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WASHINGTON, D.C.— The Federal Reserve has announced that the new U.S. hundred dollar bill that has been designed to better outsmart counterfeiters has entered the money supply today. The Federal Reserve, U.S. Department of the Treasury, U.S. Bureau of Engraving and Printing, and the U.S. Secret Service have contributed to the redesign of the new $100 Federal Reserve notes to stay ahead of counterfeiting threats.
Does your business use self check-out or other equipment that accepts $100 notes?
If so, you will need to make sure that your equipment is adjusted so it will correctly authenticate and accept the new $100 note design when it is issued. Contact the customer service representative for your cash-accepting equipment to arrange an update. The U.S. government works closely with manufacturers of cash-accepting equipment to ensure they have the information and time they need to prepare for the new $100 note. (From government website NewMoney.gov)
"The new design incorporates security features that make it easier to authenticate, but harder to replicate," said Federal Reserve Board Governor Jerome H. Powell. "As the new note transitions into daily transactions, the user-friendly security features will allow the public to more easily verify its authenticity."
The new $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell. The new features offer the public a simple way to visually authenticate the redesigned $100 note.
Sonja Danburg, manager for the U.S. Currency Education Program, explained in a training video that it will be some time before consumers and merchants may see the new notes. "The Federal Reserve Board is going to begin issuing the redesigned $100 note on October 8, 2013, but it may take some time before you see a new design $100 note in circulation," said Danburg. "We've built up large inventories of redesigned $100 notes in Federal Reserve Bank vaults across the United States. Beginning on October 8, any financial institution that orders $100s from the Federal Reserve will receive the new design. But 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."
The government advised that it is not necessary to trade in older-design $100 notes for new ones. It is government policy that all designs of U.S. currency remain legal tender, regardless of when they were issued.
Clarification, 3:30 p.m. EST - Blue MauMau's initial headline erroneously was "New $100 Bill Hits Stores Today." The $100 bill will begin to roll out today, October 8, but it will take some time to reach stores. The paragraph referencing Sonja Danburg was added after this article was published to add clarity on the timing in which these new notes might start hitting stores.