The United States Sees Unprecedented Increase in Production of $50 Bills
The United States Bureau of Engraving and Printing has reported a historic increase in the production of $50 bills over the past year. According to CNN, more than 756 million of these banknotes were printed in 2022, marking the highest figure in over 40 years.
This surge in production goes against the historical trend, as the $50 bill was not previously popular among Americans. However, the US Federal Reserve Service has identified a notable change in people’s financial behavior during the pandemic.
Despite the traditional lower demand for $50 bills, the Federal Reserve has noticed an increase in the population’s demand for cash. This trend was attributed to Americans carrying more cash during the health crisis, prompting the Federal Reserve to increase the production of $50 bills.
The total face value of banknotes printed in 2022 amounts to approximately $37.8 billion. This represents a significant change compared to 2019, when only 3.5% of bills in circulation were $50, a figure that has risen to 8.5% in 2022.
Additionally, the Federal Reserve has revealed that the average lifespan of a $50 bill is 12.2 years. Although production was expected to slow in 2024, with planned orders of between 99 and 211 million $50 bills, a report from the San Francisco Federal Reserve indicates that American households still maintain significant levels of cash holdings compared to times before the pandemic.
Interestingly, some individuals avoid handling $50 bills due to superstitions about bad luck. There is no concrete evidence to support these beliefs, but some suggest that the figure of the 18th president of the United States, Ulysses S. Grant, depicted on the bill, has contributed to these superstitions. Regardless, the Federal Reserve continues to see an increase in demand for $50 bills and is adapting its production accordingly.