The Board of Governors of the Federal Reserve System has officially released its currency print order for calendar year 2025, outlining the production of billions of Federal Reserve notes, commonly known as Printed Money. Submitted to the Bureau of Engraving and Printing (BEP), this order reflects a careful balance between meeting public demand for physical currency and advancing strategic enhancements to the US dollar.
Key Figures for the 2025 Print Order
For 2025, the Federal Reserve has ordered between 4.1 billion and 5.9 billion banknotes. This substantial quantity of printed money translates to a value ranging from $83.2 billion to $113.0 billion. While these figures are immense, it’s important to note a slight decrease from the previous year. The 2025 order represents a reduction of approximately 1.2 billion notes (23.1 percent) at the lower end and 1.0 billion notes (14.8 percent) at the upper end compared to the 2024 print order. This adjustment signifies subtle shifts in currency demand and strategic production planning. Throughout 2025, the Federal Reserve and BEP will maintain flexibility to adjust the production of each denomination, ensuring that supply effectively meets fluctuating demand.
Factors Driving the Demand for Printed Money
Several key factors underpin the scale of the 2025 currency print order. The primary driver remains the necessity to replace unfit notes. These are banknotes that, through normal circulation, no longer meet the Federal Reserve’s stringent quality standards for recirculation and are subsequently destroyed. This process ensures the integrity and usability of US currency. Beyond replacement, the print order also accounts for the Federal Reserve’s projected net demand for currency from both domestic and international sources. This projection considers various elements, including anticipated currency inventory levels, the rate at which unfit notes are removed from circulation, and broader trends in net payments. Notably, this year’s print order aligns with pre-pandemic trends, where the replacement of unfit notes was the dominant factor influencing production volume.
Strategic Priorities Shape Currency Production
The 2025 print order is not solely about quantity; it also reflects strategic priorities aimed at strengthening the US Currency Program. A significant focus is on completing the new banknote series, featuring the signatures of the current Treasury Secretary and Treasurer. This ongoing project ensures the currency remains up-to-date and representative. Furthermore, resources are being allocated to banknote production process improvements. These initiatives seek to enhance efficiency, security, and potentially reduce costs in the long run. Crucially, the order accommodates the validation of new equipment and the implementation of advanced security features and banknote designs. These advancements are essential to meet the Department of Treasury’s target issuance date of 2026 for the highly anticipated Catalyst $10 banknote, which promises enhanced security and design innovation.
Denominational Breakdown of the 2025 Print Order
The table below provides a detailed breakdown of the planned print order for each denomination of Federal Reserve notes for Fiscal Year 2025:
| 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 |
As the table illustrates, the $1 and $100 denominations constitute the bulk of the printed money ordered. This reflects the consistent high demand for both small denominations for everyday transactions and large denominations for value storage and larger purchases. Notably, the production of $20 and $50 notes may be adjusted to zero, indicating potentially lower demand or inventory adjustments for these denominations in 2025.
Trends in Currency Circulation
While the print order remains substantial, broader trends indicate a shifting landscape for physical currency. Currency in circulation, a key indicator of demand for Federal Reserve notes, did increase between June 2023 and June 2024, rising by $7.1 billion. However, this growth is less pronounced compared to the previous year, where circulation increased by a significant $62.7 billion. This year-over-year comparison suggests that while demand for physical currency continues to rise, the rate of increase is moderating and trending towards pre-pandemic levels. This observation underscores the evolving dynamics of payment systems and the ongoing role of printed money in a digitalizing financial world.
Footnotes
- Unfit notes are notes that are received in deposits from depository institutions that are destroyed because they do not meet the Federal Reserve’s quality criteria for recirculation. Return to text.
