes

Joseph W. Barr served as Secretary of the Treasury from December 21, 1968 to January 20, 1969.  There are fewer notes bearing his facsimile signature than notes imprinted with signatures of other Secretaries of the Treasury because of his short tenure in that office.

 

1969
High-Denomination Notes

The Treasury Secretary announces that currency in denominations larger than $100 will no longer be issued.  Last printed in 1945, the high-denomination notes had been used mainly by banking institutions, but advances in bank transfer technologies preclude their further use.

 

1976
$2 Federal Reserve Note

The $2 Federal Reserve note is re-introduced on the 233rd anniversary of Thomas Jefferson’s birth.  Issuance of the $2 United States Note had been halted in 1966 as United States Notes were phased out of existence.

 

1990
Security Thread and Microprinting

A security thread and microprinting are introduced to deter counterfeiting by advanced copiers and printers.  The features first appear in Series 1990 $100 notes.  By Series 1993, the features appeared on all denominations except $1 and $2 notes.

 

1990
Western Currency Facility

The BEP’s Western Currency Facility in Fort Worth, Texas begins producing currency.  It is the first government facility outside Washington, D.C. to print United States paper money.  The facility is intended to better serve the currency needs of the western half of the nation and to act as a contingency operation in case of emergencies at the D.C. facility.

 

1996
Currency Redesign

In the first significant design change in 67 years, United States currency is redesigned to incorporate a series of new counterfeit deterrents.  The new notes are issued beginning with the $100 note in 1996, followed by the $50 in 1997, the $20 in 1998, and the $10 and $5 notes in 2000.

 

2003
Redesigned $20 Note

For the first time since the Series 1905 $20 Gold Certificate, the new currency features subtle background colors, beginning with the redesigned $20 note on October 9, 2003.  The redesigned $20 note features subtle background colors of green, peach and blue, as well as images of the American eagle.

 

2004
Redesigned $50 Note

The currency redesigns continue with the $50 note, issued on September 28, 2004.  Similar to the redesigned $20 note, the redesigned $50 note features subtle background colors and highlights historical symbols of Americana.  Specific to the $50 note are background colors of blue and red, and images of a waving American flag and a small metallic silver-blue star.

 

2005
Final Postage Stamp Run

The BEP produces its final run of postage stamps, printing the 37-cent Flag on the Andreotti gravure press.  Redesigned $10 Note2006A redesigned Series 2004A $10 note is issued on March 2, 2006.  The A in the series designation indicates a change in some feature of the note, in this case, a change in the Treasurer's signature.  Like the redesigned $20 and $50 notes, the redesigned $10 note features subtle shades of color and symbols of freedom.  Specific to the $10 note are background colors of orange, yellow and red, and images of the Statue of Liberty's torch and the words, We the People, from the United States Constitution.

 

2008
Redesigned $5 Note

A redesigned Series 2006 $5 note is issued on March 13, 2008.  The redesigned $5 note retains two of the most important security features first introduced in the 1990s:  the watermark and embedded security thread.

 

2013
Redesigned $100 Note

On October 8, the Board of Governors of the Federal Reserve System issues the redesigned $100 note.  Complete with advanced technology to combat counterfeiting, the new design for the $100 note retains the traditional look of U.S. currency.

 

2014
50-Subject Printing

On February 14, BEP ushers in a new era by completing its first $1 note 50-subject production order.  Fifty-subject and 32-subject notes are distinguishable by one minor technical change.  On a 50-subject produced note, the letter and number of the alpha numeric note-position identifier, is the same font size and smaller than the alpha letter of the 32-subject note.  In comparison, on the 32-subject note, the number is a smaller font size compared to the letter.

Historical Currency

Historical CurrencyAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25
$100,000 Gold Certificate

United States currency denominations above $100 are not available from the Department of the Treasury, the Federal Reserve System, or the Bureau of Engraving and Printing. On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.

Specific examples of these higher denominations include the $500 Note (Blue Seal), $500 Note (Green Seal), $1000 Note (Blue Seal), $1000 Note (Green Seal), $5000 Note (Blue Seal), $10,000 Note (Blue Seal), $10,000 Note (Green Seal), and the $100,000 Gold Certificate

These notes are legal tender and may be found in circulation today; however, most notes still in circulation are probably in the hands of private numismatic dealers and collectors. If you are interested in purchasing or learning more about these larger denominations, more resources may be available online or at your local library.

