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Media Center
Circulation Fact Sheet
The New Color of Money: When Will I See the New $50 Bill?
The Federal Reserve issues U.S. currency to the public through depository
institutions such as banks, credit unions, and savings and loans. United States
currency is:
- Manufactured at Bureau of Engraving and Printing (BEP) facilities
in Washington, D.C., and Fort Worth, Texas;
-
Delivered to the Bureau’s customer, the Federal Reserve Board, which
arranges to ship it to 37 Federal Reserve offices located all over the country;
-
Shipped on order to the Federal Reserve Banks’ more than 9,900 customers
in the U.S. and around the world;
- Supplied by large banks to smaller banks, to the public through tellers
and ATMs, and to their business customers, such as stores and other retail establishments.
Through these many steps, the Federal Reserve will put the new $50 note into
circulation, where it will arrive in the hands of the public.
Ready for Delivery
The Federal Reserve Board began shipping the new $50 notes from the BEP to
the Federal Reserve offices on July 30, 2004. On September 28, 2004, and for
about two weeks thereafter, any commercial bank, savings and loan, or credit
union that orders $50 notes from a Federal Reserve office will have its order
filled with the new design notes. Typically, larger banks order currency to
be delivered every day, however, not every bank does. For depository institutions
with smaller cash businesses, it may take several days, or longer, before they
obtain new design $50 notes, depending on when they order currency and how
far they are from a Federal Reserve office.
Once depository institutions receive their new design $50 notes, it’s
up to them how quickly they put the notes into teller drawers, or use them
to fulfill orders for cash from their business customers.
New $50 design notes could appear as early as September 28 through large
banks located near Federal Reserve offices. Distance, demand for currency,
and the
policy of individual banks will be the deciding factors in how quickly new
design $50 notes reach the public.
Beyond the Day of Issue
To satisfy initial public interest, from September 28 through October 15,
every time a depository institution orders $50 notes from a Federal Reserve
office, it will receive new design notes. Federal Reserve offices also have
supplies of the older design $50 notes still in good condition because the
average circulation life of a $50 note is 4.5 years. After October 15, Federal
Reserve offices will ship both old and new design notes to their customers;
therefore, both designs will circulate at the same time. The public should
rest assured that both the old and new design notes will continue to be legal
tender at full face value because the U.S. has never devalued its currency.
All U.S. notes are good, for good.
There are approximately 1.2 billion $50 notes in circulation around the world.
The Federal Reserve expects to release more than 76.8 million of the new $50
notes in September and October.
Starting in mid-October, orders for $50 notes will be filled with a mixture
of new and old designs. As older notes wear out, the Federal Reserve offices
will replace them with the new design. The important thing to remember is that
the New Color of Money $50 notes will make their way into circulation gradually
as old design notes wear out.
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