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During
the month of March, the US Treasury and the Federal Reserve
Bank will begin circulating the redesigned $10 bill. In an
ongoing process to thwart counterfeiters, the federal government
will redesign the currency every seven to 10 years.
According to the Bureau of Engraving and Printing, the new
$10 bill will be highlighted by images of the Statue of Liberty’s
torch and the words “We the People.” The new note will also
incorporate easy-to-use security features for people to check
their money and subtle background colors in shades of orange,
yellow and red. If your wallet has some of the old $10 notes,
don’t worry. The old currency will still maintain its full
face value.
When you receive your first redesigned $10 bill, note three
security features designed to combat counterfeiting.
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Color-Shifting Ink. Tilt your $10 bill to check that
the numeral “10” in the lower right-hand corner on the face
of the note changes color from copper to green.
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Watermark. Hold the new note up to the light to see
if a faint image of Treasury Secretary Alexander Hamilton
appears to the right of his larger portrait. This watermark
should be visible from both sides of the note. On the redesigned
note, the watermark is easy to locate—a blank oval has been
incorporated into the design to highlight the watermark’s
location.
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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.
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Improvements in digital
technology have greatly increased counterfeiting. According
to the Secret Service, one percent of counterfeit bills were
produced on digital equipment ten years ago. Today, 56 percent
of counterfeit bills are produced using new digital technology.
Constant improvements in security features, aggressive law
enforcement and education efforts to inform the retail industry
and the general public are being used to stem the tide of
counterfeiting of US currency.
Three federal agencies work in tandem when introducing new
bills into public circulation. The US Treasury handles the
design, printing and production. The Federal Reserve is responsible
for making sure that the banks have the actual money for circulation.
Lastly, the Secret Service works to enforce anti-counterfeiting
laws through public education and ensuring that the banking
industry is up to speed on identifying and authenticating
bills.
The new $10 note is the latest in the new series of US currency.
The new series began with the $20 note in 2003 and continued
with the $50 note in 2004. The next currency denomination
to be redesigned will be the $100 note.
CONSUMER TIPS is provided as a public
service by the Missouri Independent Bankers Association
AND
Community Bank of the Ozarks
P.O. Box 43
Sunrise Beach, MO 65079
(573) 374-5245
1-800-927-4314
www.cbobanker.com
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