New $100 Bills: U.S. Federal Reserve Introduces & Circulates Freshly Designed Currency To 9,000 Banks (Video)

The new $100 bill made its debut on Tuesday several years after it was scheduled to be released, reported CNNMoney.com. The Federal Reserve had previously announced that a problem with the currency's new security measures caused the bills to crease during printing, leaving blank spaces on them. The Federal Reserve is circulating the new bills at 9,000 banks beginning on Tuesday 

The new bill has several features including a "blue, 3-D security ribbon, as we ll as color-shifting ink that changes from copper to green when the note is tilted. That ink can be found on a large '100' on the back of the bill,' CNNMoney also noted.

Benjamin Franklin is featured prominently on the bill, but it no longer will be surrounded by a dark oval. This change is meant to thwart counterfeits, which have been prevalent in recent years. "Internationally, the $100 note is the most counterfeited. In most cases, because the amount of cost, time and effort it takes to counterfeit currency, replicating a $1 bill isn't a profitable endeavor," according Yahoo's The Exchange.

The prior design, whose circulation began in 1996, will still be considered legal, and will likely still be given by banks to its customers. When the banking institutions request $100 bills from the Federal Reserve, however, the newly designed 'Benjamins' will be distributed.

"The hundred is extremely popular in other countries. In countries that have high inflation, it's a more trusted medium of exchange." Where hundreds are concerned, she adds, "the fresher the bill, the better," said Tu Packard, a senior economist at Moody's Analytics, as reported by Bloomberg Businessweek. 

The Federal Reserve's proposed budget for printing costs in 2013 is nearly 7 percent higher than 2012,, "primarily attributable to a higher volume of more-expensive new-design $100 notes," according to the agency's website, as reported by NBC News.

Tags

New $100 Bills, U.S. Banks, Federal Reserve, American Economy

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