BANKING & MONETARY STATISTICS

Supplement to BANKING & MONETARY STATISTICS SECTION 11 Currency BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Preface In 1 the Board of Governors published Banking and Monetary Statistics to make available in one place and on a uniform basis major series relating to banking, monetary, and other financial developments. The statistics usually covered the period from 114, when the Federal Reserve System was established, through ember 1. To bring together for the period since 1 the most important series in that volume, to revise the data previously published, and to present new series, the Board is publishing a series of pamphlets. Most of these pamphlets correspond to sections in Banking and Monetary Statistics, but some may cover new subjects. Most of the data included in these pamphlets have already been published in the Federal Reserve Bulletin, and current figures for most of the series are published in it each month. In some instances, however, the type of presentation may vary considerably from that in the Bulletin. This is one of the new pamphlets. As in Banking and Monetary Statistics, there is a brief description of the purpose and history of the data, the sources of the figures and the methods by which they were compiled, and other facts to guide the reader in using the figures. Much of the information that is customarily included in foot to tables has been incorporated in the text. Foot have been used for the most part to call the reader's attention to any lack of comparability of items over the period covered. Board of Governors of the Federal Reserve System Washington, D. C. ruary 1 Price per copy, 3 cents

Contents INTRODUCTION 1 CURRENCY IN CIRCULATION 1 COMPOSITION OF CURRENCY IN CIRCULATION 2 DESCRIPTION OF TABLES 3 SOURCES OF CURRENT STATISTICS 3 TABLES: 1. Kinds of Currency in Circulation,, and End of Month, 1-4 2. Denominations of Currency in Circulation, End of Month, 1- KEY TO SYMBOL USED IN TABLES 11 Page

ii. Currency "CURRENCY" AS USED in this section means coin and paper money. The issuance of currency has been restricted to the Treasury and the Federal Reserve Banks since ust 1, 13, on which date all provision for issuance of national bank ceased upon redemption of the last outstanding issue of bonds carrying the circulation privilege. Prior to 13 national banks could issue bank against certain U. S. Government bonds deposited with the Treasury. Currency is the most convenient means of payment for many purposes, and practically all small money payments are made in currency. In addition, many people hold currency as a store of value either because they have no bank accounts or for other reasons. However, since most money payments of substantial amounts are made by checks drawn on bank deposits, currency represents the smaller part of the total supply of means of immediate payment. For example, on, 1, currency in circulation amounted to $11 per capita, while demand deposits in banks were nearly four times as much. The statistics in this section relate to currency in circulation and its composition. The volume of currency in circulation is significant for two reasons: first, because currency in circulation outside banks is a part of the total money supply; second, because withdrawals of currency from banks affect the volume of bank reserves and, unless offset by monetary action, the ability of banks to extend credit. 1 Accordingly, accurate and up-to-date information on the volume of currency in circulation is necessary to the Federal Reserve in carrying out its responsibility for influencing the flow of bank credit and money. CURRENCY IN CIRCULATION The term "currency in circulation" means currency outside the Treasury and Federal Reserve Banks, except for: (1) gold coin and silver coin known to have been exported and (2) beginning with January, 1, all gold coin outstanding. Currency in circulation thus includes all coin and paper money held by the public, whether in active use or idle that is, cash carried in pockets of individuals, that in the vaults of banks and the cash registers of merchants and other businessmen, and that hoarded or otherwise kept idle. It also includes some paper currency that strictly speaking is not a part of the money supply in the hands of the public, namely, currency lost or destroyed and currency held abroad. Because no accurate measure of such currency is available, it is impossible to exclude it from current statistics of currency in circulation. However, the amount may be presumed to change only slightly, except perhaps over relatively long periods of time or under unusual circumstances. 2 Among the factors that cause changes in currency in circulation are trends in business conditions, growth in population, changes in the 1 Statistics on the money supply and its two components, demand deposits and currency outside banks, are contained in "Banks and the Monetary System," Section 1 of Supplement to Banking and Monetary Statistics (1), and are published currently in the Federal Reserve Bulletin. These statistics show currency outside banks both adjusted and not adjusted for seasonal variation. No data are available for currency outside banks by kind or by denomination. 2 In ust 1, under authority of the Old Series Currency Adjustment Act of 1, the Treasury determined that $ million in old large-size of various types had been destroyed or irretrievably lost, and in ober 1 it made a similar determination in respect to $1 million of Treasury of 10. Beginning with the months referred to, these amounts have been excluded from the statistics of currency in circulation.

