1 00:00:00,240 --> 00:00:03,200 Speaker 1: The Day in History Class is a production of iHeartRadio. 2 00:00:05,680 --> 00:00:09,400 Speaker 1: Hello and welcome to this Day in History Class, a 3 00:00:09,520 --> 00:00:13,360 Speaker 1: show for those interested in the big and small moments 4 00:00:13,400 --> 00:00:18,000 Speaker 1: of history. I'm Gabelusier, and today we're looking at the 5 00:00:18,079 --> 00:00:22,640 Speaker 1: ill fated comeback story of America's most maligned bank note, 6 00:00:23,079 --> 00:00:33,239 Speaker 1: the seldom scene and often hoarded two dollar bill. The 7 00:00:33,400 --> 00:00:38,239 Speaker 1: day was April thirteenth, nineteen seventy six. To mark the 8 00:00:38,320 --> 00:00:42,680 Speaker 1: bi centennial of American Independence, a new two dollar bill 9 00:00:42,760 --> 00:00:46,080 Speaker 1: was released to the public. The bill's issue date is 10 00:00:46,120 --> 00:00:50,199 Speaker 1: also the birthday of Thomas Jefferson, whose portrait was featured 11 00:00:50,240 --> 00:00:53,080 Speaker 1: on the front of the bill. In a White House ceremony, 12 00:00:53,280 --> 00:00:57,440 Speaker 1: Treasury Secretary William Simon presented the first of the newly 13 00:00:57,480 --> 00:01:01,600 Speaker 1: printed twos to President Gerald. Four after accepting the bill, 14 00:01:01,800 --> 00:01:05,520 Speaker 1: Ford traded Simon a pair of singles in return. The 15 00:01:05,560 --> 00:01:09,759 Speaker 1: original two dollar bill was first printed in eighteen sixty two, 16 00:01:10,080 --> 00:01:14,199 Speaker 1: only one year after the US Treasury began printing paper money. 17 00:01:14,600 --> 00:01:18,039 Speaker 1: At first, the bill featured a portrait of Alexander Hamilton, 18 00:01:18,240 --> 00:01:20,920 Speaker 1: but in eighteen sixty nine he was swapped out for 19 00:01:20,959 --> 00:01:24,280 Speaker 1: Thomas Jefferson. The change led people to dub the bill 20 00:01:24,560 --> 00:01:27,920 Speaker 1: the tom but no matter whose picture was on it, 21 00:01:28,040 --> 00:01:30,840 Speaker 1: the public just didn't have much interest in a two 22 00:01:30,840 --> 00:01:34,200 Speaker 1: dollar bill. There are lots of theories for why that is, 23 00:01:34,360 --> 00:01:37,560 Speaker 1: but the most widely accepted is that people considered them 24 00:01:37,600 --> 00:01:41,240 Speaker 1: bad luck. A two dollar bill was also called a deuce, 25 00:01:41,600 --> 00:01:45,240 Speaker 1: which was another name for the devil. Superstitious people thought 26 00:01:45,240 --> 00:01:47,800 Speaker 1: it was bad luck to carry a two in their pocket, 27 00:01:47,960 --> 00:01:50,360 Speaker 1: so they'd often tear off the corners of the bill 28 00:01:50,560 --> 00:01:53,160 Speaker 1: as a way to break the curse. Of course, all 29 00:01:53,200 --> 00:01:56,480 Speaker 1: that really did was make the money unfit for circulation. 30 00:01:57,000 --> 00:02:00,680 Speaker 1: Another reason for the two's bad rap was its association 31 00:02:00,840 --> 00:02:04,880 Speaker 1: with crooked politicians and gamblers. In the eighteen hundreds, there 32 00:02:04,880 --> 00:02:09,680 Speaker 1: were widespread reports of unscrupulous candidates using two dollar bills 33 00:02:09,720 --> 00:02:13,519 Speaker 1: to bribe voters. Whether true or not, come election day, 34 00:02:13,680 --> 00:02:18,120 Speaker 1: people began looking sideways at anyone holding it two. The 35 00:02:18,200 --> 00:02:22,680 Speaker 1: bills sinister reputation continued into the early nineteen hundreds as well. 