5 Things You Never Knew About the $50 Bill
The $50 bill was the largely forgotten cousin in the U.S. paper currency family until a few years ago, when it suddenly became very popular. A record number of the notes were printed in 2022, and like many things during that time, the reason had to do with the COVID-19 pandemic.
Check Out: 8 Rare Coins Worth Millions That Are Highly Coveted by Coin Collectors
Read Next: 9 Easy Ways To Grow Your Wealth in 2024
People started hoarding cash during the pandemic — not so much because they planned to spend it, but because they liked the comfort of having cash on hand during uncertain economic and political times. It was easier to build up a large cash trove with $50 bills than smaller denominations, which increased their demand.
More than 756 million $50 bills were printed in 2022, according to data from the Bureau of Engraving and Printing. That was the highest total for the note in more than 40 years. In 2019, only 3.5% of all U.S. bills printed were $50, but that percentage more than doubled to 8.5% in 2022.
But like many rising stars, the $50 bill’s popularity was short-lived. The printing of different denominations returned to normal levels last year. The Federal Reserve’s order for $50 bills to be produced in 2024 was less than one-third the total in 2022.
If you were a $50 bill hoarder during the pandemic, chances are you got to know them pretty well. But here are five things you might not have known about $50 bills.
They Are the Most Expensive Currency
The $50 bill is the most expensive currency to create, according to Currency Exchange International. It costs about 19.4 cents to produce a $50 bill. In contrast, the $100 bill only costs 15.5 cents per note.
Learn More: 10 Genius Things Warren Buffett Says To Do With Your Money
They Are Not Well Loved
Many people shy away from $50 bills because they aren’t easy to spend. Some businesses don’t even accept them because they don’t want to bother with making change on such a large denomination. Fifty-dollar bills are also easy to get mixed up with other currencies because all bills are the same size and roughly the same color. This means the $5 bill you thought you gave as a tip could have been a $50 bill.
They Are the Least Likely to be Printed
Maybe because they are so unpopular, the $50 bill is the least printed currency out of all six denominations, if you don’t count the rare $2 bill.
Ulysses S. Grant Wasn’t Always on the Front
Grant didn’t appear on the $50 bill until 1914, per Currency Exchange International. Previous versions featured Alexander Hamilton, George Washington, Henry Clay and Benjamin Franklin.
Some Folks Think They Are Bad Luck
Some casinos and professional gamblers don’t like to carry $50 bills because they’re considered a jinx, CNN reported. This is partly because early Las Vegas investor and infamous gangster Bugsy Siegel was rumored to have died with only $50 bills in his pockets when he was brutally gunned down in Beverly Hills in 1947.
More From GOBankingRates
9 Moves For Building Lasting Wealth: What Smart Americans Are Doing Right
3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
The Average Consumer Has $6,329 in Credit Card Debt. Here's One Smart Way to Get Out
4 Car Models That Will Have Massive Price Drops in October 2024
This article originally appeared on GOBankingRates.com: 5 Things You Never Knew About the $50 Bill
