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A currency strap, currency band or bill strap is a simple paper device designed to hold a specific denomination and number of
/ref> In the United States, the
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. 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. Currency straps have even helped catch the culprits in bank robberies, like the Dunbar Armored Robbery in 1997, after one of the culprits decided to pay a
As shown in the above table, there are 100 bills in each strap but only 10 straps in each bundle.
A currency strap, currency band or bill strap is a simple paper device designed to hold a specific denomination and number of banknotes
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes w ...
. It can also refer to the bundle itself.History of Currency Counting at the Federal Reserve Bank of Philadelphia/ref> In the United States, the
American Bankers Association
The American Bankers Association (ABA) is a Washington, D.C.-based trade association for the U.S. banking industry, founded in 1875. They lobby for banks of all sizes and charters, including community banks, regional and money center banks, sav ...
(ABA) has a standard for both value and color. Note that all bills greater than $2 only come in straps of 100 count. The colors allow for quick accounting, even when the bills are stacked, such as in a vault
Vault may refer to:
* Jumping, the act of propelling oneself upwards
Architecture
* Vault (architecture), an arched form above an enclosed space
* Bank vault, a reinforced room or compartment where valuables are stored
* Burial vault (enclosure ...
. Special striping bands are used for straps containing 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. 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. Currency straps have even helped catch the culprits in bank robberies, like the Dunbar Armored Robbery in 1997, after one of the culprits decided to pay a real estate broker
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agen ...
with a still-strapped bundle of notes.
ABA Standard (United States)
As shown in the above table, there are 100 bills in each strap but only 10 straps in each bundle.
See also
*Currency packaging
Currency packaging includes several forms of packing cash for easy handling and counting. Many systems use standard color-coding or are marked to indicate the amount in the package.
Currency straps
Currency straps, also known as currency ban ...
*Currency-counting machine
A currency-counting machine is a machine that counts money—either stacks of banknotes or loose collections of coins. Counters may be purely mechanical or use electronic components. The machines typically provide a total count of all money, or ...
References
{{Banknote-stub Banknotes Numismatic terminology