New $100 bills delayed due to massive treasury error

US Taxpayers will be on the hook for $137.5 million due to a printer error in producing the new $100 bills. Since it cost about 12.5 cents per bill to print the new $100 and billions were printed wrong, with blanks and creases, this error will cost $137.5 million and delay the new bills by months.
More than 1 billion worth of the brand new 100 dollar bills slated to be released next year have been quarantined because of the printing problem. The bills that have been rendered useless, have a creasing problem on one of its edges that when unfolded, reveals a blank portion on the bill where a security ribbon should be. The new design was supposed to make them more resistant to counterfeiting.
A new release date for the updated $100 bill has not been set, but the official emphasized that there will be no disruption in the money supply due to the delay, as the Fed has already ordered printers to produce more of the current design to compensate.

Counterfeit money is creating havoc for merchants

When the merchant deposits a fake bill the bank will find the fake money and alert them. The merchant then suffers the loss on the money. More and more merchants are discovering that counterfeit money is hard to detect. The bad economy is causing a big rise in the number of counterfeit bills circulated. The bills are harder to detect because counterfeiters are learning new methods to disguise fakes. The pen detectors are now obsolete. Counterfeiters are washing bills and then reprinting higher denominations on the blank government paper, this makes the counterfeit pens useless because they work by detecting the chemicals in the government paper. Also counterfeiters are using chemicals such as fabric softeners to fool the counterfeit pens. Now the only foolproof method of identifying counterfeit bills are with an electronic infra-red detectors such as the C-3300 counterfeit detector . The detector should be installed next to each point of sale station and every bill $20 or larger should be checked at the time of the sale. If a fake bill is detected it should be refused and authorities should be alerted.

Federal Reserve Announces Delay in the Issue Date of Redesigned $100 bills

The Federal Reserve Board announced a delay in the issue date of the redesigned $100 note. This new design incorporates cutting edge, anti-counterfeiting technologies and the Federal Reserve imposes strict quality controls to ensure that users of U.S. currency around the world receive the highest quality notes. The Bureau of Engraving and Printing manufactures Federal Reserve notes and has identified a problem with sporadic creasing of the paper during printing of the new $100 note, which was not apparent during extensive pre-production testing. As a consequence, the Federal Reserve will not have sufficient inventories to begin distributing the new $100 notes as planned. The Bureau of Engraving and Printing is working to resolve this problem, and the Federal Reserve Board will announce a new issue date for the redesigned $100 note as soon as possible. The originally scheduled issue date was February 10, 2011.

Cracking Down on Counterfeit Cash

The commonly-used marker to detect counterfeit money doesn't work on bleached bills.

The Secret Service, the agency which investigates counterfeiting, reports removing more than twice as many fake bills from circulation in fiscal year 2009 compared to the year before.

But around Houston, Cynthia Marble, Secret Service Assistant Special Agent in Charge, says only a specific kind of counterfeiting is on the rise.

"It's what we call bleaching a note, which is taking a lower denomination, bleaching it and printing over it with a higher denomination," she says.

The commonly-used marker to detect counterfeit money doesn't work on bleached bills. We now have the C-3310 automatic bill counterfeit detector. This infrared device actually displays the proper denomination of the bills and keeps a running count of bills checked by value.
Check it out here

$100 bills to get makeover with disappearing Liberty Bell

Last month, when the Treasury Department announced that it was revamping the $100 bill yet again to curtail counterfeiters, the Associated Press said that the new design — which employs a new "moving" microprint technology — was "like something straight out of the Hogwarts School of Witchcraft and Wizardry."
To hype the new bill, the Treasury set up a website featuring a clock counting down the hours, minutes, and seconds to its unveiling. That clock just ran down to zero, with Treasury officials unveiling the new bill at a news conference at 10:15 a.m. ET Wednesday. While Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke were on hand for the occasion. Read More

Treasury unveils new $100 bill

Washington (CNN) -- Benjamin Franklin gets a facelift as the Treasury Department unveils a new $100 bill Wednesday, the first remake of the denomination since 1996.
The new design for the $100 note made its debut during a 10:30 a.m. ceremony at the Department of the Treasury's Cash Room attended by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke.
"The $100 note is the highest value denomination of U.S. currency in general circulation, and it circulates broadly around the world," according to a statement from the Bureau of Engraving and Printing. The denomination is popular when large amounts of cash need to be carried internationally.
Anti-counterfeiting measures are the main reason the United States has been making changes in currency. Read entire Story

US: currency valuation will be raised with China at summit next week, Treasury Department says

5/19/2010
WASHINGTON - The U.S. Treasury Department's senior co-ordinator for China affairs says the United States will raise what it considers China's undervalued currency at strategic China-U.S. talks next week. He is giving no indication of when China might move to strengthen its yuan.
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