In 2023, there were a total of **** billion U.S. dollar notes in circulation, roughly *** million more than in the previous year. Of these, **** billion were 100-dollar bills, which had the highest volume in circulation. This was followed by the one-dollar bill, with **** billion in circulation. During the observed period, the largest increase in the volume of currency in circulation occurred in 2020, as part of the quantitative easing measures introduced by the Federal Reserve.

The total value of U.S. dollars in circulation saw significant growth between 2000 and 2023, with 100-dollar bills making up the bulk of the total. By December 31, 2023, the value of 100-dollar bills in circulation surpassed 1.8 trillion U.S. dollars. In comparison, the total value of U.S. currency in circulation in 2023 was around 2.3 trillion U.S. dollars.

Graph and download economic data for Currency in Circulation (CURRCIR) from Aug 1917 to Jun 2025 about currency and USA.

The total value of currency in circulation in the United States reached approximately *** trillion U.S. dollars in 2023, marking a slight increase from the previous year. Over the observed period, the value of currency rose steadily, with a notable spike in 2020. In 2023, the overall value of 100-dollar bills in circulation accounted for **** trillion U.S. dollars.

United States - Currency in Circulation was 2385.15400 Bil. of $ in May of 2025, according to the United States Federal Reserve. Historically, United States - Currency in Circulation reached a record high of 2385.15400 in May of 2025 and a record low of 3.71400 in August of 1917. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Currency in Circulation - last updated from the United States Federal Reserve on July of 2025.

The annual value of new banknotes printed in the United States varied significantly between 2002 and 2023, showing a clear downward trend in recent years. The peak was in 2012, when the Bureau of Engraving and Printing produced banknotes valued at ***** billion U.S. dollars. During the quantitative easing of 2021, ***** billion U.S. dollars worth of banknotes were printed, marking the third-highest figure within the period. By 2023, the value of new banknotes printed had dropped by half, reaching ***** billion U.S. dollars. At the same time, the value of currency in circulation reached **** trillion U.S. dollars in 2023.

Graph and download economic data for Monetary Base: Currency in Circulation (MBCURRCIR) from Jan 1959 to May 2025 about monetary base, currency, and USA.

Graph and download economic data for Value of Currency in Circulation: Total (CURRVALALL) from 1993 to 2024 about notes, currency, and USA.

Graph and download economic data for Volume of Currency in Circulation: $2 (CURRVOL2) from 1994 to 2024 about notes, currency, and USA.

United States Money Supply M1: sa: Currency in Circulation data was reported at 1,617.200 USD bn in Oct 2018. This records an increase from the previous number of 1,610.700 USD bn for Sep 2018. United States Money Supply M1: sa: Currency in Circulation data is updated monthly, averaging 211.350 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 1,617.200 USD bn in Oct 2018 and a record low of 28.500 USD bn in Jan 1959. United States Money Supply M1: sa: Currency in Circulation data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

The annual volume of new banknotes printed in the United States decreased generally after 2008. In 2022, *********** U.S. dollar banknotes were printed by the Bureau of Engraving and Printing in the United States. This was the second lowest volume of banknotes printed during the observed period. At the same time, the total volume of currency in circulation increased steadily throughout the observed period and exceeded ********** banknotes in 2022.

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Banknote Market Size 2025-2029

The banknote market size is forecast to increase by USD 2.19 billion, at a CAGR of 4.9% between 2024 and 2029.

The market is experiencing significant growth due to the rising financial inclusion efforts and increasing numbers of countries outsourcing their currency printing. The drive towards financial inclusion is expanding the market as more individuals gain access to formal financial services, necessitating the use of physical currency. Moreover, the trend of countries outsourcing currency printing to specialized entities is fueling market growth, as these organizations possess advanced technology and expertise, enabling the production of high-quality banknotes. However, the market faces challenges, including the increasing use of cryptocurrencies. As digital currencies gain popularity, they pose a potential threat to traditional paper currencies.
Additionally, the production of counterfeit banknotes continues to be a significant challenge, requiring ongoing efforts from market participants to develop advanced security features and countermeasures. Companies seeking to capitalize on market opportunities should focus on innovating security features and providing cost-effective solutions for currency production. Meanwhile, navigating the challenge of cryptocurrencies may involve exploring partnerships or offerings that complement rather than compete with digital currencies.