The largest note ever printed by the Bureau of Engraving and Printing was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks (FRB) only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between FRBs and were not circulated among the general public.

$500 Note (Blue Seal)

$500 Note (Blue Seal)
$500 Note Face (Blue Seal)
$500 Note Back (Blue Seal)
Series: 1918
Portrait: John Marshall
Back Vignette: DeSoto Discovering the Mississippi in 1541

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$500 Note (Green Seal)

$500 Note (Green Seal)
$500 Note - Back (Green Seal)
$500 Note - Back (Green Seal)
Series: 1928 & 1934
Portrait: William McKinley

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$1,000 Note (Blue Seal)

$1,000 Note (Blue Seal)
$10,000 Note - Face (Blue Seal)
$10,000 Note - Back (Blue Seal)
Series: 1918
Portrait: Alexander Hamilton
Back Vignette: Eagle

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$1,000 Note (Green Seal)

$1,000 Note (Green Seal)
$10,000 Note - Face (Green Seal)
$10,000 Note - Back (Green Seal)
Series: 1928
Portrait: Grover Cleveland
Back Vignette: The United States of America - One Thousand Dollars

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$5,000 Note (Blue Seal)

$5,000 Note (Blue Seal)
$5000 Note - Face (Blue Seal)
$5000 Note - Back (Blue Seal)
Series: 1918
Portrait: James Madison
Back Vignette: Washington Resigning his Commission

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$10,000 Note (Blue Seal)

$10,000 Note (Blue Seal)
$10,000 Note - Face (Blue Seal)
$10,000 Note - Back (Blue Seal)
Series: 1918
Portrait: Salmon P. Chase, Secretary of the Treasury (1861-1864)
Back Vignette: The Embarkation of the Pilgrims

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$10,000 Note (Green Seal)

$10,000 Note (Green Seal)
$10,000 Note - Face (Green Seal)
$10,000 Note - Back (Green Seal)
Series: 1928, 1934, 1934A & 1934B
Portrait: Salmon P. Chase, Secretary of the Treasury (1861-1864)
Back Vignette: The United States of America - Ten Thousand Dollars - 10,000

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

$100,000 Gold Certificate

$100,000 Gold Certificate
$100,000 Gold Certificate - Face
$100,000 Gold Certificate - Back
Series: 1934
Portrait: Woodrow Wilson
Back Vignette: The United States of America - 100,000 - One Hundred Thousand Dollars

Alison.Wargo@bep.gov Mon, 01/31/2022 - 15:41

The $100,000 Gold Certificate was used only for official transactions between Federal Reserve Banks and was not circulated among the general public. This note cannot be legally held by currency note collectors.

Image Gallery

Image GalleryAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

Since its establishment in 1862, the Bureau of Engraving and Printing has accumulated around two million objects that touch upon its history as the security printer of the United States.  These artifacts are often derived from the process of producing currency, stamps, and other miscellaneous products and include art work, printed proofs of engravings, and final products.  There are also numerous photographs depicting the people, places, and processes of the BEP.

While BEP products such as currency and stamps can be easily viewed across the Internet, this Image Gallery presents those items that are not so readily available.

The objects presented here have been selected for their fine artistic merit as well as their uniqueness in illustrating various facets of BEP’s and America’s past.   The images are organized by the topics listed below.  Click the topic to access a collection of images and click on the image to view an enlarged image of the object.

Engravings

Proof, vignette, Eagle

Photographs

Secretary of the Treasury Jacob Lew and Treasurer of the United States Rosie Rios holding bricks of $100 notes.

Miscellaneous Products

Approved plate proof, Admission Ticket to Woodrow Wilson Memorial Exercises

Engravings

EngravingsAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

Miscellaneous Products

Miscellaneous ProductsAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

Photographs

PhotographsAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

Photographs 2

Photographs 2Alison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

Miscellaneous Products

Engravings

Artwork

Photographs

(click thumbnails to see larger image and description)

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