Bureau of Engraving and Printing (BEP)
The BEP had its foundations in 1862 with workers signing, separating, and trimming sheets of United States Notes in the Treasury building. Gradually, more and more work, including engraving and printing, was entrusted to the organization. Within a few years, the BEP was producing Fractional Currency, revenue stamps, government obligations, and other security documents for many federal agencies. In 1877, the BEP became the sole producer of all United States currency. The addition of postage stamp production to its workload in 1894 established the BEP as the nation's security printer, responding to the needs of the U.S. government in both times of peace and war. Today, the BEP no longer produces government obligations or postage stamps, but it still holds the honor of being the largest producer of government security documents with production facilities in Washington, DC, and in Fort Worth, Texas.
The centrality of the BEP to the financial, monetary, postal, and printing developments of the United States since the Civil War has made it a repository of numerous invaluable historic items. At the same time, the BEP's history reflects and provides a unique perspective on the development of modern America. These facts have long been recognized by the BEP, which is devoted to the preservation and exploration of its own past. Some of the work of the curatorial, archival, and historical efforts of the BEP and its Historical Resource Center (HRC) is presented on this website.
Colonial Notes 1690
The Massachusetts Bay Colony, one of the 13 original colonies, issues the first paper money to cover costs of military expeditions. The practice of issuing paper notes spread to the other colonies.
Franklin's Unique Counterfeit Deterrent 1739
Benjamin Franklin's printing firm in Philadelphia prints colonial notes with nature prints--unique raised impressions of patterns cast from actual leaves. This process added an innovative and effective counterfeit deterrent to notes, not completely understood until centuries later.
Continental Currency 1775
The Continental Congress issues paper currency to finance the Revolutionary War. Continental currency was denominated in Spanish milled dollars. Without solid backing and easily counterfeited, the notes quickly lost their value, giving rise to the phrase "not worth a Continental."
Monetary System 1792
The Coinage Act of 1792 creates the U.S. Mint and establishes a federal monetary system, sets denominations for coins, and specifies the value of each coin in gold, silver, or copper.
Greenbacks 1861
The first general circulation of paper money by the federal government occurs. Pressed to finance the Civil War, Congress authorizes the U.S. Treasury to issue non-interest-bearing Demand Notes. All U.S. currency issued since 1861 remains valid and redeemable at full face value.
First $10 Bills – Demand Notes 1861
The first $10 notes are Demand Notes, issued in 1861 by the Treasury Department. A portrait of President Abraham Lincoln is included on the face of the notes.
Treasury Department Authorization 1862
The Treasury Secretary is authorized to engrave and print notes at the Treasury Department; the design of which incorporates fine-line engraving, intricate geometric lathe work patterns, a Treasury seal, and engraved signatures to aid in counterfeit deterrence.
Spencer Clark 1862
Spencer M. Clark, Chief Clerk in the Treasury Department’s Bureau of Construction, obtains presses for the Treasury’s Loan Branch for overprinting seals on notes. About the same time, Clark experiments with two hand-crank machines for trimming and separating. Later that year, Treasury Secretary Salmon Chase directs Clark to proceed with trials using steam-powered machines to trim, separate, and seal $1 and $2 United States Notes.
National Banknotes 1863
Congress establishes a national banking system and authorizes the U.S. Treasury to oversee the issuance of National Banknotes. This system sets federal guidelines for chartering and regulating "national" banks and authorizes those banks to issue national currency secured by the purchase of United States bonds. These notes are printed by private companies and finished by the BEP until 1875, when the BEP begins printing the faces.
Fractional Currency 1863
Fractional Currency notes, in denominations of 5, 10, 25, and 50 cents, are issued. This is the first currency produced entirely at the Treasury Department.
1864 The 5-cent note of the second issue of Fractional Currency features the portrait of Spencer Clark, causing a public uproar. It is unclear how Clark’s portrait ended up on the note, but in 1866, Congress prohibits the portrait or likeness of any living person on currency notes, bonds, or securities.
Secret Service 1865
The United States Secret Service is established as a bureau of the Treasury for the purpose of deterring counterfeiters whose activities are destroying the public’s confidence in the nation's currency. The Secret Service is now part of the Department of Homeland Security.
Gold Certificates 1865
Gold Certificates, backed by gold held by the Treasury, are first issued. Along with Fractional Currency, Gold Certificates are one of the first currency issues produced entirely by the BEP.
Revenue Stamps 1866
The BEP begins producing revenue stamps to be placed on boxes of imported cigars.
United States Notes 1869
The BEP begins engraving and printing the faces and seals of United States Notes, Series 1869. Prior to this time, United States Notes were produced by private banknote companies and then sent to the BEP for sealing, trimming, and cutting.
Bureau of Engraving and Printing 1874
For the first time, Congress allocates money specifically to a “Bureau of Engraving and Printing” for fiscal year 1875.
1876 Congress passes an appropriation bill that directs the Internal Revenue Service to procure stamps engraved and printed at the Bureau of Engraving and Printing – provided costs do not exceed that of private firms. As a result, the BEP begins producing almost all revenue stamps in fiscal year 1878.
1877 The BEP begins printing all United States currency.
1878 Silver Certificates
Silver Certificates are first issued. Backed by silver held by the Treasury, the certificates are authorized by legislation directing an increase in the purchase and coinage of silver.
1880 First Facility
The first building constructed specifically for BEP operations is completed at the corner of 14th Street and B Street (Independence Avenue).
1890 Treasury Coin Notes
Treasury Notes, also known as Treasury Coin Notes, are first issued as part of legislation requiring the Treasury Secretary to increase government purchases of silver bullion.