36 00:02:23,200 --> 00:02:27,079 Speaker 1: Back then, two dollars was the standard bet at most racetracks, 37 00:02:27,320 --> 00:02:29,919 Speaker 1: so when somebody won, there was a good chance they'd 38 00:02:29,919 --> 00:02:33,280 Speaker 1: be paid in two dollar bills. As a result, anyone 39 00:02:33,320 --> 00:02:36,760 Speaker 1: who carried around a bunch of twos was immediately pegged 40 00:02:36,800 --> 00:02:41,359 Speaker 1: for a gambler. Aside from superstitions and moral judgments, there 41 00:02:41,440 --> 00:02:45,680 Speaker 1: was at least one practical concern over two dollar bills, namely, 42 00:02:45,919 --> 00:02:49,000 Speaker 1: cashiers and bank tellers had no place to put them, 43 00:02:49,120 --> 00:02:53,880 Speaker 1: as standard cash trays didn't designate a slot for twos. Admittedly, 44 00:02:54,040 --> 00:02:58,040 Speaker 1: it is odd that no manufacturer had accounted for the denomination, 45 00:02:58,320 --> 00:03:00,680 Speaker 1: as the two had been in use are about as 46 00:03:00,680 --> 00:03:04,359 Speaker 1: long as any other American paper note. Maybe there's an 47 00:03:04,360 --> 00:03:08,079 Speaker 1: industry wide conspiracy to suppress the two dollar bill, or 48 00:03:08,080 --> 00:03:11,920 Speaker 1: maybe the makers of cash tills are also superstitious. In 49 00:03:12,000 --> 00:03:16,000 Speaker 1: any case, the US government mounted several efforts to encourage 50 00:03:16,040 --> 00:03:19,320 Speaker 1: the use of two dollar bills, including a nineteen twenty 51 00:03:19,320 --> 00:03:23,280 Speaker 1: five pr campaign led by the short lived Federal Bureau 52 00:03:23,400 --> 00:03:28,040 Speaker 1: of Efficiency. Unfortunately, nothing did the trick, and in nineteen 53 00:03:28,160 --> 00:03:31,320 Speaker 1: sixty six the Treasury finally threw in the towel and 54 00:03:31,480 --> 00:03:35,040 Speaker 1: ceased production of the two. At the time it was discontinued, 55 00:03:35,200 --> 00:03:38,320 Speaker 1: the two dollar bill accounted for only one third of 56 00:03:38,480 --> 00:03:42,960 Speaker 1: one percent of all currency. The Treasury claimed that scarcity 57 00:03:43,120 --> 00:03:46,720 Speaker 1: was the reason for the bills unpopularity, an explanation that 58 00:03:46,880 --> 00:03:50,600 Speaker 1: created a circle in reasoning. According to the treasury. People 59 00:03:50,640 --> 00:03:54,400 Speaker 1: didn't use two dollar bills because there weren't many in circulation, 60 00:03:54,720 --> 00:03:58,119 Speaker 1: And there weren't many in circulation because people didn't use 61 00:03:58,240 --> 00:04:02,560 Speaker 1: two dollar bills. Light of the two's contentious history, you 62 00:04:02,640 --> 00:04:05,560 Speaker 1: may be wondering why the government decided to bring the 63 00:04:05,600 --> 00:04:09,280 Speaker 1: bill back just ten years after dumping it. The main 64 00:04:09,400 --> 00:04:12,240 Speaker 1: reason was to save the governments of money, both on 65 00:04:12,320 --> 00:04:15,040 Speaker 1: printing costs and on the wear and tear of its 66 00:04:15,040 --> 00:04:18,440 Speaker 1: printing presses. It cost the same amount to print two 67 00:04:18,520 --> 00:04:21,440 Speaker 1: dollar bills as it did to print ones. That meant 68 00:04:21,440 --> 00:04:24,640 Speaker 1: the Treasury could save millions of dollars a year just 69 00:04:24,760 --> 00:04:28,520 Speaker 1: by printing fewer one dollar bills in favor of more twos. 70 00:04:28,960 --> 00:04:32,120 Speaker 1: According to estimates from the Bureau of Engraving and Printing, 71 00:04:32,360 --> 00:04:36,520 Speaker 1: that simple substitution was expected to save twenty seven million 72 00:04:36,600 --> 00:04:39,520 Speaker 1: dollars over the course of just the first five years. 