CURRENCY STRAPS

A currency strap, also known as a currency band or bill strap is a simple paper device designed to hold a specific denomination and number of banknotes.

In the United States, the American Bankers Association has a standard for both value and color, as shown below.

Measured and standardized straps are a relatively new idea. For example, until the mid-1970s, the U.S. 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. To help the Currency Counting staff keep up, the Bank began strap-sorting the $1 to $20 notes.