The United States Bureau of Engraving and Printing has seen an unprecedented increase in the production of $50 bills over the past year. According to reports CNNa staggering amount of more than 756 million of these banknotes were printed in 2022, marking the highest figure in more than four decades.
This increase in production bucks the historical trend, as the $50 bill didn’t used to be that popular among Americans. However, the US Federal Reserve Service has identified a notable change in people’s financial behavior during the pandemic.
Although the $50 bill has traditionally been less in demand, the Federal Reserve has seen an increase in the population’s demand for cash. During the health crisis, Americans began carrying more cash, and in response, the Federal Reserve decided to increase 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.
12 years useful life
The Federal Reserve, charged with estimating demand and ordering currency from the Bureau of Engraving and Printing, 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 avoid handling $50 bills due to superstitions about bad luck. Although various explanations surround this belief, there is no concrete evidence that the bill itself is a carrier of misfortune. Some suggest that the figure of the 18th president of the United States, Ulysses S. Grant, depicted on the bill, has contributed to superstition, associating the image of him with bad luck and disappointment.