public's need for pocket money, and seasonal requirements. During World War II the amount of currency in circulation increased greatly in response to a variety of influences: the growth of payrolls, retail trade, and travel; many and widespread changes in places of residence; payments to members of the armed forces; larger incomes of people not in the habit of using banks; and no doubt some hoarding. The demand for additional currency subsided after the War, and circulation declined somewhat between the middle of 147 and the end of 10. During the war in Korea, demand for currency again strengthened and, except for the year 1, has continued to expand. In contrast to the long-term trends, there are sharp changes in seasonal needs for currency. The demand varies with the day of the week, with different parts of the month, and with different seasons of the year. Around any major holiday the volume of currency in circulation fluctuates sharply. In the last 2 months of the year circulation will increase by a billion dollars or more, decreasing by almost as much in the early part of the following year. With the exception of a relatively small amount handled through the Cash Division of the Treasury in Washington, D. C, all currency goes into and out of circulation through the Federal Reserve Banks. The machinery of the Federal Reserve System enables the public to convert bank deposits into cash, and vice versa, to suit its convenience. When people want more currency, they obtain it by drawing on their deposits at banks; the banks, in turn, obtain their currency, directly or indirectly, from the Federal Reserve Banks. When people no longer want all the currency they have on hand, they deposit the excess in banks, and the banks subsequently deposit any excess with the Federal Reserve Banks. COMPOSITION OF CURRENCY IN CIRCULATION In mid-114, before the Federal Reserve Banks opened, gold coin and certificates formed nearly 0 per cent of the currency in circulation, national bank about per cent, silver dollars and certificates about 1 per cent, and United States about 10 per cent. In 140, before the expansion in circulation which occurred during the war, Federal Reserve accounted for nearly per cent of the currency in circulation. In mid-1 they accounted for about per cent (Table 1). Federal Reserve, silver certificates, and United States are the kinds of paper money currently being printed and paid into circulation. Other types still in circulation national bank, Federal Reserve Bank, gold certificates, and Treasury of 10 are being retired when received by the Federal Reserve Banks or the Treasury. 3 The Treasury issues silver certificates and United States. The quantity of silver certificates that can be issued is limited to the amount of monetary silver in the Treasury. The outstanding amount of United States is fixed by law at $7 million. Federal Reserve are issued in amounts necessary to supply the demand for paper currency beyond that taken care of by Treasury currency. Thus they constitute the flexible element in the circulation. In recent years the Treasury has issued silver certificates in denominations of $1, $, and $10, and United States in denominations of $2 and $. All $1 bills are silver certificates, and to the extent that the public demand for $1 bills does not use the available monetary silver backing, larger denominations are issued. All $2 bills are United States, and to the extent that the public's demand for $2 bills falls short of $7 million (the amount of United States that must be maintained), $ United States are issued. To the extent that $ silver certificates and $ United States together fall short of the public's demand for this denomination, Federal Reserve are issued. 3 Federal Reserve Bank not to be confused with Federal Reserve were issued in small amounts at various times by the Reserve Banks. The last time was in 1- (Table 1). Authority to issue Federal Reserve Bank was terminated by the Act of, 14.

