New Currency Progress

THE CABINET

Little pieces of paper, when stuffed into people's pockets or pock etbooks, wear out less quickly than big pieces. Also, little ones can be made into one-dollar bills more cheaply than big ones.

Because of these two simple facts, the Treasury Department long ago decided to reduce the size of the one-dollar bill from 7.7 in. by 3 1/2 in. to 6% in. by 2 5/8in., thereby saving the U. S. Government some $2,000,000 annually (TIME, June 6).

Last week the Bureau of Printing and Engraving gave out the fol lowing information concerning this change:

The new one-dollar bills will start coming off the presses on Nov. 1, but will not reach the public's hands until February (after a two-month's supply has been put in the Treasury reserve). Twelve bills will be printed on each sheet going through the presses, instead of eight as is the case with the present bills. Half of the bureau's 5,000 employes will be used in producing the new bills.

The people of the U. S. wear out 1,500,000 one-dollar bills every day Eighty per cent of the total currency production is one-dollar bills.

All U. S. currency (the $10,000 bill is the highest denomination) will eventually be issued in the 6 1/8 in. by 2 5/8 in. size.