Bureau of Engraving and Printing

What Bureau of Engraving and Printing does

The Bureau of Engraving and Printing (BEP) is a federal bureau of the U.S. Department of the Treasury, established in 1862 and designated as the nation's sole producer of U.S. paper currency since 1877. BEP operates two production facilities — its headquarters in Washington, D.C. and the Western Currency Facility in Fort Worth, Texas (which produces more than half of national output) — and serves the Federal Reserve System as its single institutional customer, delivering billions of dollars of Federal Reserve notes annually for circulation. The Bureau prints $1 through $100 denominations using a multi-stage process combining offset printing, intaglio steel-plate printing, and letterpress, on a proprietary 75% cotton / 25% linen paper with embedded security threads and watermarks produced exclusively by Crane Currency under restricted possession. BEP's core technology stack includes the OCIS offline currency inspection system (125,000 pixels per note, 4,000,000 per sheet, 2.5 sheets/second) and Single Note Inspection (SNI) processes that reclaim individual acceptable notes from defective sheets — together diverting hundreds of tons of wastepaper per year.

BEP's revenue model rests on a cost-reimbursable arrangement with the Federal Reserve (legislated in 1951), under which the Fed funds currency production rather than BEP receiving direct congressional appropriations for printing costs. Secondary revenue streams include numismatic product sales (uncut currency sheets at fixed price tiers from $50.50 for 5-subject to $335 for 50-subject, plus Lucky Money and specialty products) sold through a 2018 strategic partnership with the U.S. Mint's e-commerce catalog and at two BEP Visitor Center gift shops; free mutilated currency redemption (processing 22,000+ requests/year with $35M+ redemption value); and free iBill currency readers for blind and visually impaired users distributed through the Library of Congress NLS. Beyond currency, BEP advises other federal agencies on document security and produces military commissions, award certificates, and special security documents.

Customer concentration is structurally extreme: the Federal Reserve System is BEP's primary and effectively sole revenue customer, with secondary customer bases (collectors, federal agencies requiring security documents, accessibility-program users, mutilated-currency claimants) contributing minimally. Distribution channels are exclusively domestic, the legal monopoly is absolute, and the customer base is by design captive rather than commercially diversified. The agency is ISO 9001:2015 and ISO 14001:2015 certified and operates under multiple federal accessibility and compliance frameworks (Section 508, Architectural Barriers Act).

Name

Bureau of Engraving and Printing

Legal name

Bureau of Engraving and Printing

Website

https://bep.gov

Company type

Private

Founded year

1862

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Bureau of Engraving and Printing is the sole U.S. federal producer of paper currency, printing billions of dollars of Federal Reserve notes annually across two facilities in Washington, D.C. and Fort Worth, Texas, serving the Federal Reserve System and advising other federal agencies on document security.

Ownership category

akta.pro rank

Product category

Currency Manufacturing and Security Document Production

NAICS

Converted Paper Product Manufacturing (3222)

SIC

Papers & Allied Products (2600)

akta.pro primary industry

Coin & Currency Logistics (Mint-to-Bank Distribution) (BPAKAIAD)

Keywords

• Currency manufacturing
• Federal reserve notes
• Banknote security printing
• Government security documents
• Numismatic collectibles

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Others

Revenue model

1. Currency Production (Federal Reserve): BEP prints billions of dollars in Federal Reserve notes each year for delivery to the Federal Reserve System. BEP operates on a reimbursable basis under legislative mandate (since 1951) — meaning it is funded through the Federal Reserve's payments for currency production rather than direct congressional appropriations for printing costs. This is a cost-recovery model where the Federal Reserve pays for currency production.
2. Public/Numeric Currency Product Sales: BEP sells numismatic/collector products (uncut currency sheets, Lucky Money notes, specialty products) through the U.S. Mint's e-commerce catalog and at BEP Visitor Center gift shops. Products are sold at fixed prices per sheet format. BEP resumed its Public Sales Program on October 1, 2023.
3. Mutilated Currency Redemption Services: BEP provides free mutilated currency redemption services for individuals and institutions. The service is free to the public but processes over 22,000 requests per year with estimated redemption value exceeding $35 million annually.
4. Currency Accessibility Devices (iBill): BEP provides iBill currency readers free of charge to eligible blind and visually impaired U.S. citizens and national residents, distributed in partnership with the Library of Congress National Library Service.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels10 records

