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The Curious Case of the $2 Bill

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The funny thing about $2 bills is that when people talk about them—and they do talk about them, in a niche but thriving community—there seems to be a step missing in the logic. And that step is the first one. Everyone who deals with American money—even people who dedicate very little thought to the matter—knows that $2 bills are something worth commenting on. They're something worth commenting on because they aren't seen very much. They aren't seen very much because they aren't printed very often. They aren't printed very often because people are disinclined to use them. People are disinclined to use them because they are thought to be special—or sometimes even fake—because of how rare they are. And now we have come full circle without establishing how this thinking got started.

$2 BILLS IN HISTORY

The first printing of $2 bills was in 1862, just one year after the U.S. Treasury began printing paper money. Initially, the bill featured Alexander Hamilton, but in 1869, the first Secretary of the Treasury was replaced with Thomas Jefferson, whose portrait still graces the tender. Production was discontinued in 1966, with the Economic Review citing "insufficient use."

A decade later, twos were revived as part of a bicentennial celebration. A New York Times article from the year before the reintroduction reminded readers that "public reluctance to accept and use the $2 bill was the principal cause of its discontinuance nine years ago, and the main reason for that reluctance was the relative scarcity of the note in circulation." Again, circular logic: No one uses them because ... no one uses them. The Times went so far as to cite a Harvard Business School study that found an unlucky reputation was not to blame in the two's demise, with only two percent of respondents claiming to have ever associated the tender with bad luck.

The article reported government trepidation that a bicentennial bill would also be held out of circulation as a souvenir. Despite this concern, the 1976 twos were released with an image of the 1776 signing of the Declaration of Independence on the back and a plan to print 400 million bills annually.

$2 BILLS NOW

However, these days, they're printed whenever the demand arises—which isn't often, considering the reluctance to spend them. But as recently as last year, 45 million more $2 bills were introduced into the economy. To put that in perspective, the oft-overlooked denomination still makes up a mere 3 percent of all U.S. bills in circulation.

And now, it seems, we are living in a peculiar moment in the $2 bill story. As documented in a New York Times story from earlier this year, aficionados are trying to bring the bill back into vogue. The paradox is that the appeal of these bills is their very scarcity.

Heather McCabe—who is profiled in the piece—runs a blog, Two Buckaroo, where she documents the reactions of unsuspecting cashiers when she uses $2 bills in everyday transactions. I figured she might have some insight into our mystery. First, though, we needed to establish something. "When you ask why the bills became rare in the first place, are you asking about pre-1966 or post-1976?" she asked.

THE COLLECTIBLE $2 BILL

Post-1976 is easier to understand: The ten-year gap in production meant that the bills were, at least at first, naturally rarer than other denominations. And the concern about souvenir status was apparently not unfounded. According to McCabe, "When the $2 bill was reintroduced [on April 13, 1976], people could take first-day issues of the bill to the post office to get them stamped with a postage stamp and a rubber cancellation stamp. This made the bill seem special, a collectible, a keepsake." So many people had this same idea that the postmarked bills were rendered no more special than the regular old twos, but they still couldn't shake the status as a collector's item.

Pre-1966 is trickier, but McCabe has a theory that is reinforced each time she hands a cashier a $2 bill: "There's no commercial infrastructure for the bill in retail situations. Cash registers don't have a drawer for the $2 bill. As long as that's the case, the $2 bill will be a cash outcast."

That was true before 1966, and continues to be the case to this day. It seems like such a small thing, but the process can be internally exponential in that way. If $2 bills were always just a little bit more difficult to use than other denominations, perhaps that was just the push they needed to reach the incredulity-inducing, superstitious status they hold today.

Of course, why the cash registers were originally made without room for twos is just another question in the curious case of the $2 bill, but that might be a quirk that is lost to history.

Primary photo courtesy of Christopher Hollis via creative commons.

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Why Do the Lions and Cowboys Always Play on Thanksgiving?
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Because it's tradition! But how did this tradition begin?

Every year since 1934, the Detroit Lions have taken the field for a Thanksgiving game, no matter how bad their record has been. It all goes back to when the Lions were still a fairly young franchise. The team started in 1929 in Portsmouth, Ohio, as the Spartans. Portsmouth, while surely a lovely town, wasn't quite big enough to support a pro team in the young NFL. Detroit radio station owner George A. Richards bought the Spartans and moved the team to Detroit in 1934.

Although Richards's new squad was a solid team, they were playing second fiddle in Detroit to the Hank Greenberg-led Tigers, who had gone 101-53 to win the 1934 American League Pennant. In the early weeks of the 1934 season, the biggest crowd the Lions could draw for a game was a relatively paltry 15,000. Desperate for a marketing trick to get Detroit excited about its fledgling football franchise, Richards hit on the idea of playing a game on Thanksgiving. Since Richards's WJR was one of the bigger radio stations in the country, he had considerable clout with his network and convinced NBC to broadcast a Thanksgiving game on 94 stations nationwide.

