Saw this on my bank's website.  Thought you'd be
interested in knowing.

Kacie Weldy
Usher's II in Indy

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Joint Press Release Board of Governors of the Federal
Reserve System
Bureau of Engraving and Printing


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For Immediate Release
June 20, 2002


U.S. TREASURY AND FEDERAL RESERVE ANNOUNCE PLANS FOR
REDESIGNED NOTES
NexGen notes are latest in series to add
anti-counterfeiting features
In keeping with their strategy of maintaining the
security of Federal Reserve notes by enhancing the
design of U.S. currency every seven to ten years, the
Department of the Treasury's Bureau of Engraving and
Printing (Bureau) and the Federal Reserve Board today
announced plans to release the next generation of
redesigned notes, with improved security features to
deter counterfeiting.

The new design, referred to as NexGen, affects the
$100, $50, and $20 notes. Circulation of the NexGen
series could begin as early as fall 2003 with the
introduction of the redesigned $20 note. The $100 and
$50 notes will follow in twelve to eighteen months.
Consistent with past design changes, the NexGen notes
will remain the same size and use similar portraits
and historical images to maintain an American
appearance. The NexGen designs will include the
introduction of subtle background colors. While color
is not in itself a security feature, the use of color
provides the opportunity to add additional features
that could assist in deterring counterfeiting. The
introduction of additional colors will also help
consumers to identify the different denominations.

The new series will retain current security features,
including watermarks similar to the portrait and
visible when held up to a light, enhanced security
threads that glow under ultraviolet light,
microprinting, and color-shifting ink that changes
color when the note is tilted.

The purpose of the currency redesign is to stay ahead
of advanced computer technologies used for some types
of counterfeiting. According to the U.S. Secret
Service, $47.5 million in counterfeit money entered
into circulation in fiscal year 2001. Of this amount,
39 percent was computer generated, compared with only
0.5 percent in 1995.

The redesign of $10 and $5 notes is still under
consideration, but a redesign of the $2 and $1 notes
is not included in the plans for the NexGen series.
Release of NexGen notes will have no effect on money
already in circulation. These notes will co-circulate
with older series notes. The U.S. government has never
recalled or devalued its currency.

As part of the introduction of NexGen currency, the
Bureau and the Federal Reserve System are planning an
extensive public education effort aimed at informing
target industries - such as financial institutions,
law enforcement, retail and vending industries - and
the general public about the new designs. This effort
will encourage people who use U.S. currency to
familiarize themselves with the redesigned money so
they can easily authenticate currency as genuine.

The first initiative of the public education effort is
already underway. The Bureau is working with
manufacturers of currency-accepting machinery to
expedite the development of software and other
devices, so vending machines and similar equipment
accept NexGen notes. The cooperative effort allows a
smooth transition for vending machine owners, mass
transit agencies, the gaming industry, and other
proprietors that rely on currency-accepting machinery
to conduct business transactions.

The redesigned currency program is a partnership among
the Federal Reserve System, the Department of the
Treasury, the Bureau of Engraving and Printing and the
United States Secret Service. The Secretary of the
Treasury establishes the design and appearance of U.S.
currency.

Information about the previous redesigned 1996 notes
and the history of U.S. currency is available at the
Bureau's website at www.moneyfactory.com.



Federal Reserve   Susan Stawick 202-452-2955
Bureau of Engraving and Printing   Dawn Haley
202-874-3545



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