Show tr- tr t j Federal Reserve considers reintroduction ion of the 2 2 bill A study commissioned by the Federal ft Reserve serve System on the feasibility of reintroducing the 2 bill has found strong opposition opposition op- op position to the proposal and most of It from two groups women and the college educated However the study undertaken undertaken un un- by a team of students and faculty from the Harvard Business School said the two could buck this trend The report found that although the public is not anxiously awaiting the reintroduction of the two dollar bill many of their beliefs are based on misconceptions and there is every indication that if the two were reintroduced rein rein- reduced it would become a generally ac accepted currency denomination THE Tm BUREAU of Engraving and Printing of the Department of the Treasury in Washington D. D C C. produces the currency for forthe forthe forthe the United States Then these Federal Federa Reserve Notes are shipped to the 12 Federal Reserve Banks throughout the nation which distribute currency through the commercial commercial com com- mer mercial al banking system to meet the needs of the public There is now about 74 billion in currency circulating throughout the nation The findings on public resistance to the 2 bill generally confirm a spot survey conducted by the Federal Reserve Bank of San Francisco last year in San Francisco and its branches in Los Angeles Portland Seattle and Salt Lake City At that time mild interest was expressed in the 2 bill but nothing to indicate any appreciable appreciable appreciable ap ap- ap- ap public acceptance TilE THE UNITED States Treasury with assistance from the Fed is s investigating the acceptability of the 2 bill for forthe forthe forthe the simple reason that it could save money It takes half as many 2 bills to replace an equal dollar amount of 1 bills According to the U U. S. S Treasury its Bureau of Engraving and Printing turnout turns turn out currency at the rate of 75 million a day It costs the same to 10 pr 1100 bills as sit it does ones about 1192 cents for each bill Ready Heady acceptance of the 2 bill would mean substantial savings saving 1 in the cost of printing shipping storing counting and destroying the thc bills once they become too ton worn and must be withdrawn from circulation As late as 1966 the Fed led was still issuing ng the 2 denomination but there was Insufficient public demand from froma a variety of levels Some persons persons persons per per- sons considered the bills a nuisance or confused them with while white merchants found them to be troublesome because registers were not equipped to handle them The result end-result was that the San Francisco Fed found its stock of 2 bills gathering dust in its vaults At present the denominations in circulation are the 1 5 10 20 50 and bills From time to time however a 2 bill still turns up in circulation since about million in this denomination is still outstanding out- out standing NOW ONCE ONCI again the 2 billis bill billis billis is making a bid for or a comeback and some of its backers are promoting it with revolutionary zeal A resolution has been introduced in Congress that would authorize the Treasury to issue bicentennial 2 bills What are arc the chances The Harvard Business School study found several contradictory contradictory contradictory con con- reactions to the 2 bill For instance two percent of its survey respondents indicated indicated indicated in in- that they had not used the 2 bill because they considered considered considered con con- it bad luck But nine percent saved the bills because they believed the bills were a good luck omen third One-third indicated concern about confusing confusing confusing con con- fusing the two with other bills ostensibly the 20 bill Yet few seemed concerned about confusing the 1 bill with the 10 or the ONLY O ABOUT third one-third of the respondents said they would like to see the government government government govern govern- ment start printing 2 bills while more than half thought the government bother printing them again About 14 percent were uncertain uncertain uncertain un un- certain The majority of those who opposed reintroduction of the 2 bill expressed the belief that it would cost the government government government govern govern- ment money |