The iconic 100-dollar bills are set to receive a significant makeover. In their continued fight against counterfeit currencythe Federal Reserve and the Bureau of Engraving and Printing are planning to both redesign and enhance security features on the cash currency. The 100-dollar bill will not be the only one seeing a revamp. All bills are set to be redesigned periodically to make bills harder to replicate to avoid the circulation of fake currency.
History of the 100-dollar bill
The history of the 100 bill dates back to 1861 when it was first issued as a Treasury Note during the Civil War. Initiallythe bill featured a portrait of Salmon P. Chasethe Secretary of the Treasury under President Abraham Lincoln. The 100-dollar bill has undergone several design changes over the yearsevolving in both security features and aesthetic details. In 1929the size of U.S. currency was reduced to its current dimensionsand the $100 bill began featuring the portrait of Benjamin Franklin.
Over timethe bill has seen the addition of numerous security features including watermarkssecurity threadsand hologramsto deter counterfeiting. In 1996a new redesigned 100-dollar bill was introduced with enhanced security features including a largermore detailed image of Franklin and a security ribbon. The most recent redesign was issued in 2013 and featured further improvements to these features with a blue security ribbon and a largeroff-center portrait of Franklin.
The fight against counterfeit money
The fight against counterfeit currency in the U.S. remains an ongoing effort as the governmentfinancial institutionsand businesses work to stay ahead of increasingly sophisticated counterfeiters. The U.S. Treasurythrough the Bureau of Engraving and Printing (BEP)has continuously updated the design and security features of U.S. currency to combat counterfeiting. This effort is also supported with initiatives by the Advanced Counterfeit Deterrence Steering Committee (ACD) and the Secret Service.
Part of the fight against counterfeit money is not only to preserve the authenticity of cash bills in circulation but to also protect the monetary value of the currency. The value of any currency is largely based on public confidence in its authenticity and reliability. When counterfeit currency circulatesit undermines that trust which makes people mistrust the circulation of cash.
AdditionallyCounterfeit money effectively increases the supply of currency in circulation without a corresponding increase in goods and services. When counterfeit bills enter the economyit creates a false perception of wealthcontributing to inflation. With more “money” in circulationthe purchasing power of legitimate currency can decreaseleading to higher prices for goods and services. Over timethis inflation can erode the real value of the currency.
Current plan to crack down on counterfeit cash
Initiatives which the Federal Reserve have already implemented to fight against counterfeit money is a tightening of restrictions of the extent of the damage a bill can have to have it exchanged at an ATMbusinessor bank. Bills which have been mutilated to the extent where it is difficult to determine their authenticity will have to be inspected and exchanged at specific banking locations. This kind of mutilation mostly applies to water-damage and cash being burnt.
While specific details are yet to be announced for the changes to the 100-dollar bill (including the fate of the face of Benjamin Franklin)it is expected to involve changes to the security strip and other identification features. The updated bill is set to be put into circulation between 2034 and 2038. A new ten-dollar bill is set to debut even sooner than this with the updated bill set to be released as early as 2026. In additiona new five-dollar bill will debut between 2032 and 2035.