Federal Reserve are currently being printed in denominations of $, $10, $, $0, and $100. Existing stocks of larger denominations are still being paid out by the Federal Reserve Banks when requested by their member banks, but the amounts in circulation have been declining since 14. The fact that both the Treasury and the Federal Reserve Banks issue paper currency is not so complicated as it might seem, and it causes no problems in administration. A brief historical description of the currency system appears in the paper "Currency System of the United States" in Banking Studies (pages 6-3), a publication of the Board of Governors (Washington, 1). The monetary significance of currency is discussed in the paper "Money System of United States" in the same publication (pages 2-) and in The Federal Reserve System Purposes and Functions, (Board of Governors, Washington, 1, pages 1-). For a discussion of the demand for currency in World War II, see the article "Currency in Circulation" in the Federal Reserve Bulletin for il 144, pages -2. DESCRIPTION OF TABLES The figures for both tables in this section are based on data compiled by the Treasury Department and published in the monthly "Circulation Statement of United States Money," which shows, for each kind of currency, the amount (1) outstanding, (2) held in the Treasury, (3) held by Federal Reserve Banks and Agents, and (4) in circulation. A second part of the statement gives a denominational breakdown of the amount of each kind of paper currency in circulation. The first part of the statement for ember, 1, adapted to show a separate total for Treasury currency, is shown in Section 10 of Supplement to Banking and Monetary Statistics, page 13. Both tables give data for the period 1-. Currency in circulation by kind is shown for the end of each fiscal year ( ) and for the end of each month in Table 1. Table 2 shows monthly figures of paper currency in circulation by denomination. It also shows monthly figures for total coin in circulation, whereas Table 1 shows a breakdown of this total into silver dollars, subsidiary silver 2^' and 10^), and minor coin (^ and SOURCES OF CURRENT STATISTICS Estimates of total currency in circulation for each Wednesday and an average of daily estimates for the week ending Wednesday are available in the Board's weekly release (H.4.1) "Factors Affecting Bank Reserves and Condition Statement of Federal Reserve Banks." These estimates are also published in the Federal Reserve Bulletin. Figures for currency in circulation by kind and by denomination (derived from the "Circulation Statement of United States Money") are also published in the Bulletin.

KINDS OF CURRENCY IN CIRCULATION, 1- [In millions of dollars] End offiscalyear ( ) and end of month,1 1 1 144 14 146 147 14 14 10 11 13 1 1 1 1 1 1 I 1 1 Jan AUE... 1 Jan.. AUE 1 Jan AUK 144 Jan.. AUE Total,2, 17,4,04 26,6 2, 2,27 27,03 27, 27,1 27,0 2,026, 2,,,,02,1,14,06,40,3,,,0,3,2,2, 10,1 10,3 10,0 11,1 11,17 11,4 11,6 11,7,0,, 13,0 13,3 14,0 14,0 1,0 1,0 16,0 16, 16,6 17,114 17,4 17, 1,2 1,44 1, 1,1,44,2,,11,2,1,04,6 23, 23,, 2,01 2,7 Gold certificates 2 0 4 4 3 3 3 3 3 3 3 3 Standard silver dollars 3 4 103 140 14 1 1 1 10 11 2 2 3 2 23 26 2 0 0 1 1 2 3 6 6 76 7 7 1 2 4 7 0 2 6 7 100 102 103 10 107 10 111 113 116 Silver certificates 1,4 1,7 1, 1, 1,61 2,02 2,0 2,0 2,0 2,1 2,02 2,0 2,1 2,13 2,1 2,14 2,1 2,0 2,1 2,7 2,04 L 1,,61 1,6, 1,4 1,61 1,3 1,7,,7 1,3 1,6 1,6, 1,7 1, 1,7 1,7 1,76 1,7 1,4 1,7 1,71 1,0 1,3 1,4 1,6 1,6 1, 1,3 1,1 1, [, 1,1 1,6 1, 1,07 1,3 1,0,1,, 1,2. 