1894 Postage Stamps
The BEP begins printing postage stamps. The first BEP-printed stamp issued is the 6 cent President Garfield.
1900 The first issue of postage stamps in small booklets is produced.
1905 Paper Currency with Background Color
The last United States paper money printed with background color is the $20 Gold Certificate, Series 1905, which had a golden tint and a red seal and serial number.
1912 Offset Printing
Offset printing is first used in the BEP for the production of checks, certificates, and other miscellaneous items.
1913 Federal Reserve Act
The Federal Reserve Act of 1913 establishes the Federal Reserve as the nation’s central bank and provides for a national banking system that is more responsive to the fluctuating financial needs of the country. Federal Reserve Bank Notes are authorized by the Federal Reserve Act and used as a form of emergency currency in the early twentieth century. The Board of Governors of the Federal Reserve System then issues new notes called Federal Reserve notes.
1914 The first $10 Federal Reserve Notes
The first $10 Federal Reserve notes are issued. These notes are larger than today’s notes and feature a portrait of President Andrew Jackson on the face.
1929 Federal Reserve Note Standardized Design
The first sweeping change to affect the appearance of all paper money occurs in 1929. In an effort to lower manufacturing costs, all Federal Reserve notes are made about 30 percent smaller. The reduced size enables the BEP to convert from eight to 12 notes per sheet. In addition, standardized designs are instituted for each denomination across all classes of currency, decreasing the number of different designs in circulation. This standardization makes it easier for the public to distinguish between genuine and counterfeit notes.
1939 Food Stamps
The BEP begins printing Food Order and Surplus Food Order stamps. The Cotton Order and Surplus Cotton Order stamps follow in 1940. The stamps encourage consumption of surplus farm commodities while providing assistance to low-income consumers.
1943 Allied Military Currency
The War Department places an order for Allied Military Currency (AMC). The first AMCs are used by Allied forces in Italy. Production begins in July, 1943.
1946 Military Payment Certificates
The BEP begins work on Military Payment Certificates for use by U.S. troops.
1952 18-Subject Sheets
The BEP begins conversion from 12- to 18-subject sheets in currency production. The use of larger sheets is made possible by new non-offsetting ink. By reducing wetting and drying operations, distortion of paper is decreased. By September 1953, all currency is produced from 18-subject plates.
1957 In God We Trust
Following a 1955 law that requires “In God We Trust” on all currency, the motto first appears on paper money on series 1957 $1 silver certificates, then on 1963 series Federal Reserve notes.
1957 32-Subject Sheets
The BEP begins producing currency on high-speed rotary presses that print notes via the dry intaglio process. Paper distortion caused by wetting is now completely eliminated and sheet sizes increase from 18- to 32-subjects. The first notes printed by this process are the series 1957 silver certificates.
1969 High-Denomination Notes
The Treasury Secretary announces that currency in denominations larger than $100 will no longer be issued. Last printed in 1945, the high-denomination notes had been used mainly by banking institutions, but advances in bank transfer technologies preclude their further use.
1976 $2 Federal Reserve Note
The $2 Federal Reserve note is re-introduced on the 233rd anniversary of Thomas Jefferson’s birth. Issuance of the $2 United States Note had been halted in 1966 as United States Notes were phased out of existence.
1996 Currency Redesign
In the first significant design change in 67 years, United States currency is redesigned to incorporate a series of new counterfeit deterrents. The new notes are issued beginning with the $100 note in 1996, followed by the $50 in 1997, the $20 in 1998, and the $10 and $5 notes in 2000.
2005 Final Postage Stamp Run
The BEP produces its final run of postage stamps, printing the 37-cent Flag on the Andreotti gravure press.
Advanced Counterfeit Deterrence
The Advanced Counterfeit Deterrence (ACD) program was established in July 1982 at the Departmental Offices level of the U.S. Department of the Treasury to monitor and communicate counterfeit deterrence issues with the Secretary of the Treasury. The ACD acts as liaison to the Secretary of the Treasury, reporting the combined findings of the committee, which includes senior executives from the Department of the Treasury, the BEP, the Board of Governors of the Federal Reserve System (FRB), the United States Secret Service (USSS) and the Currency Technology Office (Bank Operations).
Currency redesign is based on maintaining the security of Federal Reserve notes. Therefore, the ACD is dedicated to maintaining and ensuring the integrity of U.S. currency by exploring existing and emerging technologies to deter the counterfeiting of U.S. currency in the U.S. and worldwide. Its goals are:
What is the role of each of the organizations sitting on the committee?
The ACD charter requires its member organizations to collaborate on developments related to new designs of Federal Reserve notes.
The BEP is ultimately responsible for currency production. The FRB has oversight responsibility for currency issuance and circulation, and the USSS has relevant information about how the notes must function in circulation to be user friendly and secure against counterfeiting. The Secretary of the Treasury approves each new currency design.
In close collaboration with the FRB, the BEP leads and implements the plan to develop new currency designs, integrating input from appropriate sources, including the FRB, Currency Technology Office of the FRB, and the USSS, internal working groups, external studies, and any other sources that provide input and technical support to the development plan.
Are there other groups or committees involved in developing new currency designs?
Yes, the ACD steering committee established the Interagency Currency Design Technical Group (ICD). The ICD was established to provide guidance on design and other subjects related to new currency.
Who does the ICD report its findings to?
Members of the ICD report to their respective agencies; the ICD as a group reports its findings and recommendations to the ACD.
Regular ACD steering committee meetings facilitate monthly BEP, FRB, USSS reporting to discuss ICD recommendations and other issues.
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