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Bookkeeping and currency counting were once labor-intensive procedures, as this 1918 photo from the Federal Reserve Bank of Philadelphia demonstrates. Bank employees seated at tables in the back corner verify and count currency by hand, while bookkeepers pore over their ledgers in the foreground. Today Federal Reserve banks use high-speed machines to count currency and determine its fitness; financial institutions order their currency online or through an automated telephone voice response system; and accounts are balanced electronically. Some Reserve banks even use robotic systems to manage their cash vaults. These technological advances are keeping pace with the volume of currency handled at Reserve banks: More than $29 billion of currency was processed by the Federal Reserve System in 1999. |
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Glossary
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Annual Report