1,2 1,4 1,1 Treasury of 10 1 Subsidiary silver 4 04 0 0 7 76 1 40 6 1,0 1,03 1,10 1,16 1,2 1,2 1, 1,6 1, 1,44 1, 403 406 3 6 4 44 4 4 4 4 47 4 46 04 10 1 7 3 3 0 0 6 1 6 1 6 63 0 7 6 71 7 Minor coin 14 3 2 2 3 6 3 3 3 4 4 47 14 13 14 16 1 11 14 16 1 2 6 6 1 3 2 7 6 6 2 2 2 23 3 6 21 2 22 23 2 2 2 2 2 26 2 276 United States 0 2 2 3 27 27 2 2 26 0 7 3 4 3 2 7 4 6 7 2 4 2 2 4 4 2 2 4 3 4 Federal Reserve 6,64,0 13,7 1,70, 23, 23 23,0 23,,7 23,4, 2, 2,3 2, 26,0 26, 26,2 27 02 27,04 27,33,, 6,106 6 7 6,46 6 64 6,13 7,027 7,11 7, 7,,13,23 14,,76,0,0,60 10,06 10,0 11,11 11 6,01,,23,3 13 023 13,440 13 7 14,26 14 1,146 1,0 16, 16,7 16, 17 176 17, 17,2 1,3 1 70 1,1 1,27,017,1,0, Federal Reserve Bank 1 27 4 406 33 2 3 1 0 10 1 147 1 1 110 100 2 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 7 4 2 6 7 4 1 0 3 3 0 2 4 National bank 10 13 1 6 1 114 106 3 6 1 1 1 1 13 10 14 14 147 146 14 144 1 1 1 1 140 13 13 13 1 1 1 13 13 1 1 1 1 1 1 1 1 1 7 7 6 6 1 1 3 For NOTE see p. 7. Digitized for FRASER

1. KINDS OF CURRENCY IN CIRCULATION, 1- Continued [In millions of dollars] End of month Total 2, 2,71 2, 26,1 26,2 26,6 27,10 27,6 27,26 2,04 2,1 2,1 27,17 27, 27,7 27, 2,1 2, 2,2 2,44 2,07 2,0 2, 2,2 2,2 2,4 2,2 2,114 2,2 2,27 2,14 2,4 2,7 2,2 2,7 2,6 2,111 2,01 27, 27,6 27, 27,03 27, 2,0 2,11 2,176 2,3 2,4 27,0 27,7 27, 27,7 27,07 27, 27, 27, 27,2 27,407 27,3 27,0 26, 27,06 27,0 27,04 27,00 27,1 27,010 27,1 27,1 27, 27, 27,7 Gold certificates 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 0 0 0 0 0 0 4 4 4 4 4 4 4 4 4 47 47 47 47 47 46 46 46 46 4 4 4 4 4 44 44 44 44 40 40 40 40 Standard silver dollars 117 11 1 1 3 7 1 1 1 1 1 1 1 13 13 140 1 1 144 14 146 14 147 147 147 147 14 14 14 10 11 1 13 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 16 1 1 1 1 16 16 16 16 16 16 1 1 1 1 1 176 1 Silver certificates 1, 1,3 1, 1,3 1,62 1,61 1,7 1,7 1,7 1,76 1,27 1, 1,27 1, 1,16 1,7 2,01 2,02 1,6 2,002 2,00 1,7 2,006 2,00 1,16 1, 1,4 2,0 2,0 2,0 2,0 2,01 2,0 2,02 2,040 2,03 1,47 1,1 1, 2,00 2,0 2,0 2,04 2,03 2,02 2,0 2,076 2,0 1,7 1,4 2,013 2,03 2,07 2,0 2,00 2,0 2,0 2,104 2,114 2,1 2,023 2,0 2,0 2,1 2,17 2,1 2,1 2,1 2,1 2,111 2,1 2, Treasury of 10 1 1 1 Subsidiary silver 71 7 76 7 7 00 0 1 2 1 4 3 7 2 6 76 7 7 7 03 0 0 2 03 10 1 17 47 46 27 27 3 40 3 4 44 1 6 6 7 4 1,002 Minor coin 23 2 27 26 2 1 3 7 6 7 2 3 3 3 7 7 3 3 3 2 4 7 1 3 1 2 4 6 30 32 33 3 3 32 32 33 33 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 United States 2 3 2 2 7 7 6 3 4 4 4 4 3 3 7 0 2 1 0 2 6 2 3 Federal Reserve,,,100,,61, 23,13 23,6 23,1,00,1,3 23, 23,6 23,7 23,6 23, 23,,010,,2,7,0,2,114,116 23, 23,3 23,3 23, 23,7,11,2,23,47,2 23,3 23, 23,2 23,4 23,2 23,0 23, 23,7 23, 23, 23,4 23,1 23, 23,30 23,3 23,146 23, 23, 23,1 23,106 23,101 23,0 23,2 23,2,7,16,,3,64,7,6,76,01, 23,2 23,3 Federal Reserve Bank 4 0 4 27 17 13 06 4 44 47 44 47 4 46 4 4 4 444 440 4 4 4 4 0 406 400 31 3 3 3 33 2 4 3 6 2 2 6 2 2 26 23 26 23 27 276 2 2 26 26 2 2 2 National bank 14 Jan......................... 146 Jan........................ 147 Jan........................ 14_Jan....................... 14_jan........................ 10 Jan........................ 3 1 1 1 1 1 11 11 11 11 11 117 117 116 116 11 114 114 113 113 1 111 111 110 110 10 10 10 107 106 106 106 10 104 103 103 102 101 101 100 100 7 7 6 4 4 3 3 3 2 1 1 0 0 7 7 6 6 4 4 For NOTE see p. 7. Digitized for FRASER

