introduction
In the mid-1970s, the united states of america prepared to mark the bicentenary of its independence from Britain. Celebrations were planned across the country from the start of the decade, and numerous numismatic and exonumic articles were published – one of the most significant was a new series of Federal Reserve $ 2 Notes (FRN), on 1976 series. Sporting a new design on the back – which appears on the denomination until the present day – the 1976 Series is the first FRN with a $ 2 denomination and is generally an accessible and affordable note.
Story
Many numismatic products were published on the occasion of the bicentenary. A series of medals struck by the Currency of the United States was released from 1972. In 1973 the president Richard M. Nixon signed a bill authorizing commemorative designs on the quarter, half dollar and dollar coin, as well as a double date on those denominations minted in 1975 and 1976. And even if it is becoming more and more difficile, the bicentennial coin is still in circulation today.
Another numismatic item commemorating the bicentennial, but not as frequently in circulation, the 1976 2 FRN series was approved at the end of 1975.
On November 3, 1975, the Secretary of the Treasury William E. Simon announced that, in recognition of the bicentennial of the United States, the Bureau of Engraving and Printing (BEP) would produce Federal Reserve $ 2 notes, the first of its kind.
Although the new design of the $ 2 denomination was inspired by the bicentennial, the 1976 $ 2 FRN series was not a commemorative issue. The New York Times explains the link between the new $ 2 bills and the Bicentennial in its cover of November 9, 1975: “[T]he bill is not a “special” issue of the Bicentenary; it will continue as a permanent part of the nation’s circulating paper money.
The new banknotes were the denomination’s first FRNs; the last $ 2 bills issued in the 1960s were Legal tender notes with a red Seal of the Treasury and serial numbers. $ 2 legal class tickets, National Bank Notes, Silver certificates, Treasury Notes, and Federal Reserve notes had all been issued since the 1860s.
The face design has remained largely unchanged except for the Treasury seal and serial numbers, which on the $ 2 FRN is green.
The design of the back has completely changed, with that of Thomas Jefferson Manor Monticello replaced by that of John Trumbull Declaration of Independence (1817), executed for the notes by Pierre Cocci, member of the BEP. The bicentennial issue was not the first outing of Trumbull’s painting on American paper money; he first appeared on the back of Banknotes of $ 100 National Bank in 1863, the year following the introduction of the first $ 2 notes issued by the federal government. The denomination appears in figures in each corner, with rolls bearing the denomination written flanking the two lower numbers; the written name also appears vertically on either side of the Trumbull sticker.
Trumbull’s painting also appeared on one of the series of commemorative stamps issued for the bicentenary, divided into four sections; each of the four stamps in the series bore a quarter of the painting.
590,720,000 Series 1976 $ 2 banknotes were printed and production ceased in 1978. All notes produced bear the signatures of Secretary of the Treasury Simon and Treasurer Francine Irving Neff.
The rarest Star rating for the series is the Friedberg-1935-J *. The problems Minneapolis Starry notes are relatively rare.
The notes were published on April 13, 1976, Thomas Jefferson’s birthday.
Collectability
Some observers hoped that the denomination of $ 2 would be accepted commercially, possibly reducing the demand for FRN to $ 1. April 11, 1976, New York Times The article stated, “The new $ 2 bill is expected to replace about half of the $ 1 bills in circulation over the next few years. This will translate to an estimated savings of $ 4-7 million per year in printing costs.
Nevertheless, the notes did not circulate widely, whatever the hopes of their supporters. The denomination is so rare in some areas that people have been arrested for attempting to spend $ 2 bills at retail establishments. Yet the vast majority of 1976 series $ 2 bills are plentiful and affordable.
An interesting notaphilic and philatelic product was created around the release of the Federal Reserve Series 1976 $ 2 note. Many people took the invoices to the post offices on the day of release, April 13, affixed stamps directly to the tickets, and had the stamps canceled at their local post office. Many series of commemorative stamps were issued on the occasion of the bicentenary, which made it possible to create pairs of thematic banknotes and stamps. Stamped banknotes aren’t worth much beyond face value, but a collector can look for a ticket from their hometown or other place of personal importance.
Friedberg Art, the co-author of United States paper money, shares that the 1976 2 FRN stamped series sold quickly around the bicentennial era. “It was different, it was collectable, people loved it. We made a lot of money. he explained in a telephone interview.
Robert azpiazu, Owner of First City Coins and Collectibles and author of Collector’s Guide to the Modern Federal Reserve Banknote Series 1963-2009, explains the allure of stamped banknotes in an email interview: “There are a few cancellations that are very valuable, but only for a small group of eclectic collectors. “
The 1976 Series $ 2 Notes appear in a number of United States Mint products, including the 1994 Thomas Jefferson 250th Anniversary Coinage and Currency set, remarkable for its Satin finish Jefferson nickel.
At the time of writing, Paper money guarantee (PMG) reports 10,587 ranking events for the 1976 Regular Edition series 2 FRNs of all 12 Federal Reserve banks; 4,600 starred tickets are reported.
Circulated examples of $ 2 FRNs from the 1976 series can be purchased for approximately face value or sometimes found in circulation. Uncirculated examples can fetch a dollar or two more than the face.
Rarer Star tickets naturally command higher premiums, as do tickets at the higher end of the condition scale or those with collectible serial numbers. F-1935-L with serial number 1 sold with its brick label in a Patrimony auction on January 8, 2016, for 21,150 USD.
Issued in large numbers with a motif commemorating the bicentennial of the United States, the 1976 series Federal Reserve $ 2 banknotes are affordable and plentiful, notable as the first $ 2 FRNs and for the many stamped specimens available for purchase. a little more than their face value.