The US Bureau of Engraving and Printing printed a record-breaking number of $50 dollar bills last year, with a total of more than 756 million banknotes printed, CNN is reporting.
The printed value of $50 bills in one year has reached its highest nominal figure in over 40 years, totaling approximately $37.8 billion when combining all the $50 bills printed.
In 2019, $50 bills comprised only 3.5% of U.S. banknotes, but by 2022, this percentage had increased to 8.5%. This shift highlights a significant change in the composition of U.S. currency denominations over the past few years. The US Bureau
Though the $50 bill has traditionally been a less popular note, the U.S. Federal Reserve Service is finding that people have started saving more money, and that it’s more convenient to save larger bills. During the pandemic, Americans began carrying more cash, so the Fed decided to raise the rate of $50 bills, printing 756,096,000 in 2022.
Before the pandemic, the $50 bill was one of the rarest bills ordered in recent years, with the exception of the $2 bill. But in 2021 and 2022, the Fed ordered more $50 bills than $10 and $5.
The Federal Reserve doesn’t print money. It estimates demand and orders currency from the Bureau of Engraving and Printing, while the U.S. Mint produces coins. Currency orders are now primarily driven by the need to replace damaged notes, and the average lifespan of a $50 bill is 12.2 years, according to the Fed.