Final Revised 2023 Federal Reserve Note Print Order
On April 28, 2023, the Board of Governors approved a revision to the process of ordering banknotes from the U.S. Treasury Department’s Bureau of Engraving & Printing (BEP). The annual currency order will transition from a fiscal year (FY) order to a calendar year (CY) order in 2024 to support the Board and BEP in improving the banknote ordering process. This change will increase the BEP’s supply chain lead and extend its production planning scope. To assist in transitioning to this new cadence, an extension was made to the FY 2023 print order to add the Q4 2023 months.
The revised 15-month (October 2022 – December 2023) print order increases the total number of notes from a range of 4.6 billion to 8.7 billion notes to a range of 5.6 billion to 9.9 billion notes, an increase of 23.4 percent for the low estimate and 14.2 percent for the high estimate. The total value of the revised order range is $204.0 billion to $230.1 billion. The revised order includes additional $1, $5, $10, $20, and $100 notes.
On February 1, 2023, the Board approved the first revision to the original FY 2023 print order. Additional information regarding the original order may be found here and the first revision here.
The table below shows the denomination breakdown of the original FY 2023 print order range, the first revision to the FY 2023 print order range, and the final revision to the FY 2023 print order range.
| Denomination | Final revision number of notes (000s of pieces) |
First revision number of notes (000s of pieces) |
Original number of notes (000s of pieces) |
Difference from original |
|
|---|---|---|---|---|---|
| (000s of Notes) | (Percent) | ||||
| $1 | 2,310,400 to 4,844,800 | 1,939,200 to 4,358,400 | 1,939,200 to 4,358,400 | 371,200 to 486,400 | 19.1% to 11.2% |
| $2 | 64,000 to 128,000 | 64,000 to 128,000 | 0 to 0 | 64,000 to 128,000 | 0% to 0% |
| $5 | 768,000 to 1,427,200 | 684,800 to 1,344,000 | 684,800 to 1,344,000 | 83,200 to 83,200 | 12.1% to 6.2% |
| $10 | 364,800 to 774,400 | 172,800 to 563,200 | 172,800 to 563,200 | 192,000 to 211,200 | 111.1% to 37.5% |
| $20 | 89,600 to 601,600 | 0 to 499,200 | 0 to 512,000 | 89,600 to 89,600 | 0% to 17.5% |
| $50 | 192,000 to 275,200 | 192,000 to 275,200 | 192,000 to 275,200 | 0 to 0 | 0% to 0% |
| $100 | 1,827,200 to 1,843,200 | 1,497,600 to 1,497,600 | 1,497,600 to 1,497,600 | 329,600 to 345,600 | 22.0% to 23.1% |
| Total | 5,616,000 to 9,894,400 | 4,550,400 to 8,665,600 | 4,486,400 to 8,550,400 | 1,129,600 to 1,344,000 | 25.2% to 15.7% |
Appendix
Chart 1
Historical FY Print Orders
Note: Starting in FY 2021, the print order was submitted as a range by denomination. The bars for FY 2021 and onward represent the number of banknotes the BEP committed to deliver in its respective fiscal year.