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Two-dollar bills are still legal tender but are rarely used in everyday transactions. They are not particularly rare, but many people hoard them as collectibles. Some organizations promote their use as everyday currency, but they suffer from perception problems and are not widely accepted by vending machines.
In a sense, nothing happened to US two-dollar bills. They are still around and are still considered legal tender. The fact remains, however, that relatively few people today would be able to produce banknotes of this denomination from their wallets on demand. Even at the height of their popularity, during the 1950s and 1960s, two-dollar bills were rarely given in exchange or kept in the cash register slots. Were it not for a renewed interest during the country’s bicentennial in 1976, the appellation may have been phased out entirely.
Many people believe that two-dollar bills are so rare or so collectible that hoarding them makes more financial sense than spending them. The truth is, most of those in circulation today are worth exactly $2 US Dollars (USD). They’re not particularly rare, at least not from a coin collector’s point of view. Federal Reserve Banks still order them to replace those withdrawn from circulation due to condition or age. The reason many of these bills go unseen on the street is that recipients tend to save them as curios or collectibles rather than put them into circulation.
There are organizations and individuals who actively promote the use of two dollar bills as everyday currency. Many notes are marked with “this is not a rare note” to encourage others to spend them like any other denomination. The Monticello Gift Shop, Thomas Jefferson’s Farm, is said to regularly give them out as change to honor the president depicted on the face of the currency. It is rumored that some shopkeepers do not accept this denomination from customers, believing that the banknotes are counterfeit or no longer considered legal tender.
Two-dollar bills may suffer from the same perception problems as Susan B. Anthony’s silver dollar coin or Sacajawea’s recent gold dollar coin. Few vending machines are set up to accept them, although they are generally accepted at self-service grocery store checkouts. These bills appear to be the most popular as tips, although there are rumors that some military personnel and foreign visitors will deliberately spend them to demonstrate their impact on the local economy.
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