 In a New York Federal Reserve publication, Goldberg writes that "about 65 percent ($580 billion) of all banknotes are in circulation outside of the country".These figures are largely contradicted by Federal Reserve Board of Governors Flow of Funds statistics, which indicate that $313 billion (36.7 percent) of U.S. currency was held abroad at the end of March 2009.Feige calculates that since 1964, "the cumulative seigniorage earnings accruing to the U.S. by virtue of the currency held by foreigners amounted to $167–$185 billion and over the past two decades seigniorage revenues from foreigners have averaged $6–$7 billion dollars per year".