What will be the Size of the Banknote Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, shaped by dynamic market forces and advancements in technology. Digital currencies and increased transparency are reshaping financial transactions, leading to increased demand for secure banknote production and authentication systems. Intaglio printing, UV fluorescence, and holographic security threads are among the security standards used to ensure banknote authenticity. RFID technology and NFC integration offer new possibilities for banknote tracking and management. Wear and tear, a constant challenge in banknote circulation, is addressed through advanced printing processes and materials like polymer banknotes. Banknote recycling and inflation control are essential aspects of economic development, requiring robust compliance standards and data security measures.

Financial inclusion and currency exchange are facilitated by cash handling solutions, including cash deposit machines and advanced cash management systems. Central bank printing and design play crucial roles in maintaining financial stability and fostering financial literacy. Monetary policy and anti-counterfeiting technologies, such as security ink and metallic threads, are integral to maintaining currency value and combating forgery. Government regulations and anti-money laundering (AML) measures ensure banknote circulation adheres to ethical and legal standards. Banknote verification and authentication systems employ various techniques, including serial number management and optical variable ink, to maintain the integrity of banknote circulation.

The ongoing pursuit of innovation and security in banknote production and management continues to drive market growth and adapt to the evolving financial landscape.

How is this Banknote Industry segmented?

The banknote industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  State-owned
  Commercial


Application

  Intaglio printing
  Offset Printing
  Letterpress Printing


Geography

  North America

    US


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The state-owned segment is estimated to witness significant growth during the forecast period.

Banknotes play a crucial role in financial transactions, with their production and authentication overseen by various entities to ensure security and compliance. Historically, banknotes have been printed by state-owned printers, or state print works (SPWs), to maintain control over design and anti-counterfeiting features. For instance, the US Bureau of Printing and Engraving took over exclusive banknote printing in 1877 to protect national security and sensitive information. Modern banknote production involves advanced technologies like intaglio printing, UV fluorescence, holographic security threads, and optically variable ink. Banknote sorting, tracking, and authentication systems employ RFID technology, digital asset management, and serial number management to maintain currency integrity.

Polymer banknotes, digital currencies, and financial inclusion i

U.S. Currency in Circulation: 108 years of historical data from 1917 to 2025.

United States US: Central Bank: MFSM 2000: Currency in Circulation data was reported at 1,569.058 USD bn in 2017. This records an increase from the previous number of 1,462.574 USD bn for 2016. United States US: Central Bank: MFSM 2000: Currency in Circulation data is updated yearly, averaging 889.678 USD bn from Dec 2001 (Median) to 2017, with 17 observations. The data reached an all-time high of 1,569.058 USD bn in 2017 and a record low of 611.757 USD bn in 2001. United States US: Central Bank: MFSM 2000: Currency in Circulation data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.IFS: Financial System: Monetary Authorities: Annual.

The USCC-1 - Amounts Outstanding and in Circulation table informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation. It defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board.

The market size of currency circulating in the United States economy made up nearly *********** of the country's GDP. This so-called CIC/GDP ratio is meant to roughly measure the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments. In the case of the United States, another issue may come into play: During the coronavirus pandemic, the Federal Reserve pumped significant amounts of cash money into the American economy. This may potentially reflected in the growing ratio observed here.

Money Supply M0 in the United States decreased to 5648600 USD Million in May from 5732900 USD Million in April of 2025. This dataset provides - United States Money Supply M0 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of March 2024, over five trillion Nigerian naira (NGN) were in circulation in Nigeria. This corresponded to around *** billion U.S. dollars. In March of the previous year, banknotes and coins of around *** trillion NGN (roughly *** billion U.S. dollars) were in circulation in the country.

The monetary base of the United States amounted to roughly *** trillion U.S. dollars as of December 31, 2024, which was a slight decrease compared to the previous year. The monetary base includes all physical paper and coin currency in circulation, plus bank reserves held by the central bank. In 2024, around ** percent (**** trillion U.S. dollars) of the monetary base derived from reserve balances, and ** percent (**** trillion U.S. dollars) from the currency in circulation.

As of 2025, Algeria circulated the highest amount of cash in Africa compared to other countries on the continent. In 2024, currency in the value of nearly ** billion U.S. dollars was in circulation in the country. Moreover, according to recent data, banknotes and coins in circulation in Morocco and Egypt added up to around **** billion U.S. dollars and **** billion U.S. dollars, respectively. Currency in circulation refers to the amount of physical cash available to carry out transactions in a country.