Paper currency of each denomination in circulation-June 30, 1960

Revised.

1 For a description of security held, see table 57, footnote 2.

2 Based on the Bureau of the Census estimated population. Through 1958 the
estimated population is for the "conterminous" United States (that is, exclusive of
Alaska, Hawaii, and the outlying areas, such as Puerto Rico, Guam, and the Virgin
Islands); the estimated population includes Alaska for 1959 and both Alaska and
Hawaii for 1960.

3 Does not include gold other than that held by the Treasury.

4 These amounts are not included in the total, since the gold or silver held as security against gold and silver certificates and Treasury notes of 1890 is included under gold, standard silver dollars, and silver bullion, respectively.

5 This total includes credits with the Treasurer of the United States payable in gold
certificates in (1) the Gold Certificate Fund-Board of Governors, Federal Reserve
System, in the amount of $15,278,087,296 and (2) the redemption fund for Federal
Reserve notes in the amount of $935,379,509.

Includes $42,000,000 lawful money deposited as a reserve for postal savings deposits.
7 The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in the United States.

TABLE 56.-Stock of money, money in the Treasury, in the Federal Reserve Banks, and in circulation, June 30, 1913-601 [In thousands of dollars, except per capita figures. For basis of data see headnote to table 55]

239, 056

36, 462, 360

4,397, 741

30, 715, 189
31.081, 913
31, 171, 739
31.914, 173
32, 064, 619

182.64
181 52
179 08

Revised.

156,039
156, 039

156, 039
156,039
156,039

1 Beginning June 30, 1922, form of circulation statement was revised to include in
holdings of Federal Reserve Banks and agents, and hence in stock of money, gold bullion
and foreign gold coin held by Federal Reserve Banks and agents, and to include in
holdings of Federal Reserve Banks and agents and hence exclude from money in circu-
lation, all forms of money held by Federal Reserve Banks and agents, whether as reserve
against Federal Reserve notes or otherwise. For purposes of comparison, figures in
this table for earlier years include these changes. For full explanation of this revision,
see 1922 annual report, p. 433. The form of circulation statement was revised again
beginning Dec. 31, 1927, so as to exclude earmarked gold coin from stock of money, and
hence from money in circulation; to include in holdings of Federal Reserve Banks
and agents, and hence in stock of money, gold held abroad for account of Federal Re-
serve Banks; and to include in all categories, minor coin (1-cent piece and 5-cent piece).
Beginning Dec. 31, 1927, circulation statement is dated for end of month instead of
beginning of succeeding month, as was practice theretofore, and figures on revised basis
for "Money held in the Treasury" are used. For purposes of comparison, figures in
this table for earlier years include these changes For explanation of this revision, see

T 180.20
177.61

1928 annual report. pp. 70-71. For figures for earlier years from 1860 through 1934,
see annual reports for 1947, pp. 478-481, for 1952, p. 708, and for 1953, p. 551. Changes,
minor in amount, are made in some figures in the June 30 circulation statements for use
in these annual report tables.

Excludes gold and silver certificates and Treasury notes of 1890 outside Treasury.
Beginning with 1934, has excluded gold certificates held for Federal Reserve Banks and
agents. These items are excluded since gold and silver held as security against them
are included. Composition of the stock of money is shown in table 57.
Beginning with 1934 gold certificates held for Federal Reserve Banks and agents
have been excluded from total money in Treasury, see footnote 2.

4 Composition of money in circulation is shown in table 58.

Based on Bureau of Census estimated population, see table 55, footnote 2.
On November 9, 1953, $500,000,000 of gold held in the Treasurer's account was used
to purchase from the Federal Reserve System a like amount of public debt obligations
which were retired. See annual report for 1954, p. 26.

On June 23, 1959, $300,000,000 of the balance of free gold was utilized to pay a portion
of the U.S. quota increase to the International Monetary Fund.

TABLE 57.-Stock of money by kinds, June 30, 1913-601

[Dollars in thousands. For basis of data see headnote to table 55]

1 See table 56, footnote 1. For figures for earlier years from 1860, see annual reports
for 1947, pp. 482-484, for 1952, p. 709, and for 1953, p. 552.

2 Part of gold and silver included in stock of money is held as reserve against other
kinds of money, as follows: (1) As reserve for United States notes and Treasury
notes of 1890-gold bullion (gold coin and bullion prior to gold conservation actions
of 1933 and 1934) varying in amount from $150,000,000 to $156,039,431 during years.
included in this table; (2) also as security for Treasury notes of 1890 (these notes
are being canceled and retired on receipt)-an equal dollar amount in standard silver
dollars; (3) as security for outstanding silver certificates-silver in bullion and stand-
ard dollars of monetary value equal to face amount of such silver certificates; and (4)
as security for gold certificates-gold bullion (gold coin and bullion before gold actions
of 1933 and 1934) of value at legal standard equal to face amount of such gold cer-
tificates. Federal Reserve notes are secured by deposit by Federal Reserve Banks
with Federal Reserve agents of like amount of gold certificates (gold prior to actions
of 1933 and 1934) or of gold certificates and such discounted or purchased paper as
are eligible under terms of Federal Reserve Act, as amended, or (from Feb. 27, 1932)
of direct obligations of the United States. Federal Reserve Banks must maintain

reserves in gold certificates (gold for 1933 and prior years) of at least 25 percent (40
percent prior to passage of act of June 12, 1945) including redemption fund which
must be deposited with the Treasurer of the United States, against Federal Reserve
notes in actual circulation ("Gold certificates" as herein used for 1934 and subse-
quent years include credits with Treasurer payable in gold certificates). Federal
Reserve notes are obligations of United States and a first lien on all assets of issuing
Federal Reserve Bank. Federal Reserve Bank notes at time of issuance were secured
by direct obligations of United States or commercial paper; however, lawful money
has been deposited with Treasurer for their redemption and they are in process of
retirement. National bank notes at issuance were secured by direct obligations of
the United States; lawful money has been deposited with Treasurer for their redemp-
tion and they are being retired.

Totals involve duplication to extent that United States notes and Federal Reserve
notes, included in full, are in part secured by gold, also included in full. Gold cer-
tificates, silver certificates, and Treasury notes of 1890 have been excluded, however,
since they are complete duplications of equal amounts of gold or silver held as security
therefor and included in totals.

TABLE 58.-Money in circulation by kinds, June 30, 1913-60 1

[In thousands of dollars. On basis of reports received from various Treasury offices, from the Federal Reserve Banks, and from the accounts of the Treasurer U. S.]

TABLE 59.-Location of gold, silver bullion at monetary value, and coin held by the Treasury on June 30, 1960

[In thousands of dollars. On basis of reports received from various Treasury offices and Federal Reserve Banks which take into account those transactions in transit to the Treasurer's office as of June 30, supplemented by information taken from the Treasurer's accounts. Therefore, the figures shown in this table may differ from similar figures in other tables prepared on basis of daily Treasury statements]

Includes metals and alloys in process of manufacture into minor coins. * Includes bullion depository at West Point, N.Y.

TABLE 60.-Paper currency issued and redeemed during the fiscal year 1960 and outstanding June 30, 1960, by classes and denominations

[On basis of reports received from various Treasury offices and Federal Reserve Banks which take into account those transactions in transit to the Treasurer's office as of June 30, supplemented by information taken from the Treasurer's accounts. Therefore, the figures shown in this table may differ from similar figures in other tables prepared on basis of daily Treasury statements]