Kids Want To Know: How Much Money Is In The U.S. ?

GREENSBORO, NC -- From groceries to health care to toys, it is estimated the cost of raising a kid is $241,000 (USDA 2013).

That does not count the cost of college. Money isn't just on the minds of adults, kids think about it too.

"Hi, my name is Kayla and my question is, 'How much money is in the United States of America?"

To get Kayla's answer, 2WTK got in touch with the Federal Reserve. The amount of money in circulation in the U.S. was updated just this week. As of 2/19/14 there was $1.2 Trillion. Yes, it's a few bucks.

As 2WTK was looking for the answer to Kayla's question we found other interesting money facts.

Did you know that paper money has a life span? Not all bills have the same time to live in circulation. The more the denomination is used the less time it has.

So you might think the $1 bill would have the shortest life span. Nope.

The Federal Reserve says the $1 bill is estimated to have 5.9 years of life. The bill with the shortest life span is the $50 with just 3.7 years. And the longest life span for a bill belongs to the $100 at 15 years.

Worn out and damaged bills are systematically destroyed by Federal Reserve banks during everyday operations. Every year, new bills are engraved and printed. This year, 7.8 Billion new bills will be made. Most of the bills printed this year are $1 bills-- 2.3 billion of them! The bill next in line is the $100 -- at 2.4 Billion. And the third most printed bill this year is the $20 -- 1.8 billion of them.

We answer a Kids Want To Know question every Friday. We need your kid's question. Take a video on your smart phone. and email it to us:


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