1. KINDS OF CURRENCY IN CIRCULATION, 1- Continued [In millions of dollars] End of month Total 27,04 27,1 27,11 27,27 27,1 27,0 27,1 2,1 2,2 2,7 2,0 2,6 2, 2,46 2,4 2,4 2,7 2,026 2,7 2,23 2, 2,4,2,4 2,61 2, 2,7 2, 2,1,,1,,27,3,07, 2,1 2,04 2,7 2, 2, 2, 2,2 2,2 2,,0,00,0 2,7 2,17 2,00 2,76,00,,4,,4,,3,1,,1,,0,13,,4,7,76,3,4,70 Gold certificates 40 40 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Standard silver dollars 1 1 1 17 17 10 13 1 16 17 1 1 1 1 1 10 11 13 1 16 17 17 1 1 1 1 0 1 2 4 7 7 0 0 2 3 4 6 6 1 1 3 4 6 7 2 2 2 2 2 23 2 23 1 2 4 7 Silver certificates 2,026 2,01 2,0 2,0 2,04 2,02 2,0 2,0 2,0 2,06 2,0 2,07 1, 1, 2,0 2,0 2,00 2,0 2,0 2,00 2,0 2,03 2,11 2,10 2,006 2,027 2,06 2,0 2,116 2,1 2,107 2,106 2,100 2,0 2,1 2,100 2,017 2,0 2,0 2,107 2,13 2,13 2,1 2,1 2,1 2,16 2,1 2,1 2,0 2,03 2, 2,1 2,1 2,1 2,1 2,1 2,1 2,14 2,1 2,1 2,02 2,0 2, 2,3 2,1 2,14 2,114 2,116 2,1 2,1 2, 2,1 Treasury of 10 Subsidiary silver 2 7 3 1,000 1,013 1,0 1,027 1,03 1,044 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,03 1,03 1,07 1,102 1,10 1,1 1,13 1,1 1,116 1,1 1,1 1,13 1,144 1,10 1,11 1,1 1,1 1,1 1,1 1,17 1,14 1,146 1, 1,1 1,1 1,16 1,1 1,16 1,1 1,17 1,11 1,16 1,16 1,16 1,1 1,13 1, 1,2 1,6 1,3 1, 1, 1, 1,6 1,1 1,4 1,23 1,1 1,23 1,2 1,2 1,2 1,2 1,2 1,3 1, Minor coin 3 3 3 4 6 30 31 3 3 3 401 404 407 0 406 406 407 40 0 3 4 6 4 3 4 6 6 7 7 4 3 4 4 6 4 4 4 4 44 44 44 44 446 44 4 4 4 4 46 4 United States 3 1 0 4 4 3 2 4 2 4 4 6 2 1 3 2 3 4 6 1 3 3 3 Federal Reserve,11,16,, 23,1 23,4 23,26 23,17 23,,0,,07,13,17,147,116,3,,0,, 2,14 2,3 2, 2,7 2,0 2, 2,6 2, 2, 2, 2, 2,7 2,7 26, 26,23 2, 2,40 2,2 2,23 2, 2,3 2,7 2,30 2,3 2,47 2, 2,4 2,30 2, 2,26 2,0 2, 2, 2,4 2,7 2,06 2, 26,0 26,06 2,7 2, 2,4 2,2 2,3 26,0 2,7 26,11 26,107 26,1 26,1 27,03 Federal Reserve Bank 2 22 7 3 1 23 2 2 2 2 6 3 2 1 7 4 2 0 7 4 2 0 1 17 1 13 10 17 16 1 13 10 17 1 17 1 1 1 16 16 1 16 1 1 1 1 1 1 1 1 1 11 14 14 147 14 144 1 1 1 140 National bank 3 3 2 2 2 1 1 0 0 0 0 7 7 7 7 7 7 76 76 76 7 7 7 6 6 6 6 6 6 6 6 6 6 6 6 11 Jan........................ Jan........................ 13 Jan....................... 1 Jan........................ 1 Jan........................ 1 Jan........................ For NOTE see following page. Digitized for FRASER

1. KINDS OF CURRENCY IN CIRCULATION, 1- Continued [In millions of dollars] End of month Total,4,,,1,,02,,1,0,00,6,,6,4,6,,4,1,1,3,,,0,13,,,,,,14,,,4,0,4,1,,2,3,0,7,06,03,027,0,144,2,6,6,76,1,,17,40,4,,6,,3,1 Gold certificates Standard silver dollars 7 7 21 23 2 2 2 2 2 2 2 2 2 26 2 26 2 2 2 2 27 27 27 27 23 2 2 23 2 2 27 2 2 0 3 7 2 4 3 6 2 7 2 6 Silver certificates 2,0 2,03 2,06 2,0 2,1 2,1 2,113 2,110 2,10 2,102 2,1 2,1 2,010 2,026 2,0 2,11 2,1 2,0 2,1 2,1 2,1 2,13 2,176 2,1 2,0 2,07 2,113 2,1 2,16 2,1 2,6 2,6 2,6 2,1 2,116 2,13 2,00 2,017 2,0 2,03 2,1 2,7 2,07 2,0 2,00 2,01 2,02 2,110 1,6 1,4 2,02 2,0 2,100 2,04 2,0 2,07 2,07 2,076 2,0 2,1 Treasury of 10 Subsidiary silver 1,2 1,27 1,2 1,1 1,7 1, 1, 1, 1,3 1,1 1,33 1,3 1, 1,4 1,2 1, 1, 1,6 1, 1,33 1,3 1,3 1, 1,3 1,3 1, 1,30 1, 1,400 1, 1, 1, 1,4 1,447 1,46 1,46 1,4 1,440 1,4 1,4 1,47 1,44 1,4 1,4 1,00 1,0 1,2 1, 1,01 1,01 1, 1,1 1,3 1, 1,4 1, 1,2 1,0 1,2 1,2 Minor coin 4 4 4 46 4 4 476 47 40 46 4 4 47 4 46 00 0 00 01 04 06 10 14 17 26 2 3 3 3 0 3 6 3 6 1 4 1 1 6 1 3 3 4 United States 4 2 1 6 3 4 4 4 1 1 4 0 1 3 2 2 0 2 3 7 0 4 4 4 Federal Reserve 26,01 26,001 2, 2, 26,03 26, 26, 26,4 26,3 26,3 26,7 27,0 2,6 2,4 26,011 2,4 26,1 26,2 26,3 26, 26,4 26, 27,1 27, 26,4 26,400 26,4 26,1 26,7 27,02 27,0 27,03 26,2 27,013 27,6 27,7 26,7 26,7 26,76 26,6 26,16 27,04 27,10 27,0 27,06 27,1 27,3 27, 26,13 26,6 26, 26,7 27,1 27,33 27,4 27,3 27, 27 2 2,7 Federal Reserve Bank 13 1 1 13 1 1 1 1 7 6 1 3 1 1 1 11 11 11 117 116 11 114 113 1 111 111 110 10 10 10 106 106 10 104 103 102 102 101 100 7 7 6 4 4 3 2 2 1 0 0 National bank 1_jan......................... 1 Jan........................ 1_j an........................ 1 Jan........................ 1 Jan........................ NOTE. Details may not add to totals because of rounding. Digitized for FRASER