73 00:04:40,160 --> 00:04:42,760 Speaker 1: The question of when to roll out the new two 74 00:04:43,120 --> 00:04:47,880 Speaker 1: was easily answered by the upcoming bicentennial celebration. Officials hope 75 00:04:47,920 --> 00:04:51,279 Speaker 1: the patriotic climate would make the public more receptive to 76 00:04:51,320 --> 00:04:54,520 Speaker 1: the bill than last time. The portrait of Thomas Jefferson 77 00:04:54,560 --> 00:04:57,800 Speaker 1: by Gilbert Stewart was retained from the old two dollar bill, 78 00:04:57,960 --> 00:05:00,720 Speaker 1: as it was considered in keeping with the OCCA. Since 79 00:05:00,800 --> 00:05:04,480 Speaker 1: Jefferson was the author of the Declaration of Independence. The 80 00:05:04,560 --> 00:05:07,880 Speaker 1: reverse side of the note was changed, though instead of 81 00:05:07,920 --> 00:05:11,920 Speaker 1: an illustration of Jefferson's home of Manicello, the nineteen seventy 82 00:05:11,920 --> 00:05:15,279 Speaker 1: six version featured a well known painting by John Trumbull 83 00:05:15,440 --> 00:05:19,560 Speaker 1: titled The Signing of the Declaration of Independence. There was 84 00:05:19,600 --> 00:05:22,560 Speaker 1: speculation during the lead up to the bills reveal that 85 00:05:22,680 --> 00:05:25,839 Speaker 1: Jefferson might be sidelined in favor of the portrait of 86 00:05:25,839 --> 00:05:28,880 Speaker 1: a civil rights leader such as Martin Luther King Junior 87 00:05:29,120 --> 00:05:33,720 Speaker 1: or Susan Beanthony. However, according to a Treasury spokesman, that 88 00:05:34,000 --> 00:05:36,720 Speaker 1: was never really on the table, as such a choice 89 00:05:36,760 --> 00:05:41,040 Speaker 1: would have been too quote radical for the department. While 90 00:05:41,080 --> 00:05:44,279 Speaker 1: not commendable, it makes sense why the government would be 91 00:05:44,440 --> 00:05:47,960 Speaker 1: extra cautious about the rollout. It had already printed two 92 00:05:48,040 --> 00:05:51,279 Speaker 1: hundred and twenty five million two dollar bills, and before 93 00:05:51,279 --> 00:05:53,960 Speaker 1: the year was out it planned to print another one 94 00:05:54,040 --> 00:05:57,640 Speaker 1: hundred and seventy five million. If the public had refused 95 00:05:57,640 --> 00:06:00,839 Speaker 1: to use the new two for any reason, the Treasury's 96 00:06:00,880 --> 00:06:04,719 Speaker 1: potential savings would evaporate, and the bills would just sit around, 97 00:06:04,880 --> 00:06:08,400 Speaker 1: taking up valuable vault space. When the bills made their 98 00:06:08,440 --> 00:06:12,320 Speaker 1: debut on Jefferson's two hundred and thirty third birthday, there 99 00:06:12,400 --> 00:06:15,240 Speaker 1: was reason to think this time would be different. Tens 100 00:06:15,279 --> 00:06:18,640 Speaker 1: of thousands of Americans reportedly queued up to trade in 101 00:06:18,680 --> 00:06:22,120 Speaker 1: their boring old cash in exchange for crisp new two 102 00:06:22,160 --> 00:06:25,760 Speaker 1: dollar bills. One banker in Houston compared the rush of 103 00:06:25,839 --> 00:06:29,279 Speaker 1: clients to a bank run, and similar stories were reported 104 00:06:29,279 --> 00:06:33,720 Speaker 1: in cities like Boston, New York, Chicago, Philadelphia, and Washington, 105 00:06:33,800 --> 