How much is a $2 bill worth today? The answer could surprise you. Throughout history, the $2 bill tried to find its place in the American banking system. The bills were never widely circulated or accepted by the American public and most cash drawers in a standard register don't even have a spot for them. However, there are a few banknote collectors that specialize in obtaining certain $2 bills. Learn what to spot on a $2 bill if you happen to come across one and how to build a collection of these notes.
History of the $2 Bill
The $2 bill has a long history that truly began in 1775 when the Continental Congress issued $2 “bills of credit” for the defense of America. Since then, the $2 bill has gone through changes in size and design in unsuccessful efforts to help it gain popularity.
Introduction of Large-Size $2 Bills
The United States first printed $2 bills as large-size (approx. 7-3/8 inches by 3-1/8 inches) Legal Tender Notes in 1862. The Federal Bureau of Engraving and Printing did not produce these notes.The National Bank Note Company engraved both the faceplates and the backplates for the series. Alexander Hamilton is featured on the face while the back features a series of ornate scrolls with the denomination "2" prominently displayed in each corner.
The center of the backplate features two concentric circles of 2's, enclosing the redemption statement of "This note is a LEGAL TENDER for all debts public and private except duties on imports and interest on the public debt and is receivable in payment of all LOANS made to the United States."
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Design Changes of the $2 Bill
Over the years, the United States Treasury Department changed the design sporadically. One of the most popular early issues is known as the "Lazy Deuce" design of the 1875 National Banknote issues. The front of the bill features a large ornate two on its side placed prominently in the upper right-hand corner.
The other popular issue was the series of 1896 "Educational Notes" silver certificates. These notes featured a series of Victorian-era goddesses (Commerce and Manufacture) surrounded by ornate artwork, architecture, and other designs of the Victorian era.
A Newer Small-Size $2 Bill
Finally, in 1928, the Treasury Department started issuing small-size (6.14 inches by 2.6 inches) $2 bills. The face features a more traditional layout with the portrait of Thomas Jefferson in the center. The back of the note has Jefferson's home, Monticello, surrounded by ornate scrollwork and 10 different statements of the denomination. Several small changes were made to the design over the years. The Treasury Department halted production of the note in 1963.
Revival of the $2 Bill
The Department of the Treasury revived the $2 bill for the Bicentennial of the United States beginning in 1974. The face of the bill stayed basically the same as earlier small-size notes. However, the back of the $2 note was redesigned and featured a panoramic vignette of the Declaration of Independence, 1776 based on the famous painting by John Trumbull.
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Determining the Value and Worth of a $2 Bill
Just like coins, several factors determine the value of a $2 bill. The main two factors are rarity and demand. Most $2 bills have very low printages because they were not very popular with the American public and did not circulate widely. However, many people think that a $2 bill is valuable and tend to save them, resulting in a probable large supply of well-preserved $2 bills housed around the country.
Conversely, $2 bills are not popular among banknote collectors. Therefore, the demand is low while there is likely an ample supply to meet the banknote collector requirements. Additional premiums are carried on banknotes that have a star in the serial numbers. In addition, the Treasury officer signatures and issuing Federal Reserve branches are taken into consideration when valuing a $2 bill.
Large-Size
Most large-size $2 bills issued from 1862 through 1918, are highly collectible and are worth at least $100 in well-circulated condition. Uncirculated large-size notes are worth at least $500 and can go up to $10,000 or more.
Small-Size
Small-size $2 notes from 1928 to today are more common and fall into the following categories of circulated and uncirculated. The series and its category determine a potential value.
| Average Small-Size $2 Bill Values | ||
|---|---|---|
| Series | Circulated | Uncirculated |
| 1928 | $60 | $100 |
| 1953 | $10 | $25 |
| 1963 | $9 | $20 |
| 1976-Today | Face Value | $5 - $10 |
Collecting $2 Notes
Assembling a collection of $2 notes is very obtainable for the beginning collector. Start by taking these three steps:
- Acquire modern small-size notes: Obtain a current issue $2 note issued between 1976 and today. These include the series 1976, 1995, 2003, 2003A, 2009, and 2013. Collecting one note from each of these series can be achieved on even a modest budget. However, these modern issues are usually not found in circulation. Stores and other retailers typically deposit them in the bank and do not request additional $2 notes. Therefore, you will probably have to purchase them from a coin dealer or at a local coin and currency show.
- Acquire early small-size notes: Obtain the early issue small-size series notes from each of the series. This includes 1928, 1953, and 1963. Within each one of the series are sub-series that range from A through G.
- Acquire large-size notes: Search for more valuable large-size $2 notes. Intermediate and advanced collectors will try to assemble a collection of large-size $2 notes beginning with the series of 1862. Given the rarity and demand for these notes, a collecting budget of sizable means may be required.
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The History of U.S. Currency. U.S. Currency Education Program.