2. DENOMINATIONS OF CURRENCY IN CIRCULATION, 1- [In millions of dollars] End of month Total in circulation Coin and small denomination currency Total 1 Coin $ $2 $ $10 $ Large denomination currency Total $0 $100 $00 $1,000 $,000 $10,000 1 Jan 1 Jan 1_j an 144 j an 14_Jan 146 Jan,3,,,0,3,2,2, 10,1 10,3 10,0 11,1 11,17 11,4 11,6 11,7,0,, 13,0 13,3 14,0 14,0 1,0 1,0 16,0 16, 16,6 17,114 17,4 17, 1,2 1,44 1, 1,1,44,2,,11,2,1,04,6 23, 23,, 2,01 2,7 2, 2,71 2, 26,1 26,2 26,6 27,10 27,6 27,26 2,04 2,1 2,1 27,17 27, 27,7 27, 2,1 2, 2,2 2,44 2,07 2,0 2, 2,2 6,04 6,3 6,2 6,4 6,63 6,0 6,2 7,2 7, 7, 7,76,1,03,6,,,,03,3,7 10,7 10, 11,1 11,6 11,,06,1,,7, 13,4 13, 13,6 14,13 14, 14, 14,17 1,004 1,100 1,2 1,7 1,2 16,0 16,0 16, 17,0 17,4 17,0 17,4 17, 1,000 1,33 1, 1,13 1,,1,23,31,00,63,6,13,04 1,7,1,,1,2,2,2,447,4 1 60 6 61 6 0 3 71 7 7 7 0 4 7 6 1 04 14 2 7 7,006,01,013 1,01,02,03,0,0,0,02,106,,144,1,10,1,1,10,16,,3,2,3,22,2,2,2,2 1,26, 1,,0,1,,2,,3,3 7 2 0 6 1 6 6 6 6 6 4 2 7 7 7 01 7 76 04 6 0 1 03 06 10 4 7 0 3 1 1,003 1,001 1,000 1,00 1,03 2 4 7 0 2 1,001 1,000 1,010 1,02 3 3 3 40 40 44 44 4 4 4 0 1 3 6 6 6 7 7 76 7 1 7 6 6 6 6 1,01 1,116 1,1 1,13 1,176 1,7 1, 1,2 1,2 1,27 1, 1,3 1, 1,4 1,31 1,3 1,402 1,7 1,4 1,17 1, 1, 1,7 1,63 1, 1, 1,3 1,7 1,7 1, 1, 1,7 1,7 1,02 1,0 1, 1,40 1,2 1,1 1, 2,003 2,010 2,016 2,03 2,07 2,103 2, 2,10 2,102 2,13 2,1 2,11 2,16 2, 2, 2,1 2,2 2,2 2,27 2,3 2,7 2,1 2,11 2,1 2,1 2,11 2,1 2,16 2,1 2,14 2,16 2,1 1, 2,0 2,0 2,1 2,1 2,2 2,4 2,4 2,46 2,27 2,0 2,7 2,3 2,2 2, 2, 3,004 3,0 3,2 3, 3, 3,64 3,7 4,01 4,107 4,27 4, 4,31 4,26 4, 4, 4,3 4,3 4,,7,14,1,2,26,4,4,4,,6,7,,0,3, 6,076 6,1 6,23 6,7 6,1 6,6 6,26 6,1 6, 6, 6, 6, 6, 6,7 6,0 6, 6,4 6,2 6,1 6,2 6,44 6,3 6,47 1, 1,26 1, 1,2 1, 2,047 2,00 2,16 2,7 2,23 2, 2, 2, 2,4 2,4 2, 2, 3,0 3,14 3,0 3,47 3, 3, 4,06 4,13 4, 4,31 4, 4,61 4, 4,,102,1,7,,,7,,0 6,040 6,1 6,6 6,3 6, 6,7 6, 7,1 7,4 7,2 7,31 7,3 7,7 7,11,13,400,0,16,004,0,1,027,044,6,1,02,07,0,1,10,1,,0 2,02 2,1 2,3 2,2 2, 2, 2,7 2,7 2, 2, 2, 3,044 3,6 3,1 3,1 3,4 3,23 3,1 3,3 3,40 3,00 3, 3, 3, 3,2 4,02 4, 4,2 4,6 4,4 4,2 4,16 4,1,11,3,0,,23 6,017 6,2 6,4 6,1 6,6 6,4 7,01 7, 7, 7,7 7, 7, 7,00 7, 7,14 7, 7,11 7,6 7,2 7,1 7,3 7, 7, 7,16 7, 7, 7,1 7,,0,17,7,,6,1 0 1 7 6 6 4 7 7 01 40 6 04 40 1,01 1,047 1,07 1,104 1,1 1,1 1,1 1,2 1,23 1,7 1,3 1,6 1, 1,0 1, 1,6 1, 1, 1,6 1,7 1,70 1,2 1,3 1,46 1,6 2,0 2,0 2,0 2,6 2,1 2,1 2,13 2,10 2,4 2,3 2,2 2,7 2, 2,2 2,7 2,7 2,32 2,3 2,7 2,402 2, 2,4 2,4 2, 1,6 1,144 1,1 1,17 1, 1,4 1,2 1,2 1,23 1, 1,3 1,4 1, 1,11 1,2 1, 1,6 1,2 1, 1,6 1, 1,7 1, 1,10 1, 2,013 2,06 2, 2,16 2,2 2,7 2, 2,3 2,6 2,7 2, 2,2 3,0 3, 3,2 3,3 3,4 3,16 3,2 3,76 3,1 4,0 4,13 4, 4, 4,2 4,0 4, 4,044 4,013 4,03 4,0 4,3 4,1 4,0 4,4 4, 4,2 4, 4,3 4, 4,4 4,0 4,7 4, 4,1 4,7 2 2 23 1 2 4 4 4 3 2 26 2 26 26 2 2 2 2 26 2 27 27 23 2 6 2 1 33 3 3 3 407 6 444 4 4 47 02 16 6 6 1 0 27 13 4 4 4 4 4 4 44 4 4 4 4 4 4 3 3 0 6 4 3 3 3 6 6 6 4 6 2 6 1 6 6 6 3 7 7 14 7 11 2 3 1 0 0 4 6 0 6 47 2 16 11 01 7 76 7 70 02 7 2 2 2 46 46 47 47 46 46 2 2 2 2 2 2 2 2 2 2 23 26 1 23 23 23 23 23 26 For see p. 11. Digitized for FRASER

2. DENOMINATIONS OF CURRENCY IN CIRCULATION, 1- Continued [In millions of dollars] End of month Total in circulation Coin and small denomination currency Total 1 Coin $ $2 $ $10 $ Large denomination currency Total 1 $0 $100 $00 $1,000 $,000 $10,000 147_j an 14 Jan 14 Jan 10 Jan 11 Jan Jan 2,2 2,4 2,2 2,114 2,2 2,27 2,14 2,4 2,7 2,2 2,7 2,6 2,111 2,01 27, 27,6 27, 27,03 27, 2,0 2,11 2,176 2,3 2,4 27,0 27,7 27, 27,7 27,07 27, 27, 27, 27,2 27,407 27,3 27,0 26, 27,06 27,0 27,04 27,00 27,1 27,010 27,1 27,1 27, 27, 27,7 27,04 27,1 27,11 27,27 27,1 27,0 27,1 2,1 2,2 2,7 2,0 2,6 2, 2,46 2,4 2,4 2,7 2,026 2,7 2,23 2, 2,4,2,4 1,0 1, 1,07 1,64 1,7 1,76 1,2 1, 1,1 1,,00,0 1, 1, 1,16 1,144 1,2 1,3 1, 