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F ederal o f R eserve N e w B ank Y o r k C ircu la r No. 39601 [ A p ril 7 , 1953 CHANGE IN PRINTING OF CURRENCY To all in Me mb e r the and Second No nme mbe r Federal Banks Reserve District: The Treasury Department announced on April 2, 1953 a change in the method of printing $1 silver certificates. Bills printed by the new method will differ in only one respect from those now in circulation. Following is the text of the Treasury Department’s statement describing the change: The Treasury announced today that i t is p lacin g in c ir c u la tio n $1 s i l v e r c e r t i f i c a t e s , Series 1935, which d i f f e r in a s lig h t d e ta il from s ilv e r c e r t i f i c a t e s now in c ir c u la t io n . The change made in the new notes l e t t e r s in the upper left-h a n d and lower The check l e t t e r s h eretofore used ranged d it io n a l check le t t e r s which include " m" design or s iz e o f the in dividu al notes. i s in the "check le t t e r s " . These are small right-hand areas on the face o f the notes. from " a " through " l ' o The new notes have ad through " r " No change has been made in the The add ition o f the s ix new check le t t e r s became necessary when the Bureau o f Digraving and P rin tin g began p r in tin g $1 b i l l s with 18 notes to the sheet instead o f 12 notes as h eretofore. Each "check l e t t e r " in d ica te s the p a r tic u la r p o s itio n o f the note on the sheet when i t i s printed The presses used in the Bureau o f Ehgraving and P rin tin g fo r p rin tin g currency are being converted as ra p id ly as p o s s ib le to accommodate the la rg er s iz e sheet. It i s contemplated that before the end o f th is year a l l o f the currency wi l l be produced in 1 8-su b ject sh eets. This w ill include not only s i l v e r c e r t i f i c a t e s but a ls o United S tates notes and Federal Reserve n otes. There are su b sta n tia l amounts o f currency on hand printed in 1 2 -su b ject sh eets and con sid erable time w i l l elapse before a l l o f the 12-su b ject notes are put in to c ir c u la t io n . In the meantime, notes from both the 1 2-su b ject sheets and the 1 8 -su b je ct sheets wi l l be c irc u la te d The adoption o f the new procedure fo r p rin tin g currency in 1 8 -su b ject sheets makes i t p o ssib le to increase the output o f currency notes and to decrease the c o s t o f prin tin g. Additional copies of this circular will be furnished upon request. ALLAN SPROUL, Prcsi d en t . J
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