BEP Pushes Ahead with Modernisation, Expansion and New Series

The Bureau of Engraving and Printing (BEP) has published its annual report for 2023 – the first under Acting Director Charlene E Williams, who was appointed to the position after the retirement of Len Olijar last July. In turn, she will be replaced by incoming Director Patty Collins, whose appointment was announced earlier this year.

During FY 2023, BEP fulfilled the Federal Reserve Yearly Currency Order (YCO) on schedule and under budget. In addition, it shifted focus to essential projects in support of the United States Currency Program’s (USCP) long-term initiatives, made ‘great’ progress towards the next series of US banknotes, remediated deferred equipment maintenance, completed equipment upgrades and installed new equipment.

The BEP also completed the expansion of its Western Currency Facility (WCF) in Fort Worth, Texas and broke ground for the new facility in Beltsville, Maryland.

The FY 2023 YCO was for a range of 4.5-8.6 billion notes. The BEP delivered 5.7 billion notes (versus 6.4 billion in FY 2022). The 2023 production reflected a swing back to $1 notes (nearly half), after several years in which global demand was driven by high denomination notes, particularly during the pandemic.