Magazine

New U.S. $10 Note to Begin Circulating March 2

Redesigned Series 2004 $10 notes will be issued beginning March 2, according to the U.S. Department of the Treasury and the Federal Reserve Board. On that day of issue, Federal Reserve banks will begin distributing the new notes to the public through commercial banks.
The notes will begin circulating immediately in the United States, and then will be introduced in other countries in the days and weeks following, as international banks place orders for $10 notes from the Federal Reserve.
The government announcement is designed to alert businesses that handle cash and use machines that receive or dispense cash to make final preparations for the new notes. For some businesses, getting ready for the new $10 note means training cash-handling employees on how to use the notes' updated security features; for others, the change involves making technical adjustments to machines that receive or dispense cash, such as vending and self-checkout machines.
To stay ahead of counterfeiters, the U.S. government redesigns the currency every seven to 10 years. As part of its education program aimed at preparing the public for the new $10 note, the Bureau of Engraving and Printing has put special emphasis on regular communication with manufacturers of cash-handling machines and their customers to ensure they have information and ample time to adjust their equipment to receive and dispense the new notes.
Highlighted by images of the Statue of Liberty's torch and the words "We the People" from the Constitution, the new $10 note incorporates easy-to-use security features for people to check their money, plus subtle background colors in shades of orange, yellow and red.
"As always, you don't have to trade in your old $10 notes for new ones. Both maintain their full face value," said Michael Lambert, the Federal Reserve Board's Assistant Director of Reserve Bank Operations and Payment Systems. "The updated security features in the redesigned $10 note ensure that it will continue to remain a source of value, trust and confidence around the world."
The new $10 note -- as with the redesigned $20 and $50 that preceded it -- incorporates state-of-the-art security features to combat counterfeiting, including three that are easy to use by cash handlers and consumers alike:
* Color-shifting ink: Tilt the note to check that the numeral 10 in the lower right-hand corner on its face changes color from copper to green.
* Watermark: Hold the note up to the light to see if a faint image of Alexander Hamilton appears to the right of his large portrait. It should be visible from both sides of the note. On the redesigned $10 note, it is easier than ever to locate the watermark: A blank oval has been incorporated into the design to highlight its location.
* Security thread: Hold the note up to the light and make sure there's a small strip that repeats "USA TEN" in tiny print. It should run vertically to the right of the portrait.
Counterfeiting of U.S. currency has been kept at low levels through a combination of improvements in security features, aggressive law enforcement and education efforts to inform the public about how to check their currency. Because the improved security features are more effective if the public knows about them, the U.S. government has been undertaking a broad, worldwide public education program that seeks to raise awareness of the changes to U.S. currency and to educate financial institutions, cash-handlers and the general public about those improvements.
Free educational materials, posters, handy "take one" cards, training videos and CD-ROMs are available to businesses, financial institutions, trade and professional associations, citizen groups, and individuals to prepare cash-handlers and consumers to recognize the new design and protect against counterfeits. Materials are available to order or download online at www.moneyfactory.gov/newmoney.

Article Abstract from January, 2006




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