New $100 Bills to Be Shipped March 25
Mar. 04, 1996
WASHINGTON (AP) _ New redesigned $100 bills aimed at foiling increasingly sophisticated counterfeiters will be shipped to banks nationwide on March 25.
The Treasury Department and Federal Reserve said today the initial shipment will be $80 billion in new bills, which feature a large, off-center portrait of Ben Franklin and security features such as color-shifting ink and a watermark.
The shipment represents a third of the estimated $240 billion of $100 notes circulating nationwide, officials said.
The new bills gradually will replace bills already in circulation as banks deposit the older money with the Federal Reserve. For now, both old and new bills will circulate.
Federal Reserve Board Governor Susan Phillips said the government will not recall or devalue the old currency.
Deputy Treasury Secretary Lawrence Summers said the government always will honor all currency at full face value. The $100 bill is the first in a series of redesigned currency, with new versions of smaller denominations rolling out over the next five years.
Last week, a House Banking subcommittee heard that counterfeiting of U.S. currency, particularly the $100 bill, is on the rise overseas. But the problem so far doesn't pose a threat to the U.S. economy, officials said.
Treasury officials said counterfeiting isn't widespread and it's unlikely that citizens will encounter bogus greenbacks.