Every year, the amount of physical currency needed to keep the U.S. economy running is carefully estimated and ordered. This process, overseen by the Board of Governors of the Federal Reserve System, results in a print order submitted to the Bureau of Engraving and Printing (BEP). For 2025, this order is significant, reflecting the ongoing demand for cash and the strategic needs of the U.S. Currency Program. Let’s delve into the details of the 2025 Federal Reserve note print order and understand just how Money Is Printed and managed in the United States.
The Board of Governors approved the 2025 print order on July 16, 2024, setting a range of 4.1 billion to 5.9 billion Federal Reserve notes. This massive quantity translates to a value between $83.2 billion and $113.0 billion. While these numbers are substantial, the actual production of each denomination can be adjusted throughout the year to align with real-time demand. This flexibility ensures that the supply of banknotes effectively meets the needs of both domestic and international customers.
Several key factors determine the size and composition of the annual currency print order. The primary driver is the estimated net demand for currency. This demand is influenced by:
- Forecasted Currency Inventory Volumes: The Federal Reserve System needs to maintain adequate reserves of banknotes to meet anticipated needs.
- Destruction Rates of Unfit Notes: Billions of banknotes become worn, damaged, or outdated each year. These “unfit notes” are removed from circulation and destroyed, necessitating the printing of new notes to replace them. This replacement of unfit notes is a major component of the annual print order, mirroring pre-pandemic trends.
- Trends in Net Payments: Changes in how people and businesses use cash, including the volume of cash transactions and international demand for U.S. dollars, also impact the print order.
The 2025 print order isn’t solely about meeting immediate demand. It also reflects a strategic allocation of the BEP’s production capacity to crucial projects that support the long-term health and security of U.S. currency. These strategic priorities include:
- Completing the New Banknote Series: The ongoing effort to update banknote designs with new security features and signatures of the Treasury Secretary and Treasurer requires dedicated production capacity.
- Banknote Production Process Improvement Projects: The BEP continuously works to enhance the efficiency and security of the banknote production process. This may involve investing in new technologies and refining existing methods.
- Validating New Equipment: Introducing new printing equipment and technologies requires rigorous testing and validation to ensure they meet the high standards for banknote production.
A particularly important strategic priority for 2025 is supporting the Department of Treasury’s announced 2026 issuance date for the redesigned $10 note, known as “Catalyst.” Meeting this ambitious timeline requires careful planning and resource allocation by both the Board and the BEP to achieve planned security feature and banknote design milestones.
The table below provides a detailed breakdown of the CY 2025 print order by denomination, illustrating the planned production range for each type of Federal Reserve note.
| Denomination | Print Order (000s of pieces) | Dollar value (000s) |
|---|---|---|
| $1 | 2,176,000 to 2,758,400 | $2,176,000 to $2,758,400 |
| $2 | 307,200 to 416,000 | $614,400 to $832,000 |
| $5 | 716,800 to 832,000 | $3,584,000 to $4,160,000 |
| $10 | 160,000 to 364,800 | $1,600,000 to $3,648,000 |
| $20 | 0 to 614,400 | $0 to $12,288,000 |
| $50 | 0 to 51,200 | $0 to $2,560,000 |
| $100 | 752,000 to 867,200 | $75,200,000 to $86,720,000 |
| Total | 4,112,000 to 5,904,000 | $83,174,400 to $112,966,400 |
Comparing the 2025 print order to the previous year reveals some interesting trends. The lower range of the 2025 order represents a decrease of approximately 1.2 billion notes (23.1 percent) compared to the lower range of the 2024 order. Similarly, the upper range is down by about 1.0 billion notes (14.8 percent) from the 2024 upper range. This reduction might suggest a slight moderation in the demand for newly printed currency.
However, it’s important to note that currency in circulation, which is a direct indicator of overall demand for Federal Reserve notes, continues to grow. Between June 2023 and June 2024, currency in circulation increased by 0.2 billion notes, or $7.1 billion. While this growth is less dramatic than the previous year (which saw an increase of 0.8 billion notes, or $62.7 billion), it still indicates a net positive demand for U.S. currency. The rate of increase has simply slowed from the heightened levels observed during and immediately after the pandemic.
In conclusion, the 2025 Federal Reserve note print order provides a fascinating glimpse into the mechanics of how money is printed and managed in the U.S. It reflects not only the ongoing need to replace worn currency and meet public demand but also the strategic investments required to maintain the integrity and security of the nation’s banknotes for the future. The careful balance between these factors ensures that the U.S. dollar remains a reliable and trusted form of currency both at home and abroad.