1,40 1,4 1, 1, 1,2 1,003 1,02 1, 1,2 1,3 1,2 1,0 1,01 1,17 1,1 1,040 1,02 1,47 1, 1,61 1,6 1,7 1,13 1, 1,7 1, 1,01 1,22 1, 1,64 1, 1,4 1,023 1,2 1, 1, 1,13 1,6 1,,23, 1,07 1,04 1, 1,,2,44,3,6,,7,,40 1,7 1,7 1,4 1,31 1,31 1,3 1,3 1,3 1, 1,3 1, 1,404 1, 1,3 1, 1,3 1,40 1,4 1,4 1,4 1,4 1, 1,4 1,4 1,4 1,4 1,44 1,40 1,4 1,4 1,4 1,4 1,46 1,4 1,44 1,44 1,4 1,4 1,46 1,47 1,40 1,46 1,4 1,06 1,1 1,27 1,7 1,4 1, 1,3 1,2 1,1 1, 1, 1,0 1,2 1,6 1,1 1,2 1,6 1,1 1,6 1,7 1,61 1, 1, 1, 1,6 1, 1,7 1, 1,70 6 6 0 0 1,010 1,011 1,0 1,04 4 7 76 4 1,000 4 1,006 1,0 1,026 1,0 1,04 1,000 6 2 4 1,011 1,00 1,001 1,003 1,01 1,0 1,046 1,0 1,00 1,011 1,013 1,016 1,0 1,0 1,02 1,0 1,0 1,0 1,0 1,113 1,0 1,0 1,0 1,0 1,07,02,02,103,1,1,144,,11,110,113,114,1,140,,140,1,17,1, 6 6 6 6 6 6 6 6 2,0 2,00 2,0 2,06 2,0 2,07 2,0 2,02 2,0 2,07 2,102 2,110 2,017 2,00 1,6 1,1 2,01 2,017 2,010 2,023 2,0 2,0 2,0 2,047 1, 1,76 1,6 1, 1,6 1, 1, 1, 1, 1, 1,4 2,004 1,26 \4,4,4,,,46,,,7 2,0 2,04,,,3 1, 1, 2,011 2,00 2,0 2,03 2,0 2,07 2,1 2,00 2,013 2,016 2,004 2,040 2,0 2,0 2,0 2,0 2,0 2,3 2,1 6, 6,6 6, 6,23 6,3 6,2 6,2 6, 6,2 6,2 6,3 6,27 6,0 6,04 6,013 6,017 6,0 6,0 6,0 6,0 6,00 6,07 6,1 6,0,2,2,13,13,,,01,00,0,1,3,7,,17,,,1,1,,1,4, 6,0,,,0,1, 6,0 6,113 6,0 6,176 6,11 6,1 6, 6, 6,0 6, 6,16 6,1 6,2 6,3 6, 6,6 6, 6,40 6,0 6,,0,07,0,7,2,6,3,0,0,0,3,11,,26,,0,7,7,7,27,44,,1,46,6,,,1,4,1,2,17,46,46,,,,,7,3,3,3,,3,3,3,11,2,3,,,4,23,6,,,,27,0,1,,,40,,0,17,10,,,,6,,4,4,4,4,4,,2,0,6,7,7,0,,,4,4,,1,,7,2,7,6,6,,,10,,1,13,4,44,4,44,06,,46,6,,3,3,4,,,,,,,3,,27,2,2,2,,4,,4,2,,2,,,2,,,2,,,,46, 2,4 2,4 2,447 2,4 2,44 2,4 2, 2,4 2,03 2,4 2,13 2, 2,11 2, 2,4 2,4 2, 2,46 2, 2,4 2,46 2,4 2,47 2,44 2,4 2,444 2, 2,4 2,4 2,6 2,0 2,406 2,401 2, 2,3 2, 2,401 2,3 2, 2,30 2,30 2, 2,4 2,4 2, 2, 2, 2,4 2, 2,3 2, 2,3 2, 2,40 2,40 2, 2,4 2, 2, 2,4 2,0 2,03 2,46 2,4 2,0 2, 2, 2,1 2, 2,7 2,2 2, 4,7 4,7 4,7 4,76 4,7 4,0 4, 4, 4, 4,6,023,0,0 4,6 4, 4,1 4, 4,4 4,40 4,,011,03,04,0,0,000 4,0 4, 4,0 4, 4, 4,0 4,6,007,0,0,010 4, 4,6 4, 4,4 4,40 4, 4,0 4, 4,7 4,4,0,002 4,6 4, 4, 4,3 4,47 4,2 4,,0,02,1,7,1,,140,1,1,1,1,1,22,4,3,447 4 4 4 4 4 4 7 6 4 4 6 2 0 407 404 403 402 401 400 400 30 3 3 31 30 30 3 3 3 3 3 3 3 3 3 33 33 33 32 3 32 31 7 6 4 4 2 2 2 2 3 4 76 7 7 04 10 06 04 00 7 7 7 7 7 6 0 2 2 7 2 1 6 6 6 6 60 0 7 3 3 1 6 7 4 6 0 0 3 2 1 17 14 13 23 14 14 11 11 11 17 11 10 10 10 11 10 17 10 10 10 11 11 10 For see p. 11. Digitized for FRASER

2. DENOMINATIONS OF CURRENCY IN CIRCULATION, 1- Continued [In millions of dollars] End of month Total in circulation Coin and small denomination currency Total 1 Coin $1 2 $2 $ $10 $ Large denomination currency Total 1 $0 $100 $00 $1,000 $,000 $10,000 13 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 2,61 2, 2,7 2, 2,1,,1,,27,3,07, 2,1 2,04 2,7 2, 2, 2, 2,2 2,2 2,,0,00,0 2,7 2,17 2,00 2,76,00,.,4,,4,,3,1,,1,,0,13,,4,7,76,3,4,70,4,,,1,,02,,1,0,00,6,,6,4,6,,4,1,1,3,,,0,13,7,1,6,7,0,3,2,3,,4,7,6,3,0,7,7,46,,4,01,0,11,4,4,7,4,,,0,2,31,406,4,,,0,2,7,,,1,01,,3,,,4,,,1,,,0,3,7,1,0,06,2,6,27,4,62,,,13,1,26,1,2,, 1,7 1, 1,7 1,7 1,7 1,7 1,76 1, 1, 1,02 1,16 1, 1, 1,7 1,6 1, 1, 1,7 1, 1,01 1,11 1,1 1, 1, 1,0 1,10 1, 1, 1, 1, 1,6 1,7 1,7 1,00 1, 1,27 1,7 1,00 1,14 1, 1,3 1,4 1, 1, 1, 1, 2,016 2,027 1,0 1,3 2,000 2,0 2,02 2,0 2,00 2,0 2,06 2,03 2,0 2,110 2,0 2,0 2,0 2,07 2,00 2,101 2,10 2,117 2,7 2,1 2,1 2, 1,1 1,1 1,16 1,1 1,1 1,176 1,1 1, 1,7 1,4 1,2 1, 1,10 1,1 1,1 1,1 1, 1,13 1,1 1,13 1,0 1,2 1,2 1,2 1,11 1,10 1,16 1,2 1, 1,6 1, 1,2 1,22 1,2 1,2 1,2 1,23 1,2 1,4 1,1 1,2 1,2 1,2 1,2 1,23 1,26 1,4 1, 1,276 1,26 1,2 1,276 1,1 1,2 1, 1,26 1,2 1,3 1,3 1,3 1,23 1,2 1,23 1, 1, 1, 1,6 1,3 1,7 1,6 1,4 1,44 6 6 6 6 6 6 6 7 76 7 76 7 7 7 76 7 7 7 0 7 7 1 1 1 1 0 0 0 0 3 2,01 2,02 2,04 2,0 2,06 2,0 2,0 2,0 2,0 2,0 2,3 2,11 2,0 2,0 2,010 2,006 2,0 