As the Federal Reserve prepares to begin the circulation of the new $100 bill, consumers are eager to get an in-person glimpse of this publicized note, and businesses need to ensure their cash processing equipment can handle the new bill.
New $100 bill a long time coming
Several years ago, the government announced a redesign of many American bills. The $5, $10, $20 and $50 banknotes were updated with new security features and slowly introduced to banks and consumers. Counterfeiting concerns also led the government to redesign the $100 bill with new anti-forgery features. Its new design, which includes security strips that are woven into the fabric, watermarks and colors that change when the bill is tilted, was revealed in 2010.
While the other new bills were introduced without any significant issues, production of the $100 has been stalled since its new look was unveiled. Unexpected problems with creasing halted the printing process and forced the government to push back anticipated circulation dates.
Anticipated to be seen in circulation soon
The problems have been resolved and the Federal Reserve announced it will begin circulating the new bill on October 8, 2013. While old $100 notes will remain legal tender and still be accepted by businesses and banks, as they make their way back to the Federal Reserve, they will be destroyed and replaced with the new version. In the weeks before the new bill is officially released, the Federal Reserve has said it will work with business owners and consumers to keep them informed of the new design and ensure they are aware of the upcoming changes.
Businesses and financial institutions will still handle plenty of old $100 bills before they're completely phased out, and the introduction of the new design may have more people using this bill to see the new design in person. Companies that handle lots of of cash transactions may need to update or trade out their money counters to ensure they can process the new bill, as well as the old version.
July 22, 2013