Banking Blog

Finance Blogs » Banking » New $100 bill to debut

New $100 bill to debut

By Marcie Geffner · Bankrate.com
Thursday, October 3, 2013
Posted: 11 am ET

A brand new $100 bill will begin circulating Oct. 8.

The redesigned U.S. currency still features a portrait of Benjamin Franklin, but it also incorporates new security features such as a blue 3-D ribbon that cuts vertically down the front of the bill to the right of the picture. The new bill should be easier for banks, merchants and consumers to authenticate, but harder for counterfeiters to copy, according to a Federal Reserve statement.

The new design was unveiled in 2010, but its planned February 2011 introduction was delayed two years ago. The Bureau of Engraving and Printing, which manufactures Federal Reserve notes, identified a problem that involved sporadic creasing of the paper during printing of the new $100 note. As a consequence, the Fed did not have a sufficient supply of the new notes to begin distributing them on the original schedule.

It might take time for consumers to see the redesigned $100 notes in circulation, explained Sonja Danburg, program manager for U.S. currency education at the Fed, in a video clip at NewMoney.gov, a federal government website about U.S. currency.

"We've built up large inventories of redesigned $100 notes in Federal Reserve Bank vaults across the United States," Danburg said. "Beginning October 8, any financial institution that orders $100s from the Federal Reserve will receive the new design. The time it takes a note to journey from there to businesses and consumers is influenced by distance, demand and the policies of individual financial institutions."

Consumers don't need to trade in older $100 bills. Instead, all the $100 bills already in circulation will remain legal and won't be recalled, demonetized or devalued.

"All designs of U.S. currency remain legal tender, regardless of when they were issued," Danburg said.

Follow me on Twitter: @marciegeff.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
4 Comments
karu
October 07, 2013 at 7:00 pm

Bob and Bill stop whining now.

karu
October 07, 2013 at 6:59 pm

You all stop whining.

Bob
October 06, 2013 at 11:47 pm

Another "taxpayer" without brains.

Bill Wheeler
October 06, 2013 at 1:16 pm

Just another way to bilk the taxpayer!

Add a comment

(Comments may take 5-10 minutes to appear)