00:06:36,760 Speaker 1: d c. It wasn't just the banks that were flooded 106 00:06:36,760 --> 00:06:40,719 Speaker 1: with customers either. Collectors also took to their local post 107 00:06:40,720 --> 00:06:43,840 Speaker 1: offices to have their bills postmarked as proof that they 108 00:06:43,880 --> 00:06:46,640 Speaker 1: got them. On the very first day of issue, one 109 00:06:46,760 --> 00:06:50,599 Speaker 1: Virginia postmaster likened the scene to a circus and estimated 110 00:06:50,600 --> 00:06:54,000 Speaker 1: that his clerks had stamped twenty five thousand bills in 111 00:06:54,080 --> 00:06:58,520 Speaker 1: one day. As you might imagine, that level of excitement 112 00:06:58,680 --> 00:07:01,960 Speaker 1: didn't last long. By the end of the week, demand 113 00:07:02,000 --> 00:07:05,120 Speaker 1: had cooled, and pretty soon everyone went right back to 114 00:07:05,200 --> 00:07:08,240 Speaker 1: ignoring the two dollar bill. Part of the problem was 115 00:07:08,279 --> 00:07:11,120 Speaker 1: that all the old hang ups surrounding the currency were 116 00:07:11,160 --> 00:07:14,720 Speaker 1: still in play cash tills still weren't designed with two 117 00:07:14,720 --> 00:07:17,440 Speaker 1: dollar bills in mind, and at least some portion of 118 00:07:17,480 --> 00:07:22,720 Speaker 1: the population still considered deuces unlucky. There was another unforeseen 119 00:07:22,880 --> 00:07:26,640 Speaker 1: complication as well. The Treasury had sought to stoke interest 120 00:07:26,680 --> 00:07:29,080 Speaker 1: in the bill by tying it to the bi centennial, 121 00:07:29,560 --> 00:07:32,280 Speaker 1: but in doing so they created the perception that it 122 00:07:32,360 --> 00:07:35,240 Speaker 1: was going to be a special one off printing. That's 123 00:07:35,280 --> 00:07:38,080 Speaker 1: why people had rushed out in droves to scoop up 124 00:07:38,120 --> 00:07:40,520 Speaker 1: as many of the bills as they could, not to 125 00:07:40,640 --> 00:07:43,160 Speaker 1: use them, as the government had hoped, but to squirrel 126 00:07:43,200 --> 00:07:47,280 Speaker 1: them away as keepsakes in sock drawers and safe deposit boxes. 127 00:07:47,640 --> 00:07:51,000 Speaker 1: The expectation was for the bills to one day skyrocket 128 00:07:51,040 --> 00:07:53,960 Speaker 1: in value, but since the Treasury had already committed to 129 00:07:54,040 --> 00:07:57,600 Speaker 1: printing four hundred million of them each year, that never happened. 130 00:07:57,800 --> 00:08:00,920 Speaker 1: In the vast majority of nineteen seven six two dollar 131 00:08:01,000 --> 00:08:05,360 Speaker 1: bills are still worth exactly two dollars. The bi Centennial 132 00:08:05,520 --> 00:08:09,040 Speaker 1: series continued to be printed until nineteen seventy eight, with 133 00:08:09,120 --> 00:08:12,960 Speaker 1: the total number produced landing somewhere between six hundred million 134 00:08:13,120 --> 00:08:16,600 Speaker 1: and one point four billion either way, not what you'd 135 00:08:16,640 --> 00:08:19,920 Speaker 1: call a limited release. In fact, If you have a 136 00:08:19,960 --> 00:08:22,720 Speaker 1: two dollar bill stashed away in your home, there's a 137 00:08:22,800 --> 00:08:26,480 Speaker 1: decent chance it's dated nineteen seventy six. One of your 138 00:08:26,520 --> 00:08:29,440 Speaker 1: relatives may have been hoarding it all these years in 139 00:08:29,520 --> 00:08:33,240 Speaker 1: hopes of a major payday that never came. Although no 140 00:08:33,280 --> 00:08:36,440 Speaker 1: