Hi All,
A few years back, when the currency was redesigned, I had to purchase another Note Teller. Does anybody know if I will have to buy another Note Teller every time the currency is changed? It could get expensive as the price of a Note Teller is $300.
Harvey
> ----- Original Message -----
>From: DB Jose <[log in to unmask]
>To: [log in to unmask]
>Date: Sun, 18 Aug 2002 20:39:38 -0500
>Subject: Fw: [Usher-Friends] US Currency Changes
>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
>-------------------------------------------------------------------------
>-------
>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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