New $100 bill release date arrives
Retailers, credit unions, banks, gaming properties, armored carriers, government agencies and virtually any organization that deals with large volumes of cash need to be ready for the release of the new $100 bill. The latest version of the banknote means organizations across the country will need to update their cash counters to ensure they can accurately process the new notes. The new $100 bill will be in circulation beginning Oct. 8. Updating money counters or buying a more efficient model is a smart idea and will streamline the cash counting process.
The new version of the $100 piece of currency is going to be much easier to authenticate and more challenging to counterfeit, according to CNN. Benjamin Franklin's portrait will still be featured on the front of the bill, though there are few similarities besides that. The oval that previously surrounded Franklin is no longer there, matching the rest of the most recent bills, and an array of new design elements have been added. CNN mentioned the blue, 3-D ribbon on the bill as well as the shape-shifting ink used across the piece. USA Today reported that the entire feel of the bill is much more authentic and textured with raised print. Additionally, there are new icons that act as security features and a new inkwell design. When tilted, a new watermark also appears over Franklin's face.
Any organization that deals with cash should invest in the technology to count cash if they haven't already, and those who already own a cash counting machine should ensure their model is updated with the latest software to read the new bills. Keeping up to date on the latest money counting technology as well as educating employees on how to authenticate the new bill, will ensure business success.
October 8, 2013