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Note Printing Quantity By District

 
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Author Previous TopicReplies: 8 / Views: 387Next Topic  
Pillar of the Community

United States
1804 Posts
 Posted 07/06/2022  7:13 pm Show Profile   Bookmark this topic Add nick10 to your friends list Get a Link to this Message
Does the quantity of notes printed for a Federal Reserve district typically correspond to that district's demand for those notes, or on some other criteria?

The H, I, and J districts often see the fewest notes printed, sometimes so few that I wonder why not just import notes from an adjacent district. For example, there are far more 2013 $1 star notes (about 100 million) than there are H district $2s of all FRN series combined since 1976 (about 60 million)! Is there so little demand for $2s in H (St. Louis)?
Valued Member
United States
199 Posts
 Posted 07/06/2022  7:30 pm  Show Profile   Bookmark this reply Add datadragon to your friends list Get a Link to this Reply
There are many factors to consider when determining if a star note for example is worth more than face value - condition, age, total number of star notes printed for the specific series/denomination/FRB, and the size of the print run. Star note print runs of 640,000 notes or less that happen to be the only print run for a specific series/denomination/FRB combination AND it is an older series is the rarest. After that, A similar star note print run as above, except printed for a more recent series. Then below that, Star note print runs of 640,000 notes or less, where there are other additional star note print runs from the same FRB. Least valuable, Star note print runs of more than 640,000 notes. The larger the print run, the more common the note is. You can either get a book like Paper Money of the United States 22nd edition which is a great resource, although you can get some basic info at least free from sites like https://www.mycurrencycollection.co...ar-note-rare
Pillar of the Community
United States
1804 Posts
 Posted 07/06/2022  10:10 pm  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
Thanks for the star note info. I'm interested in the rational for the quantity of notes printed for a given district, star note or otherwise. Is it according to bank demand, or some other method?
Valued Member
United States
199 Posts
 Posted 07/06/2022  10:28 pm  Show Profile   Bookmark this reply Add datadragon to your friends list Get a Link to this Reply
https://www.frbsf.org/our-district/...cy-treasury/
https://www.stlouisfed.org/in-plain...al-structure

Each bill has a number and a letter that denote the Federal Reserve Bank that accounts for that particular bill. For example, a bill with the number 8 will have the letter H (the eighth letter in the alphabet), which means it appears on the balance sheet of the Federal Reserve Bank of St. Louis. For the recently redesigned $5, $10, $20, $50, and $100 bills, the letter and number that identify the Federal Reserve Bank are beneath the left serial number on the face of the bill.On the larger denominations (not $1 and $2 bills) but on the $5, $10, $20, $50, and $100, the note will have a letter and number designation that corresponds to one of the 12 Federal Reserve Banks. The letter of each indicator matches the second letter of the serial number on the note also. A1 Boston B2 New York City C3 Philadelphia D4 Cleveland E5 Richmond F6 Atlanta G7 Chicago H8 St Louis I9 Minneapolis J10 Kansas City, MO K11 Dallas L12 San Francisco.
Pillar of the Community
United States
1804 Posts
 Posted 07/06/2022  11:01 pm  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
Yes, that's true, but not pertinent to the question at hand.
Valued Member
United States
199 Posts
 Posted 07/06/2022  11:26 pm  Show Profile   Bookmark this reply Add datadragon to your friends list Get a Link to this Reply
isn't the info in the first link regarding the quantity of notes printed for a given district, star note or otherwise. Is it according to bank demand, or some other method? They explain the Growth Rate + Destruction Rate that drives the overall print order. Historically, the destruction rate accounts for an average of 90 percent of the overall order that the Board places with the BEP every year for the district so that is related to the star notes info. Thats all the info I have.
Pillar of the Community
United States
1804 Posts
 Posted 07/07/2022  10:51 am  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
That link discusses the Federal Reserve as a whole, but not what determines the quantity of notes each district receives, and the huge quantity dispartity between districts for some series. Looks like the answer to that is not known.
Pillar of the Community
United States
1326 Posts
 Posted 07/07/2022  12:01 pm  Show Profile   Bookmark this reply Add coinsearcher83 to your friends list Get a Link to this Reply
I'm not sure it matters so much these days, but before the 1990s, bills printed for a certain FRB were issued in that FRB's district. San Fran, Chicago, and New York were the major metro areas with large surrounding populations so they got the most notes. New York was the banking hub of the nation so they got the most $100s printed. The middle of the country (ruled by H, I, J Federal Reserve Banks) are lots of farmland with relatively low population density, so they didn't need as much cash. Therefore, fewer notes were printed for those districts.

Then Series 1995 happened and New York and San Fran ran out of serials for $1s. The central FRBs converted some of their cash order into $1s while NY and SF printed more larger denomination notes, which is why districts HIJ have so many Ones printed in this series (and partially why Series 1996 $100s got to the Y suffix). Each FRB got printed the proper amount of cash they ordered, but not necessarily in the denominations requested. This is about when the Fed started distributing fresh notes to FRBs that weren't necessarily the FRB printed on the note, as a matter of cost-saving and convenience. Today, new notes from any FRB can be introduced into circulation anywhere in the country, although notes printed at Fort Worth tend to start out on the western side of the country, and notes printed in DC are distributed in the eastern half.

I still believe the cash ordered by the FRBs corresponds to what is needed within each district.

I have no idea why Minneapolis needed so many $2s printed in 2003.
Edited by coinsearcher83
07/07/2022 12:03 pm
Pillar of the Community
United States
3750 Posts
 Posted 07/07/2022  5:48 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply

Quote:
I have no idea why Minneapolis needed so many $2s printed in 2003.

They didn't. The BEP printed approximately 121 million 2003 $2 notes within a three month period they were distributed to any of the Fed districts that requested them.
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