On Tuesday, the Federal Reserve will distribute the new $100 bill, which is designed in a way that will decrease counterfeiting issues. The new bill have more color, a different paper blend, a holographic inkwell, and a 3-d blue strip, which took over 10 years to be created. This is because the $100 bill is the most common bill to be stolen and counterfeited. Currency collectors are keeping their eye on the bills, some of which are willing to pay $15,000 for bills with low serial numbers (e.g. 00000001through 00000100). The most important purpose of the new $100 bill is to decrease the amount of counterfeiting issues within the nation.
3 comments:
I really like the idea of a new bill design because well... it looks much better. I personally haven't had much contact with the counterfeiting world, but I think that this will make it a little harder to do the crime. The problem is that the counterfeiters will be right behind the Federal Reserve in regard to making bills, and I think that people will soon cease to be able to tell the difference. I'm not sure how big of a problem counterfeiting is, but this new design better be worth the 10 years they put into it.
Considering that it has taken over 10 years to make, I believe that counterfeiting issues will definitely be prevented. I actually expected that the $20 bill would be the most likely to be counterfeit since those bills are more common and are of still high value. Hopefully these new features will be used in other bills as well.
I personally think the new design is somewhat refreshing, but it will be interesting to see how fast these bills make their way overseas. It's been speculated that over 30% of $100 bills are circulating overseas, largely due to the fact that US currency is often used in illegal transactions. Thus, in my opinion, the $100 bill has importance as an icon. Ben Franklin is the face of counterfeiting, and I think the convenience inherent in the $100 bills will keep things that way. I don't doubt that this will decrease counterfeiting, but I expect counterfeiters to respond as well.
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