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Chairman Eccles Following is a statement shewing the amount of paper currency printed during 1938 and the cost thereof at $92 for 12,000 notes, the charge made by the Treasury for printing Federal Reserve notes during the last six months of 193® (the charge for 12,000 notes during the first half of 1938 vrats §96)« The statement also shows the cost of shipping currency from Washington to the Federal Reserve banks at the regular postage and insurance rates applicable to Federal Reserve notes• The Treasury ships silver certificates and United States notes under frank. Cost of Paper Currency Cost of printing Estimated cost Amount printed at present rate of shipment to in 1938 for F. R. notes F. R. banks Silver Certificates Ones Fives Tens Total $822,156,000 767,520,000 199,440,000 gl,7S9,ll6,000 $6,303,000 #173,000 1,177,000 153,000 128,000 37,000 §7,633,000 1338,000 United States Notes Twos Fives Total §28,680,000 221,220,000 §110,000 339,000 $6,000 33,000 £249,900,000 §449,000 $39,000 Federal Reserve Notes Tens Twenties Fifties Hundreds All other 1/ Total §189,000 68,400,000 140,400,000 90,000,000 §825,000 270,000 10,000 11,000 1,000 $2,078,880,000 $1,117,000 §337,000 $1,076,400,000 703*680,000 1/ §500*s, §l,000«s, $5,000's, and #l0,000*s Federal Reserve notes printed# 94*000 13,000 21,000 20,000 no §5 During 1938 currency redemptions included 53*420,000 of unfit United States notes, 838,480,000 of unfit silver certificates, and 105*590,000 of unfit Federal Reserve notes. The total cost of redeeming Federal Reserve notes for the year was §180,000, of which a large part represented shipping charges on fit Federal Reserve notes returned to the Federal Reserve bank of issue. ore NOTE: There is no tariff on silvei/, silver bullion, or silver coin. 3/11/39
@FedFRASER