The new series Mnuchin-Carranza notes will be sent to the Federal Reserve to issue into circulation.
The Fiscal Year 2018 Yearly Currency Order contains 2.2 billion $1 notes.
The first $1 Federal Reserve notes were issued in 1963. The design, featuring George Washington on the face and the Great Seal on the back, has not changed.
Of all the notes printed by the Bureau of Engraving and Printing, the $1 note makes up about 45% of currency production.
The first $1 notes (called United States Notes or "Legal Tenders") were issued by the federal government in 1862 and featured a portrait of Secretary of the Treasury Salmon P. Chase (1861-1864).
The first use of George Washington's portrait on the $1 note was on Series 1869 United States Notes.
If you had 10 billion $1 notes and spent one every second of every day, it would require 317 years for you to go broke.
Because the $1 note is infrequently counterfeited, the government has no plans to redesign this note. In addition, there is a recurring provision in Section 116 of the annual Financial Services and General Government Appropriations Act that prohibits the redesign of the $1 note.
All U.S. currency remains legal tender, regardless of when it was issued.
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