Core offering

The Bureau of Engraving and Printing (BEP), a bureau of the U.S. Department of the Treasury, is the nation's sole producer of U.S. paper currency. It prints Federal Reserve notes ($1 through $100 denominations) at facilities in Washington, D.C. and Fort Worth, TX for delivery to the Federal Reserve System, and manufactures government security documents on behalf of other federal agencies. The agency also sells numismatic/collector products (Uncut Currency Sheets, Lucky Money notes) through the U.S. Mint e-commerce catalog and provides free public services including mutilated currency redemption and the iBill currency reader for blind/visually impaired individuals.

Product overview

The Bureau of Engraving and Printing (BEP) is the nation's sole producer of U.S. paper currency, operating as a bureau of the Department of the Treasury. The core product is Federal Reserve notes produced in seven denominations ($1, $2, $5, $10, $20, $50, $100), manufactured using multi-layer printing processes (offset, intaglio, letterpress) with embedded security features. BEP also offers numismatic products including Uncut Currency Sheets and Lucky Money products for collectors, sold via the U.S. Mint's e-commerce platform. Public services include Mutilated Currency Redemption and accessibility products such as the free iBill Currency Reader for the blind and visually impaired. The BEP provides currency through the Federal Reserve System and operates tour/visitor centers in Washington, D.C. and Fort Worth, Texas.

Differentiator

Problem solved

Functional benefit

Products and services

• Federal Reserve Notes U.S. paper currency in denominations of $1, $2, $5, $10, $20, $50, and $100, printed at BEP facilities in Washington, D.C. and Fort Worth, Texas for delivery to the Federal Reserve System.
• Uncut Currency Sheets (Series 2021 $5 and other denominations) Collectible uncut sheets of U.S. currency sold to the public in multiple sheet sizes (5, 10, 20, 25, and 50-subject formats). Features special serial numbers or commemorative themes; available through the U.S. Mint's online catalog and BEP Visitor Center gift shops.
• Lucky Money Products Annual collectible currency products celebrating Chinese New Year, featuring uncirculated Federal Reserve notes with special serial numbers. Sold through the U.S. Mint's online catalog and BEP Visitor Center gift shops.
• Mutilated Currency Redemption Service Free examination and redemption service for severely damaged U.S. Federal Reserve notes (burned, water-damaged, chemically damaged, or animal/insect-damaged), processing more than 22,000 requests annually with redemption value exceeding $35 million. Available to individuals and institutions.
• iBill Currency Reader Free handheld device that identifies U.S. banknote denominations through audio output for blind and visually impaired users. Distributed through the Library of Congress National Library Service.
• Cash Assist Mobile Application Free mobile application that helps cash handlers identify security features of U.S. currency through smartphone camera scanning. Developed by the U.S. Currency Education Program.

