Currency strap

A stack of $100 Federal Reserve Notes in $10,000 straps. Note the ABA compliant mustard color.

A currency strap, also known as currency band or bill strap is a simple paper device designed to hold a specific denomination and number of banknotes. It can also refer to the bundle itself.[1]

In the United States, the American Bankers Association (ABA) has a standard for both value and color, as shown below. Note that all bills greater than $1 only come in straps of 100 count. The colors allow for quick accounting, even when the bills are stacked, such as in a vault. Special striped bands are used for straps containing only star notes.

History

Bundling money together with a simple elastic or paper device is as old as paper currency itself. However, measured and standardized straps are a relatively new idea. For example, until the mid-1970s, The US Federal Reserve counted bills by hand. That is, they employed 55 currency counters whose job it was to count as well as, by touch and feel, authenticate bills.[1] However, as the amount of currency in circulation increased, they found that they needed a more efficient way to count currency. To help the Currency Counting staff keep up, the Bank began strap-sorting the $1 to $20 notes. Straps were visually inspected and weighed against a counterweight equal to the paper mass of 100 genuine U.S. notes.

ABA Standard (United States)

A strap of US $2 bills, with a green strap.
Strap Color Bill
Denomination		 Bill
Count		 Bill
Total Amount
Black$125$25
Orange$150$50
Blue$1100$100
Green$1200$200
Pink$1250$250
Green$2100$200
Red$5100$500
Yellow$10100$1,000
Violet$20100$2,000
Brown$50100$5,000
Mustard$100100$10,000

See also

References

  1. 1 2 History of Currency Counting at the Federal Reserve Bank of Philadelphia
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