Sunday, December 12, 2010

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.