Quantifiable outcome

• Counterfeit rate remains low despite billions of notes in circulation — security features keep number of counterfeits in circulation low
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• United States MintcoreChannel Partner/ Reseller/ Distributor · 27 August 2018BEP formed a strategic partnership with the United States Mint to sell BEP products through the Mint's e-commerce system (catalog.usmint.gov). This collaboration replaced BEP's direct-to-consumer online store, offering collectors and gift buyers a unified shopping experience. Products sold include uncut currency sheets, Lucky Money notes, and specialty currency products.
• Library of Congress National Library Service (NLS)coreChannel Partner/ Reseller/ DistributorBEP partners with the Library of Congress' National Library Service (NLS) for the Blind and Print Disabled to distribute iBill currency readers on behalf of BEP. NLS handles the distribution logistics for free currency readers to eligible blind and visually impaired individuals. NLS also administers a free library program for braille and audio materials.
• Federal Reserve SystemcoreOthersBEP delivers all Federal Reserve notes directly to the Federal Reserve System, which serves as the nation's central bank and distributes currency nationwide through its 12 regional Reserve Banks. The Federal Reserve places yearly currency orders with BEP.
• Crane CurrencycoreTechnology or IntegrationCurrency paper is made specifically for BEP by Crane Currency in Dalton, Massachusetts. Possession of this specialized paper is illegal for anyone other than BEP. The paper is composed of 75% cotton and 25% linen with embedded security features.
• U.S. Currency Education ProgramminorStrategic or Co-development PartnerBEP collaborates with the U.S. Currency Education Program (uscurrency.gov), which provides public education on currency security features, develops training tools, and launched the Cash Assist mobile application for cash handlers to identify authentic banknotes.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• De La Rue: De La Rue is the world's largest commercial currency printer and security printer, producing banknotes for over 140 countries. It is the closest private-sector analog to BEP's currency production business, operating similar intaglio, offset, and letterpress processes and selling security document solutions to central banks globally.
• Giesecke+Devrient: Giesecke+Devrient is a German-based global security technology company that prints banknotes for central banks and provides substrate, security features, and identity solutions. Its Currency Technology segment directly competes with BEP in the banknote design and manufacturing space.
• Orell Füssli: Orell Füssli is a Swiss security printer that produces banknotes for the Swiss National Bank and other central banks, along with identity documents and stamps. Its banknote printing division operates the same legacy intaglio and security printing model as BEP, servicing sovereign currency programs.
• Note Printing Australia: Note Printing Australia is a wholly-owned subsidiary of the Reserve Bank of Australia that produces Australian banknotes and security documents. It is the closest like-for-like government-owned currency printer to BEP, with the same monopoly-by-law mandate and Federal Reserve-equivalent single customer.

Broad incumbents

• United States Mint: The U.S. Mint is BEP's sister bureau under the U.S. Department of the Treasury, producing U.S. coinage, commemorative coins, and bullion. The Mint is BEP's strategic e-commerce distribution partner (since 2018) and operates in the same government-security-printing space, making it both a partner and a peer in U.S. government security document production.
• Federal Reserve System: The Federal Reserve System is BEP's sole customer and the U.S. central bank responsible for ordering, distributing, and withdrawing currency. While not a peer in the operational sense, the Fed's ordering decisions, cash-demand policy, and modernization priorities directly dictate BEP's volumes and product roadmap.

Emerging players

• Crane Currency: Crane Currency is a U.S.-based supplier of currency substrate (banknote paper) and micro-optic security features, and is the sole legal supplier of U.S. currency paper to BEP. Crane sits upstream in the banknote value chain rather than competing as a printer, but its proprietary substrates and security features are integrated directly into BEP's notes.

Others

• SICPA: SICPA is a Swiss-based provider of security inks and traceability solutions for banknotes, currencies, and identity documents. Its security inks are widely used in central bank notes worldwide, making SICPA a key enabling supplier in BEP's category even though it does not print currency itself.
• CCL Secure: CCL Secure is a global producer of Guardian polymer substrate for banknotes, used as an alternative to traditional cotton-based paper. While BEP continues to use cotton-linen paper, CCL Secure represents the principal competing substrate technology in the banknote industry.
• De La Rue (currency substrate) / Fortress Paper / Arjowiggins Security: Fortress Paper is a Canadian-based specialty paper manufacturer with a security paper segment producing banknote and currency substrates. It is part of the broader constellation of security paper/substrate suppliers on which the banknote industry depends, comparable to Crane Currency.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/usmoneyfactory
• YouTubeyoutube.com/@bepgov
• Facebookfacebook.com/BEPgov
• LinkedInlinkedin.com/company/bureau-of-engraving-and-printing
• Instagraminstagram.com/bepgov

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Bureau of Engraving and Printing