What is the Bureau of Engraving and Printing (BEP)?

in bureau •  3 years ago 

"The U.S. Government began printing paper money in 1862, when demand notes and legal tender �greenback� currency were issued to finance the Civil War. On August 29, 1862, one male and four female clerks and the chief of the bureau began work in the attic of the Treasury Building to affix the Treasury seal and cut apart sheets of notes by machinery.

The Bureau of Engraving and Printing (BEP) has no organic act, but the law of July 11, 1862 allowing some of the authorized notes to be engraved and printed at the Treasury is the start of the Bureau. The first legislative recognition of BEP was in the appropriations act of June 20, 1874. The Act of March 3, 1877 made the Bureau the exclusive printer of U.S. currency and securities and in 1894 BEP became the exclusive printer of postage stamps. BEP ceased printing postage stamps in June 2005."
https://www.treasury.gov/about/history/Pages/bep.aspx

"The Bureau of Engraving and Printing (BEP) is the largest producer of security documents in the United States. The BEP prints billions of Federal Reserve Notes for delivery to the Federal Reserve System each year. The BEP also produces miscellaneous security documents for other government agencies."
https://www.treasury.gov/about/organizational-structure/offices/Treasurer-US/Pages/bepoverview.aspx

"The Bureau of Engraving and Printing’s mission is to develop and produce United States currency notes, trusted worldwide. BEP’s vision is to be the world standard securities printer providing its customers and the public with superior products through excellence in manufacturing and innovation.

As its primary function, the BEP prints billions of dollars - referred to as Federal Reserve notes - each year for delivery to the Federal Reserve System. The Federal Reserve operates as the nation's central bank and serves to ensure that adequate amounts of currency and coin are in circulation. The BEP does not produce coins - all U.S. coinage is minted by the United States Mint."
https://moneyfactory.gov/about.html

"Every year the Treasury Department handles approximately 30,000 claims and redeems mutilated currency valued at over $30 million. The BEP redeems mutilated currency as a free public service."
https://www.bep.gov/services.html

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!