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.
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