Have you ever wondered why is it that the $2 bill is almost nowhere to be seen, despite being a denomination still in use in the States? Well, we’ve definitely wondered about this, and our research has led us to the year 2003, and the very same denomination of 2 USD. Despite being only 2 decades young, it definitely spiked our interest as we wanted to figure out the scarcity of this denomination; was it always like this, or were the times completely different back in the day (and this bill was used more frequently)?
Either way, if you’re wondering the same, or you’re in possession of the $2 bill, this is the article for you. In the following paragraphs, we’re going to cover the following; the origin and history of the $2 bill, its current value and price, and how can you get your hands on one. So, without further ado, let’s dive right in!
The $2 Bill – 2003 Denomination: How Much Is it Worth Today?
The History and Origin
The denomination of two dollars has been in use ever since July 1892. At first, the denomination was mainly used by the federal government, but then it was released into circulation and continued to be so until 1966. The United States Treasury Department stated that the $2 bill wasn’t really popular among regular folks, and as a result, it isn’t really being used. There wasn’t really any use for the two dollars, so it has been decided to discontinue to denomination.
A decade later, in 1976, the two-dollar denomination was resumed as a part of the United States Bicentennial ($2.00 is equal to two hundred cents). As such, the two-dollar denomination remained a current denomination ever since, despite not being reissued as frequently as the other denominations.
Unfortunately, even nowadays, the two-dollar denomination is rarely used. It is almost impossible to receive it in regular transactions. Because the bill is only printed according to demand, and because the demand is low, only 1% of all the printed denominations make for the two-dollar bill, which is only 0.001% of all currency in circulation. The bill is so rarely used, that even cashiers would not put the bill with the rest of the money, but rather place it aside, with the checks under the cash tray. Almost no vending machines accept the two-dollar bill, and as of late, even self-check-outs are ceasing to do so.
The $2 Bill Design
It is well known that U.S. bills and coins always feature an important figure from U.S. politics, and that figure is the very former President. So, on the two-dollar denomination, there is former U.S. President Thomas Jefferson. His portrait is, of course, featured on the obverse of the note. The obverse also features the denomination, the name of the country, and the 2 (dollars) numbers and words/inscriptions. The reverse of the note features the engraving of the Declaration of Independence by Asher B. Durand. The engraving is based on the painting done by John Trumbull. This is the second oldest design of a U.S. denomination, having been adopted back in 1976, and still being in use to this very day.
2003 $2 Bill Value and Price
The majority of the two-dollar bills from 2003 are worth their face value, which is two dollars. However, things change when we’re talking about uncirculated or extremely fine condition bills, as well as the Star notes, which sell at significantly higher prices. Most 20023 two-dollar bills that are of fine condition start at the price of $5 to $10, while for the uncirculated ones, the price can vary between $75 and $120.
The highest prices are generally reserved for the so-called Star Notes, which are considered to be rarer and more valuable. These notes are often of the minimum MS 63 grade, which also contributes to the higher value. In the following table, you can take a closer look at the average value of the circulated and uncirculated two-dollar bills, as well as their record auction price;
Is The $2 Bill Rare, and Why?
The two-dollar bill seems to be the most unusual, least circulating banknotes Americans have, or rather don’t have a chance of stumbling upon. It is rare to encounter this banknote as if one does come across a two-dollar bill, it is considered a sign of good luck, or rather a conversation starter since many start to question its own existence. You’re not alone if you’re wondering about the same thing. The series 2003 two-dollar bill is actually pretty rare, especially in good condition. Some older two-dollar bill Series and Notes are highly valuable as well, and surely more so than the 2003 Series.
Why is the $2 Bill Unpopular?
The two-dollar bill was first introduced in the late 19 century. But, by the mid-20th century, the two-dollar bill stopped being just a regular denomination and instead became associated with gambling and political bribes. People often used two-dollar bills to gamble and bribe, which made things harder when it came to fixing the reputation of the bill. Moreover, the fact that the two-dollar bill became impractical didn’t help the case. Most American used, and still do so, the one- and five-dollar bills the most, instead of the two-dollar bill.
Is The Modern $2 Bill Rare?
So, we’ve established that the older version of the two-dollar bill is rare, but is this denomination really that rare nowadays? Well, the modern two-dollar bill isn’t that rare. It is still being printed by the Bureau of Engraving and Printing and can be purchased from a typical bank for its face value. Certain Series of the $2 bill are rare and can be highly valuable. For example, the two-dollar bills from the Series 1953 and 1963 can be significantly more valuable than the face value. The two-dollar bill Star Notes are also considered rare, and large-size two-dollar bills predating Series 1928 can be extremely valuable, reaching hundreds of dollars even in worn grades. But, when it comes to the modern two-dollar bill, the answer is no, the bill isn’t rare. It is still being printed in billions.
If you’ve made it this far, congratulations! Now you’ve learned everything essential there is to learn about the 2003 two-dollar bill. Hopefully, this brief journey was fun and informative. For more information about two-dollar bills in general, we recommend you check professional coin/bill grading services and their informative blog posts as well as active or closed auctions. This can help you understand how the value of a bill changes over time, and what can you expect regarding the market climate. We wish you the best of luck and happy collecting!