2,023 2,016 2,023 2,0 2,04 2,01 2,0 2,017 2,0 2,0 2,0 2,01 2,0 2,02 2,0 2,0 2,0 2, 2,11 2,04 2,0 2,0 2,03 2,00 2,00 2,06 2,0 2,0 2,00 2,144 2,16 2,06 2,0 2,0 2,0 2,03 2,102 2,06 2,0 2,04 2,0 2,146 2,1 2,044 2,044 2,047 2,03 2,01 2,01 2,0 2,02 2,0 2,01 2,1 2,16 6,3 6,4 6, 6,44 6, 6,27 6,11 6, 6,4 6, 6,6 6, 6,31 6, 6,4 6, 6, 6,7 6,3 6,3 6, 6,400 6, 6,40 6,2 6, 6,4 6, 6, 6,4 6,4 6,476 6,4 6,13 6,2 6,7 6,3 6, 6,46 6,4 6,3 6, 6,14 6, 6, 6,3 6, 6,4 6,7 6,40 6,4 6, 6,4 6, 6, 6,1 6, 6, 6,6 6,6 6,3 6,3 6,7 6, 6,46 6,4 6,40 6,02 6,4 6,4 6,63 6,4,4,,4,47,2,,6,,64,4,,1,,,4,4,46,1,,,.,6.,,,4,,,,,,1,7,17,40,,,,2,6,3,40,,,3 10,100 10,14,7,7,7,7,2,,7 10,0 10,013,7 10,1 10,17,7,7,,70,10 10,01 10,0 10,117 10,02 10,04 10, 10,2,4,,,6,,3,,1,,6,03,146,04,,2,,26,,10,16,,,02,1,014,,46,14,,17,4,11,,1,023,1,2,,,0,2,14,,1,,,00,,017,,46,,,,46,,4,003,07,,04,011,014,000,01,0,0,07,01,1,,7 2,4 2, 2,1 2,3 2,7 2, 2,6 2,6 2,6 2, 2,6 2,2 2,63 2,4 2,6 2,61 2,61 2,6 2.6 2,63 2, 2,60 2,7 2,7 2,6 2,6 2,7 2,1 2,7 2,6 2,62 2,6 2,63 2,6 2, 2,6 2,64 2, 2,6 2.6 2,6 2,6 2,4 2,6 2,6 2, 2,3 2,7 2,1 2,6 2, 2,4 2, 2, 2,6 2,1 2, 2,6 2, 2,7 2,1 2, 2,6 2, 2, 2,1 2, 2,1 2,4 2,7 2, 2,,3,30,,3,3,31,,3,4,4,1,1,26,02,4,4,4,4,,4,46,14,,2,0,27,,,4,47,47,4,1,3,,1,,2,1,00,4,0,00,27,1,2,6,4,3,,,6,,,,,1,2,7,,,61,6,61,6,,1,3,6,7,0,6 1 0 7 4 4 3 2 3 3 3 7 4 2 4 3 2 0 6 6 7 3 2 0 2 2 26 23 23 2 27 26 2 23 27 27 27 2 276 2 27 27 27 2 2 2 2 2 27 0 07 0 03 02 4 46 44 4 47 46 44 47 47 4 4 46 4 4 46 4 4 4 4 4 44 44 444 4 440 4 4 3 4 3 1 40 40 407 402 400 3 31 3 3 3 31 30 31 7 6 6 6 3 3 3 11 1 13 13 14 10 13 For see following page. 10 Digitized for FRASER

2. DENOMINATIONS OF CURRENCY IN CIRCULATION, 1- Continued ln millions of dollars] End of month Total in circulation Coin and small denomination currency Total i Coin $ $2 $ $10 $ Large denomination currency Total i $0 $100 $00 $1,000 $,000 $10,000 1 Jan.............,,,,,,14,,,4,0,4,1,26,7,111,,47,7,7,,2, 23,2 23,2 2,13 2,144 2,1 2,17 2,13 2, 2,4 2,1 2,2 2,26 2, 2,4 1,40 1,406 1,4 1, 1,447 1,44 1,4 1,444 1,4 1,4 1,4 1,11 0 0 0 0 1 3 2 3 2 3 4 2,0 2,0 2,07 2,03 2,1 2,117 2,104 2,111 2,1 2,1 2,1 2,6 6,0 6, 6,0 6, 6, 6, 6, 6,2 6, 6,4 6,4 6,2,4,04,6, 10,1 10, 10,2 10,3 10,2 10,2 10, 10,476,1,1,13,140,1,14,17,1,176,1,3,6 2,3 2,4 2,4 2,0 2,7 2,7 2,7 2,7 2,3 2, 2,73 2,03,14,,7,,76,0,04,,23,1,0,13 2 2 2 26 26 26 2 2 2 2 2 2 3 3 3 3 3 3 32 7 4 2 1 7 I Jan......,,,......,,,2,3,0,7,06,03,027,0,144,2,6,40,440,3,2,0,,46,,00,6 23,0 23, 2,26 2,27 2, 2,1 2,4 2, 2, 2,3 2, 2,30 2,7 2,7 1, 1,40 1,0 1,7 1,440 1,440 1, 1,6 1,444 1,4 1,47 1, 2 3 2 2 3 4 4 4 6 2,102 2,0 2,10 2,104 2,13 2,1 2,1 2,113 2,1 2,147 2,11 2,6 6, 6,4 6,44 6,4 6, 6,4 6,7 6,2 6,2 6,7 6,63 6,61 10,3 10,1 10,1 10,1 10,2 10,3 10,3 10,3 10, 10,3 10, 10,,1,1,04,0,0,0,04,11,1,14,2-, 2, 2, 2, 2,2 2, 2,7 2, 2, 2, 2,7 2,7 2,1,2,7,,76,7,4,6,00,1,44,, 2 2 2 2 22 22 4 4 3 7 4 3 10 1 Jan.....,......,,6,76,1,,17,40,4,,6,,3,1,0,2,7,2 23,0 23, 23,2 23,30 23, 23,2,1,3 2,31 2, 2,406 2,7 2,44 2,4 2,47 2, 2,06 2, 2, 2,2 1, 1,4 1,4 1,4 1,46 1,4 1,4 1,4 1,47 1,44 1, 1, 6 6 6 6 7 0 2 2,1 2,114 2,1 2,11 2,1 2,1 2,11 2,1 2,1 2,10 2,6 2,3 6,40 6, 6,46 6,476 6, 6, 6,2 6,7 6,6 6,1 6, 6,7 10,13 10,10 10,1 10,1 10, 10, 10,0 10,7 10,27 10, 10, 10,3,16,1,14,,1,176,1,,3,23,, 2, 2,6 2,3 2,6 2,7 2,7 2,7 2,76 2,7 2,7 2,14 2,6,7,,1,3,2,,,,26, 6,0 6,106 7 6 4 3 2 2 1 1 1 2 4 2 2 0 6 4 2 1 1 2 0 6 10 1 Before ember 1, details are slightly overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational breakdown is not available. 2 Paper currency only. Standard silver dollars are included in coin. NOTE. Details may not add to totals because of rounding. KEY TO SYMBOL USED IN TABLES Amounts insignificant in terms of the particular unit (e.g. less than 00,000 when the unit is millions). 11