The move worked brilliantly. The undefeated Chicago Bears rolled into town as defending NFL champions, and since the Lions had only one loss, the winner of the first Thanksgiving game would take the NFL's Western Division. The Lions not only sold out their 26,000-seat stadium, they also had to turn fans away at the gate. Even though the juggernaut Bears won that game, the tradition took hold, and the Lions have been playing on Thanksgiving ever since.

This year, the Lions host the Minnesota Vikings.

HOW 'BOUT THEM COWBOYS?


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The Cowboys, too, jumped on the opportunity to play on Thanksgiving as an extra little bump for their popularity. When the chance to take the field on Thanksgiving arose in 1966, it might not have been a huge benefit for the Cowboys. Sure, the Lions had filled their stadium for their Thanksgiving games, but that was no assurance that Texans would warm to holiday football so quickly.

Cowboys general manager Tex Schramm, though, was something of a marketing genius; among his other achievements was the creation of the Dallas Cowboys Cheerleaders.

Schramm saw the Thanksgiving Day game as a great way to get the team some national publicity even as it struggled under young head coach Tom Landry. Schramm signed the Cowboys up for the game even though the NFL was worried that the fans might just not show up—the league guaranteed the team a certain gate revenue in case nobody bought tickets. But the fans showed up in droves, and the team broke its attendance record as 80,259 crammed into the Cotton Bowl. The Cowboys beat the Cleveland Browns 26-14 that day, and a second Thanksgiving pigskin tradition caught hold. Since 1966, the Cowboys have missed having Thanksgiving games only twice.

Dallas will take on the Los Angeles Chargers on Thursday.

WHAT'S WITH THE NIGHT GAME?


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In 2006, because 6-plus hours of holiday football was not sufficient, the NFL added a third game to the Thanksgiving lineup. This game is not assigned to a specific franchise—this year, the Washington Redskins will welcome the New York Giants.

Re-running this 2008 article a few days before the games is our Thanksgiving tradition.

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Why Your Traditional Thanksgiving Should Include Oysters
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If you want to throw a really traditional Thanksgiving dinner, you’ll need oysters. The mollusks would have been featured prominently on the holiday tables of the earliest American settlers—even if that beloved Thanksgiving turkey probably wasn’t. At the time, oysters were supremely popular additions to the table for coastal colonial settlements, though in some cases, they were seen as a hardship food more than a delicacy.

For one thing, oysters were an easy food source. In the Chesapeake Bay, they were so plentiful in the 17th and 18th centuries that ships had to be careful not to run aground on oyster beds, and one visitor in 1702 wrote that they could be pulled up with only a pair of tongs. Native Americans, too, ate plenty of oysters, occasionally harvesting them and feasting for days.

Early colonists ate so many oysters that the population of the mollusks dwindled to dangerously low levels by the 19th century, according to curriculum prepared by a Gettysburg University history professor. In these years, scarcity turned oysters into a luxury item for the wealthy, a situation that prevailed until the 1880s, when oyster production skyrocketed and prices dropped again [PDF]. If you lived on the coast, though, you were probably still downing the bivalves.

Beginning in the 1840s, canning and railroads brought the mollusks to inland regions. According to 1985's The Celebrated Oysterhouse Cookbook, the middle of the 19th century found America in a “great oyster craze,” where “no evening of pleasure was complete without oysters; no host worthy of the name failed to serve 'the luscious bivalves,' as they were actually called, to his guests.”

At the turn of the century, oysters were still a Thanksgiving standard. They were on Thanksgiving menus everywhere from New York City's Plaza Hotel to train dining cars, in the form of soup, cocktails, and stuffing.

In 1954, the Fish and Wildlife Service tried to promote Thanksgiving oysters to widespread use once again. They sent out a press release [PDF], entitled “Oysters—a Thanksgiving Tradition,” which included the agency’s own recipes for cocktail sauce, oyster bisque, and oyster stuffing.

In the modern era, Thanksgiving oysters have remained most popular in the South. Oyster stuffing is a classic dish in New Orleans, and chefs like Emeril Lagasse have their own signature recipes. If you’re not looking for a celebrity chef’s recipe, perhaps you want to try the Fish and Wildlife Service’s? Check it out below.

Oyster Stuffing

INGREDIENTS

1 pint oysters
1/2 cup chopped celery
1/2 cup chopped onion
1/4 cup butter
4 cups day-old bread cubes
1 tablespoon chopped parsley
1 teaspoon salt
Dash poultry seasoning
Dash pepper

Drain oysters, saving liquor, and chop. Cook celery and onion in butter until tender. Combine oysters, cooked vegetables, bread cubes, and seasonings, and mix thoroughly. If stuffing seems dry, moisten with oyster liquor. Makes enough for a four-pound chicken.

If you’re using a turkey, the FWS advises that the recipe above provides enough for about every five pounds of bird, so multiply accordingly.

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