Tuesday, December 7, 2010

All About the Benjamins

The Treasury Department has a billion dollar problem on its hands. No, it's not Citigroup, inflation or the Troubled Asset Relief Program. It's the $100 bill.

About 1.1 billion new $100 bills have been quarantined by the Treasury Department's Bureau of Engraving and Printing because of a creasing problem. The billions of bills -- a whopping $110 billion -- will be held in vaults across the country where workers will sort the good bills from the bad. Because the flaw was difficult to detect, inspections of the quarantined bills will be done by hand.

The jazzy new bills were scheduled to go into circulation on Feb. 10, although the government announced on Oct. 1 that the currency was being delayed.

The new $100 note is the last U.S. bill to be redesigned with enhanced security features. It will have a 3-D security strip and a disappearing Liberty Bell. The government first started redesigning U.S. bills in 2003, in an effort to prevent counterfeiting. The $100 is the most counterfeited U.S. bill, according to the Federal Reserve.

No comments:

Post a Comment