one really profited from the reissue of two dollar bills, 141 00:08:36,679 --> 00:08:39,439 Speaker 1: many people are still reluctant to spend them due to 142 00:08:39,520 --> 00:08:44,080 Speaker 1: their perceived rarity. However, contrary to popular belief, the two 143 00:08:44,080 --> 00:08:47,560 Speaker 1: dollar bill is still in production today. In twenty twenty 144 00:08:47,559 --> 00:08:50,720 Speaker 1: two alone, the Treasury Department printed up two hundred and 145 00:08:50,760 --> 00:08:54,120 Speaker 1: four million two dollar bills, bringing the total number in 146 00:08:54,200 --> 00:08:57,840 Speaker 1: circulation to about one and a half billion. To be clear, 147 00:08:58,040 --> 00:09:01,680 Speaker 1: two dollar bills still make up and credibly small percentage 148 00:09:01,679 --> 00:09:05,319 Speaker 1: of the currency in circulation, and new twos aren't printed 149 00:09:05,360 --> 00:09:09,079 Speaker 1: every year like other bills. That's mainly because they aren't 150 00:09:09,120 --> 00:09:12,560 Speaker 1: spent very often and therefore have a longer shelf life 151 00:09:12,640 --> 00:09:15,640 Speaker 1: than the more popular notes. If you take out or 152 00:09:15,679 --> 00:09:18,640 Speaker 1: convert money at a bank, you probably won't get any 153 00:09:18,640 --> 00:09:22,079 Speaker 1: two dollar bills unless you specifically ask for them, So 154 00:09:22,520 --> 00:09:25,880 Speaker 1: do that ask for them. Most banks keep a stock 155 00:09:25,920 --> 00:09:28,960 Speaker 1: of twos on hand just for such occasions. The amount 156 00:09:29,000 --> 00:09:32,000 Speaker 1: they have will vary between locations. But if you show 157 00:09:32,040 --> 00:09:35,480 Speaker 1: there's demand, the order more, and then in turn the 158 00:09:35,559 --> 00:09:38,560 Speaker 1: government will print more, and before you know it, we'll 159 00:09:38,600 --> 00:09:41,040 Speaker 1: all be living in a new golden age of two 160 00:09:41,120 --> 00:09:44,800 Speaker 1: dollar bills. And sure, there's a chance all the naysayers 161 00:09:44,840 --> 00:09:47,880 Speaker 1: were right and an abundance of twos will ultimately lead 162 00:09:47,880 --> 00:09:52,480 Speaker 1: to the collapse of organized religion, free elections, and fiscal responsibility. 163 00:09:52,920 --> 00:09:55,000 Speaker 1: But wouldn't it all be worth it to see the 164 00:09:55,040 --> 00:09:59,560 Speaker 1: confused look on the cashier's face. No, we'll find that 165 00:10:00,360 --> 00:10:06,080 Speaker 1: more for me. I'm Gabe Louisier, and hopefully you now 166 00:10:06,120 --> 00:10:09,679 Speaker 1: know a little more about history today than you did yesterday. 167 00:10:10,320 --> 00:10:12,920 Speaker 1: If you have a second and you're so inclined, consider 168 00:10:13,000 --> 00:10:15,920 Speaker 1: keeping up with the show on Twitter, Facebook, and Instagram. 169 00:10:16,160 --> 00:10:20,319 Speaker 1: You can find us at TDI HC Show. You can 170 00:10:20,360 --> 00:10:23,480 Speaker 1: also rate and review the show on Apple Podcasts, or 171 00:10:23,520 --> 00:10:26,280 Speaker 1: you can send your feedback directly to me by writing 172 00:10:26,320 --> 00:10:30,480 Speaker 1: to this Day at iHeartMedia dot com. Thanks to Chandler 173 00:10:30,559 --> 00:10:33,320 Speaker 1: Mays and Ben Hackett for producing the show, and thanks 174 00:10:33,320 --> 00:10:35,679 Speaker 1: to you for listening. I'll see you back here again 175 00:10:35,760 --> 00:10:38,920 Speaker 1: tomorrow for another day in History Class.