The total money in circulation in the United States on June 30 in recent years is shown in the following table:

Money In Circulation In The United States, June 30 (In Millions)

1914

I9I5

1916

1917

1918

1919

1920

Gold coin ...................

$ 611

$ 590

$ 637

$1,036

$1,114

$1,172

$ 834

Gold certificates .............

1,026

1,072

1,413

1,392

818

542

390

Standard silver dollars.........

70

64

66

71

77

81

134

Silver certificates ................

478

481

489

477

379

169

118

Subsidiary silever ................

159

159

171

193

216

232

251

United States notes ..............

337

332

341

335

340

332

337

Notes of 1890 ...................

2

2

2

I

I

1

1

Total......................

$2,683

$2,700

$3,119

$3,505

$2,945

$2,529

$2,066

Federal reserve notes ...............

$ 80

$ 173

$ 544

$1,713

$2,493

$3,122

Federal reserve bank notes.....

12

15

163

199

National bank notes ..............

$ 715

785

728

698

703

649

696

Total ...................................

$ 715

$ 865

$ 901

$1,254

$2,531

$3,305

$4,0l8

Grand Total Circulation ...............

$3,398

$3,565

$4,020

$4,759

$5,476

$5,841

$6,084

Per Capita Circulation ...........

$34.35

$35.44

$39.28

$45.74

$50.81

$54.28

$56.79

The decrease in the silver certificates and the increase in the federal reserve bank notes are explained by the operations of the Pittman Act described above. The increase in gold coin and bullion is due to the heavy importations from abroad during the war,

Paper Currency Of Each Denomination Outstanding On June 30 (In Thousands)

Denominations

United States Notes

Treasury Notes of 1890

Federal Reserve Notes

Federal Reserve Bank

Notes

1018*

1920+

1918*

I920+

1918*

I920+

1918*

l920+

1's

$ 37.134

$141,359

$ 331

$ 321

$132,141

2's

35.009

50,279

207

200

33.976

5's...............................

202,187

118,436

456

416

$ 274.094

$ 484,639

$ 6,776

28,899

10's

49,092

21,071

484

404

612,456

935.827

5.091

4.367

20's

10,410

5,769

218

177

584,168

1,283,628

3.716

3,540

50's

1,227

999

9

8

224,320

287,227

200

100's

2,002

1,586

88

73

152,540

257,515

500's

1,509

1,146

63

31.116

1,000's

9.097

7.023

56

105,653

5,000's

6,780

10.000's

10 $347.681

13.490

Total outstanding

$347,681

$1,858

$1,659

$1,847,580

$3,405,877

$15,585

$203,125

Less:

Unknown and destoryed

1,000

1,000

Held in Treasury................

6,744

9.381

6

2

29.982

27.698

100

2,490

Held by federal reserve banks

106,186

256,176

Held by federal reserve agents

Redeemed but not assorted by denominations

141 $15,343

1,900

Net circulation

$339,936

$337,299

$1,851

$1,656

$1,711,411

$3,122,001

$198,735

* These data are taken from the United States Treasury Annual Report on Finances, 1918, pp. 564-567;

Data taken from monthly statement issued from the Treasurer's Office, the Treasury Department. Includes $59,671 fractional parts of.national bank notes.

Paper Currency Of Each Denomination Outstanding On June 30 (Continued) (In Thousands)

National Bank Notes

Gold Certificates

Silver Certificates

Total

Denominations

1018*

I920+

1918*

l920+

1918*

1920+

1918*

I920+

1's

$ 342

$ 342

$218,713

$ 60,745

$ 256,521

$ 334,910

2's...............................

163

163

50,731

16,267

86,111

100,886

5's...............................

115,186

126,163

105,693

32,143

704,696

790,699

10's..............................

295.646

297,747

$ 334,178

$ 196,631

13,001

5,240

1,307,951

1,461,291

20's

248,931

239,557

246,290

167,098

13,468

5,783

1,107,203

1,705,555

50's

80,250

30,406

73,160

56,089

7,307

3.795

336,274

378,726

100's.............................

34,661

31,445

103,354

80,031

266

236

292,913

370,888

500's.............................

88

88

27,313

18,195

15

13

28,926

50,555

1,000's

21

21

131,823

109,285

16

15

141,020

222,053

5.000's

142,650

141,960

142,650

148,740

10.000's

725,710

606,370

725,710

619,870

Total outstanding

$725,647

$725,993+

$1,784,480

$1,375,659

$409,215

$124,240

$5,132,048

$6,184,236+

Less:

Unknown and destroyed

1,000

1,000

Held in Treasury................

20,068

22,691

747,970

791,078

27,408

5,718

832,281

859,062

Held in federal reserve banks

106,186

256.176

Held by federal reserve agents ....

208,278

194,058

208,278

194,058

Redeemed but not assorted by denominations

1,442

6,956

1.583

8,856

Net circulation

$704,137

$696,345

$828,231

$390,522

$381,806

$118,521

$3,982,718

$4,865, 83

* These data are taken from the United States Treasury Annual Report on Finances, 1918, pp. 564-567. + Data taken from monthly statement issued from the Treasurer's Office, the Treasury Department, + Includes $59,671 fractional parts of national bank notes.

to the production of the mines, and to the reduction of plate and the like. The reason for the decrease in the gold certificates and the increase in the federal reserve notes will be explained in Volume II, Chapter XII. The increase in subsidiary silver current is explained by the greater population, the higher price level, and the fractional prices charged for various services and goods. Certain changes in marketing methods, such as the use of slot automatic machines, also occasion greater need for small change; in prosperous times more people have money on their persons, particularly small coins. The decrease in notes of 1890 has been explained. It is evident from the table that the money in circulation is fast becoming the various forms of bank notes.

The paper currency of each denomination outstanding on June 30 and its location, as well as other statistical data, are given in the preceding table.