(Archived Content)
Treasury Secretary Robert E. Rubin and Federal Reserve Board Chairman Alan Greenspan announced today that the U.S. will issue a new $100 note that has been redesigned to incorporate numerous new and modified security features. The new note, which will be released in early 1996, is the first of the U.S currency series to be redesigned to stay ahead of advances in reprographic technology.
Secretary Rubin and Chairman Greenspan stressed the United States will not recall or devalue any of the existing currency. Over $380 billion in U.S. currency is in circulation, two-thirds of it overseas.
The introduction of the new design represents an important step in an on-going process to maintain the security of the nation's currency by staying ahead as technologies such as color copiers, scanners and printers become more sophisticated and accessible.
What we are doing with the introduction of the 1996 series note is similar to what other administrations have done throughout our history: we are improving the security of the currency, and maintaining its integrity and global reputation, Secretary Rubin said. It is being modernized to stay ahead of printing technology, and the possibilities that technology will create for counterfeiting, he said.
I want to assure you that the United States has never recalled its currency and will not do so now, Chairman Greenspan said. Old notes will not be recalled or devalued. The United States always honors its currency at its full face value, no matter how old.
New currency will be issued at the rate of one denomination per year, starting in early 1996 with the $100 bill. As older notes reach the Federal Reserve from depository institutions, they will be replaced by the newer notes.
In order to make room for the new security features, the overall architecture of the design has been changed somewhat and the borders simplified. Microprinting and security threads, which first appeared in the 1991 series currency, have been effective deterrents and will appear in the new notes. The new and modified features are:
A larger portrait, moved off-center to create more space to incorporate a watermark.
The watermark to the right of the portrait depicting the same historical figure as the portrait. The watermark can be seen only when held up to the light.
A security thread that will glow red when exposed to ultraviolet light in a dark environment. The thread will be in a unique position on each denomination.
Color-shifting ink that changes from green to black when viewed from different angles. This feature appears in the numeral on the lower right-hand corner of the bill front.
Microprinting in the numeral in the note's lower left-hand corner and on Benjamin Franklin's coat.
Concentric fine-line printing in the background of the portrait and on the back of the note. This type of printing is difficult to copy well.
Other features for machine authentication and processing of the currency.
The protection of each note derives from the use of these individual features and their accumulated effectiveness.
A worldwide education campaign will educate users of U.S. currency about the design changes.
The new features were developed by the New Currency Design Task Force, comprised of representatives from the Treasury Department, Federal Reserve System, U.S. Secret Service and the Bureau of Engraving and Printing (BEP). A separate but complementary report by the National Academy of Sciences, solicited by the BEP, was released in December 1993.
The announcement was held in the Cash Room of the U.S. Treasury Department. Rubin and Greenspan were joined by U.S. Treasurer Mary Ellen Withrow, U.S. Secret Service Director Eljay B. Bowron, Federal Reserve Board Governor Edward W. Kelley, Jr., and Bureau of Engraving and Printing Director Larry Rolufs, and Treasury Under Secretary John D. Hawke, Jr.
Remarks by Secretary Rubin and Chairman Greenspan and fact sheets on the currency are available on Treasury's interactive fax system at (202) 622-2040.