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New High Tech $100 Bills Start To Circulate Today
Hugh Pickens DOT Com writes "New $100 bills made their debut today in the U.S. They include high tech features designed to make it easier for the public to authenticate but more difficult for counterfeiters to replicate. Those measures include a blue, 3-D security ribbon, as well as color-shifting ink that changes from copper to green when the note is tilted (PDF). That ink can be found on a large '100' on the back of the bill, on one of the '100's' on the front, and on a new image of an ink well that's also on the front. 'The $100 is the highest value denomination that we issue, and it circulates broadly around the world,' says Michael Lambert, assistant director for cash at the Federal Reserve Board. 'Therefore, we took the necessary time to develop advanced security features that are easy for the public to use in everyday transactions, but difficult for counterfeiters to replicate.' The bill was originally due to reach banks in 2011, but three years ago the Federal Reserve announced that a problem with the currency's new security measures was causing the bills to crease during printing, which left blank spaces on the bills. This led the Feds to shred more than 30 million of the bills in 2012. The image of Benjamin Franklin will be the same as on the current bill, but like all the other newly designed currencies, it will no longer be surrounded by an dark oval. Except for the $1 and $2 bill, all U.S. paper currency has been redesigned in the last 10 years to combat counterfeiting."
So why would I bother trying to counterfeit the newer more difficult bills instead of just doing the older easier ones since they remain legal tender?
It was never backed by gold. It was always backed only by promises. There was not enough gold to pay back if every dollar was brought in for a gold payout.
Learn to love Alaska
no, the Federal Funds Rate is currently 0.25% and for overnight loans. very short term so does not have the explosive inflationary effect you seem to imagine.
It costs 18.03 cents to mint those dollar coins, but only 5.4 cents to print a one dollar bill. So why exactly would they want to get rid of the paper bill?
Because coins can last for decades, whereas paper money has to be continually replaced. I'm sure I read somewhere that the Bank of England heats the building by burning old money, which is replaced by new notes.
"It has had value since humans placed value on things."
Correction: it has been GIVEN value since humans placed value on things. You can't eat gold, right? you can't shelter with gold, right?
Now, think of it. Gold has value because people gave it value. This means that other things can have value as long as people gives value to them. Pretty papers with a portrait of a famous dead guy, for instance.