5 Things You Never Knew About the $2 Bill
Without question, the $2 bill is the black sheep of the U.S. currency family. Despite being a small enough denomination to fairly easily acquire, the “Tom” — nicknamed for its portrait of Thomas Jefferson — rarely surfaces in day-to-day transactions. In fact, many folks erroneously believe the $2 note to be out of circulation, with some cashiers even refusing to accept these unfamiliar bills.
Make no mistake, the $2 bill is very real and remains in regular circulation, albeit at a smaller volume compared to commonly found denominations such as $1s and $20s. But while the Tom lacks the everyday presence of the others, it also sports a more intriguing backstory than its brethren bills. Here are five fun facts about the not-so-terrible $2.
Six Types of $2 Bills Have Appeared Since 1862
Not counting the $2 denominations that appeared with the Continental Currency notes that funded the American Revolution, there have been six categories of $2 bills issued by the U.S. federal government. These are: United States Notes, which initially featured Alexander Hamilton in 1862 before switching to Jefferson seven years later; National Bank Notes, which circulated during the Reconstruction years and are known as the “Lazy Deuce” for their horizontal digits; Silver Certificates, which featured a series of elaborate vignettes during their mid-1880s to mid-1920s run; Treasury Coin Notes, which featured Union General James B. McPherson and were only printed in the 1890s; Federal Reserve Bank Notes, which displayed the USS New York battleship and received an even briefer run after World War I; and Federal Reserve Notes, which appeared in 1976 to celebrate the United States bicentennial after the $2 bill had been discontinued for a decade due to its low usage.
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Some $2 Bills Are Very Valuable
While its scarcity has spawned a perception of the $2 bill being a valuable keepsake, most existing $2s are worth that exact amount. Still, there are more valuable specimens to be found for those who seek to collect or turn a profit off such rarities. Older bills are of course more highly prized, with the earliest federally issued $2s worth more than $3,000 and uncirculated 1890 Treasury Notes valued at more than $4,500, according to U.S. Currency Auctions. Additionally, a distinct serial number, such as the “12345678” on aptly named “ladder notes,” can fetch a significant return even for newer notes. A 1976 bill with a serial number of “00000001,” for example, is said to be worth at least $20,000.
The $2 Bill Historically Has a Bad Reputation
The Tom’s limited availability in public settings may partly stem from its longstanding ties to the seedier sides of human nature. According to The Two Dollar Bill Documentary, the bill at various points has allegedly been favored for acts of election bribery, gambling, and prostitution. It’s also been linked to the devil, necessitating the tearing of a $2’s corners to ward off evil spirits.
While all these associations are now attributed to urban legends, there also may have been practical reasons for the corner-tearing tradition. As more $1 bills were printed in the 1880s, people who grouped smaller bills together would shortchange themselves when a stray $2 ended up in a pile of $1s. As a result, it became a common practice to rip a corner of a $2 to help avoid that mistake and ward off the bad juju of miscounting money.
The $2 Bill Was the Only U.S. Bill Allowed in Mexico During World War II
In 1942, the government of Mexico announced it was restricting the import of U.S. currency, as part of efforts to prevent American money seized by Axis powers during World War II from being spent. People in possession of U.S. dollars were ordered to immediately turn them over to a bank, where they would be exchanged for pesos to those who could prove the cash was, according to The New York Times, “legitimately acquired and free from Axis taint.” Shortly afterward, the U.S. government followed suit by cracking down on U.S. money allowed in and out of the country. The lone exceptions were coins and $2 bills, the latter apparently not commonly found in the grasp of Axis hands. Unsurprisingly, demand for the $2 bill along the United States-Mexico border soared during the World War II years.
Fans of One College Football Team Make a Point of Using $2 Bills
In the late 1970s, after Georgia Tech elected to discontinue its longstanding annual football game with Clemson University in Atlanta, the executive secretary of Clemson's booster club sought to demonstrate how Atlanta merchants would miss the traveling contingent of Tigers fans. To do so, he enlisted the help of the $2 bill.
“We want to make a big impact on Atlanta this weekend,” the secretary wrote prior to the final scheduled game between the two schools in September 1977. “I would like to ask that every Clemson fan take as many two-dollar bills as possible and use these rare bills for every expenditure.” While no data exists on just how the influx of these bills impacted the local economy, the idea launched a 40-plus-year tradition of Clemson fans bringing a collection of $2s, often stamped with a telltale orange paw print, to spend at big road games.
