Miami Valley Coin Club

History of The Two-Dollar Bill… Are They Bad Luck?

The Federal Government began printing paper notes in 1862 and included was the $2 note. The Two was continuously printed until 1966. Then in 1976, as part of the bicentennial celebration, the $2 note was brought back.

It has been nicknamed the “Tom” because Thomas Jefferson has been on the front of the note since 1869. Originally Alexander Hamilton was featured, although not the same picture of Hamilton that appears on our $10 notes.

The $2 bill has had a bad reputation:

• An urban legend claims that at one time, election rigging was common and the reward for a favorable vote was $2. There was a belief that politicians would purchase votes for $2 therefore, having a $2 bill could be seen as evidence that you had sold your vote. While most likely an urban legend, the myth still gave the bill a sinister reputation.
• In the early 1920s, Prostitution was $2.00 a trick, leading some to refer to the bill as a “whore note.”
• The gambling tracks have a $2.00 window, and if you won, many times you were paid in $2.00 bills. If you were caught with $2’s in your wallet it could lead people to assume you were a gambler.
• The $2 bill was often thought to be bad luck, as “deuce” was a name for the devil. Recipients would tear off one corner, believing it would negate the bad luck of the bill. This caused many of the bills to be taken out of circulation as mutilated currency.

Contrary to what you might think, the $2 bill is not rare. 108.3 million were printed in 2022 alone.

A $2 Dollar Love Story

Originally printed in The New York Times is the Story of Myrta Gschaar and her husband, Robert. In 1980, and with a very small income, Robert couldn’t afford an engagement ring, so he and his bride-to-be exchanged $2.00 bills.  They folded the bills and kept them in their wallets to remember each other’s commitment before their marriage.

Years later, Robert was a victim of the September 11 attacks.  Four years after the attack, Robert’s remains had yet to be recovered.  The Special Property recovery unit at the Police Department notified Mrs. Gschaar that it had recovered remains at ground zero, including a wedding ring and a wallet containing a neatly folded $2.00 bill.