Overview:
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The United States Bureau of Engraving and Printing (BEP) is responsible for printing federal reserve notes for the Federal Reserve and producing a variety of government security documents, like hand-engraved invitations, for the White House. The BEP also produces Treasury securities, identification cards and naturalization certificates. Unlike its counterpart, the US Mint, the BEP does not produce coins. Lastly, the BEP determines whether mutilated currency can be salvaged for use.
History:
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The United States Bureau of Engraving and Printing (BEP) grew from the US Treasury, which began issuing paper currency in 1861. At that time, individual workers signed, separated and trimmed sheets of Demand Notes in the Treasury Building in Washington, DC. The first home of the US Treasury was located at 1500 Pennsylvania Avenue, and from 1862 until 1880, most of the work of producing paper currency was done on machines in the basement and attic of the building. A dumbwaiter was used to help transport paper and printed money between the two floors.
By 1877, the Bureau of Engraving became the sole producer of all American currency, revenue stamps, government obligations and other security documents. The addition of postage stamp production in 1894 made the BEP the nation’s security printer.
Also in 1877, the Secretary of the Treasury agreed with suggestions to house the operation in a fireproof building. The new site was chosen, and the land was purchased in June 1878 from William W. Corcoran, a banker and art gallery founder. The original Treasury building was completed at a cost of $300,000, and the agency took office in July 1880.
Congress appropriated $2.3 million for the expansion of the old Treasury building in 1911. Developers chose to renovate the existing space and buy a second building, between 14th and 15th streets, and construct a new building. Although bad weather and a shortage of steel delayed the project, the building was completed in February 1914 at a cost of $2.88 million.
By the 1920s, the BEP was looking again to expand. Congress appropriated $2 million in August 1935 for the land and construction of another new building. This building would also house the Public Debt Division of the Treasury Department.
In 1985, the Treasury Department authorized the BEP to begin the search for a site west of the Mississippi to produce currency. The move was intended to reduce transportation costs of moving currency back and forth to Federal Reserve Banks in San Francisco, Dallas and Kansas City. It also accommodated the need for additional currency to be produced and to implement additional security and emergency preparedness. After a nationwide search, 83 cities submitted proposals, and four cities made the final round. Eventually, Fort Worth, TX, was chosen to host the Western Currency Facility.
The new site began producing currency in January 1991 and opened officially on April 26 of that same year. It joins the original facility in Washington, DC, to make BEP the largest producer of United States government security documents.
What it Does:
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The US Bureau of Engraving and Printing (BEP) is responsible for producing all of the security documents for the United States. The BEP prints billions of Federal Reserve Notes for delivery to the Federal Reserve System each year from its facilities in Washington, DC, and Fort Worth, Texas.
In addition to producing currency, the BEP produces other government security documents, such as portions of US passports, materials for the Department of Homeland Security, military identification cards and Immigration and Naturalization (INS) certificates. These documents are designed and manufactured with advanced counterfeit deterrence features.
The BEP is also responsible for advising other federal agencies on matters of document security. The agency processes claims for the redemption of mutilated currency and uses its research and development efforts to focus on the continued use of automation in the production and counterfeit deterrence process for security documents.
Where Does the Money Go:
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The Bureau of Engraving and Printing (BEP) spent nearly $2 billion on 2,249 contractors this decade. According to USASpending.gov, the BEP paid for a variety of services, from nonmetallic fabricated materials to chemicals and chemical products.
The top 10 contractors are as follows:
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Crane & Co., Inc.
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$958,892,275
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Sicpa Holding, SA
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$258,689,738
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WPP Group PLC
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$74,320,397
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Koenig & Bauer AG
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$65,549,650
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Haws & Tingle General Contractors, Inc.
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$32,690,418
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De La Rue Giori SA
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$32,119,000
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Raven Services Corporation
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$27,823,597
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Frank Parsons Paper Company, Inc.
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$24,826,020
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Electronic Systems Services, Inc.
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$23,839,349
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C & E Services, Inc.
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$21,333,161
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is a leading manufacturer of fiber and paper products, as well as other subsidiary businesses. As the BEP’s largest contractor, they produce the paper US currency is printed on.
, the agency’s second largest contractor, is a company providing security inks and integrated security systems for banknotes, documents of value and consumer goods.
Controversies:
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"In God We Trust" Still Provokes Criticism
October, 1, 2007, marked the 50th anniversary of when the phrase, “In God We Trust,” first appeared on paper currency. While most Americans don’t object to the phrasing on paper currency, some do.
Critics include those who question how it affects the separation of church and state. Rev. Bob Galloway of the Metropolitan Community Church in Knoxville, TN, said printing “In God We Trust” on money is blasphemous. “I think it is demeaning to God,” said Galloway. “What we are doing is saying somehow that God blesses our money, (and) God blessing our money leads to a sense of capitalism that is completely outside of Jesus’ teaching.”
Elder Philip Hamilton of Mt. Zion Baptist Church said it was “hypocritical” to have the phrase on dollar bills. “Our nation has taken a turn, ignoring moral standards. We do everything to remove God out of society. ... Society is not trusting in God — it’s trusting in itself.”
“In God We Trust” marks 50 years on paper money
(by Millete Birhanemaskel, Knoxville News Sentinel)
Suggested Reforms:
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BEP Changing Paper Currency to Thwart Counterfeiters
To stay ahead of attempts by counterfeiters to produce illegal copies of US currency, the Bureau of Engraving and Printing plans to redesign American currency every seven years to 10 years. That is a far cry from the practice for most of the 20th century when the currency stayed the same without any major changes. By order of Congress, the $1 bill, which accounts for 45% of the notes printed each year, will not be redesigned. Lawmakers were concerned about the cost to business if low-end vending machines that only take coins and $1 bills had to be upgraded. In addition to redesigning the money, the bureau is putting in new printing presses with more capabilities to handle the increasingly sophisticated security features.
$100 Bill to Get Facelift, Added Security (by Martin Crutsinger, Associated Press)
- Table of Contents
- Overview
- History
- What it Does
- Where Does the Money Go
- Controversies
- Suggested Reforms
- Comments
- Leave a comment
Founded: 1861
Annual Budget: $559.5 million
Employees: 2,169
Official Website: http://www.bep.treas.gov/
Bureau of Engraving and Printing
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