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  #1  
Old 25 April 2013, 08:41 PM
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Icon605 New $100 Bill to Go Into Circulation in October

A redesigned $100 bill is headed for wallets after printing glitches delayed production by two years.

http://blogs.wsj.com/economics/2013/...on-in-october/
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  #2  
Old 25 April 2013, 10:15 PM
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I know the story said that the $100 bill is the most counterfitted, but I wish they'd work on a new $20 next. That's the one I've run in to the most trouble with at jobs.
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Old 25 April 2013, 11:35 PM
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I still don't get how making hard-to-counterfeit notes helps anything when the old-style notes remain legal tender. I know they are retiring the old notes as they come in, but if the old notes are still honored, then there's nothing stopping the counterfeiters from just continuing to make the old notes.

I suppose the one difference is that the old-style notes might get more scrutiny as they become more rare.
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Old 25 April 2013, 11:44 PM
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Well there isn't much they can do that doesn't provide a major inconvenience for normal people. You can't just outlaw currency, people would be in an uproar considering that the currency was legal and nobody consulted them about that money.

We did this before with the last bill re-designs that happened. The biggest problem was with the newest currency and training wasn't well done.
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Old 25 April 2013, 11:51 PM
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Who said anything about outlawing currency?

The process I'm talking about happens elsewhere. There's a period of time within which to turn in the old currency in exchange for the new, and then after that period the old currency is no longer honored.
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Old 26 April 2013, 12:02 AM
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There's no way you could get every business in America to stop honoring money without severe penalties. And that's never going to happen. It's up to the banks to take the money and return it to the Federal Reserve, not businesses. I still get old $20s, $10s and $5s. Not a lot, but I still see them. Older $100s and $50s are much rarer.

They'll all be phased out someday, but it's a long, slow process.
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  #7  
Old 26 April 2013, 12:11 AM
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Yeah, if I were a counterfeiter, I don't think I'd want to print anything bigger than twenties - fifties and hundreds tend to be much more closely scrutinized. Even twenties get looked at a lot of places, though not quite so much as ten or twenty years ago.

I recall an episode of Barney Miller where they arrested a guy who had been counterfeiting $1 bills for decades - just a few hundred a year, to help make his own ends meet. He'd only gotten noticed because inflation had finally forced him to move up to fives. Always wondered if that might be based on a real case - it might not be as plausible to get away with as it seems. (Sooner or later, no matter how small the bill, it will get to a bank that might notice. Though, there was the famous Nazi operation to counterfeit British bills during World War II, which produced such authentic notes that even the central bank had trouble distinguishing them.)
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Old 26 April 2013, 12:17 AM
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Quote:
Originally Posted by erwins View Post
I still don't get how making hard-to-counterfeit notes helps anything when the old-style notes remain legal tender. I know they are retiring the old notes as they come in, but if the old notes are still honored, then there's nothing stopping the counterfeiters from just continuing to make the old notes.
Once the old notes are discontinued, as time goes by it becomes more and more difficult for counterfeiters to introduce large quantities of brand new old-style bills into circulation without raising suspicion. Sure, they could go to the time and effort of artificially aging their fake bills and spending them only in small quantities, but it's an inherently limiting approach.
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Old 26 April 2013, 12:36 AM
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Quote:
Originally Posted by E. Q. Taft View Post
I recall an episode of Barney Miller where they arrested a guy who had been counterfeiting $1 bills for decades - just a few hundred a year, to help make his own ends meet. He'd only gotten noticed because inflation had finally forced him to move up to fives. Always wondered if that might be based on a real case
Yes, it was, although in reality he never printed anything higher than $1.
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Old 26 April 2013, 01:07 AM
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Quote:
Originally Posted by LizzyBean View Post
There's no way you could get every business in America to stop honoring money without severe penalties. And that's never going to happen. It's up to the banks to take the money and return it to the Federal Reserve, not businesses. I still get old $20s, $10s and $5s. Not a lot, but I still see them. Older $100s and $50s are much rarer.

They'll all be phased out someday, but it's a long, slow process.
You don't make businesses stop honoring them. The Fed would stop accepting them on a certain date, which in turn would make banks, businesses and people stop accepting them on that date. Again, it happens elsewhere from time to time. (Here's one example: http://www.cbos.gov.sd/en/node/2349).

The Fed is, as I said, retiring the old notes as they come in, but in theory 20 years from now a person could still be spending 100s from 1970, which seems silly to me. I'm also not saying they should require the replacement right now--it makes sense to wait until most bills have been replaced in the normal course, but it still seems odd that you can still spend 100s that are 2 designs out of date.
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  #11  
Old 26 April 2013, 01:30 AM
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Slight hi-jack: I was checking a hundred for watermarks and the security strip a year or so ago. I don't use the counterfeit pens because they are pretty much useless because of the washing of smaller denominations and printing hundreds on them. Anyway, the guy saw me do it and asked me what I was looking for. I told him the watermarks and the security strip. He told me that his friend or someone, "...takes the strips out because do you know what those are really there for?" I said yes, to keep it from being too easily counterfeited. He said "NO, it's there because the government can watch you from satellites in outer space!" I just burst out laughing and finished the transaction with the most dignity I could muster.

The new ones look interesting. Hopefully, they won't take as much examination to verify. And we've had problems with 20's a lot too, but we're so busy now that examining everyone we get, hundreds of them a shift, would just take too much time. A couple of times we've tightened up scrutiny because of 20's and both times we all pretty much stop because of the time crunch.
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Old 26 April 2013, 01:46 AM
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Quote:
Originally Posted by Sylvanz View Post
Slight hi-jack: "...takes the strips out .

Is that even possible to do without tearing up the bill??

Dawn--I find those strips cause interference with the CIA messages that I receive through my dental fillings--Storm
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  #13  
Old 26 April 2013, 01:56 AM
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Quote:
Originally Posted by DawnStorm View Post
Is that even possible to do without tearing up the bill??

Dawn--I find those strips cause interference with the CIA messages that I receive through my dental fillings--Storm
I'm told it can be done with patience. They are apparently (as told to me by whom I don't remember so there's that) not print but separate strips of some sort woven into the bill. I haven't tried as I don't want to waste my money. I know you couldn't spend it at our store. Well, if it was a 50 or 100 if it was a 20 and not obvious I guess you could get it by us.

You need the new white fillings they pick things up much better.
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  #14  
Old 26 April 2013, 02:44 AM
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Quote:
Originally Posted by erwins View Post
The Fed is, as I said, retiring the old notes as they come in, but in theory 20 years from now a person could still be spending 100s from 1970, which seems silly to me.
Why is it silly that the government's obligations to its own law-abiding citizens don't have an expiration date?
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  #15  
Old 26 April 2013, 05:25 AM
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Just as a data point - since Germany switched from the Deutsche Mark to the Euro, Deutsche Mark are only accepted at the Landeszentralbank (similar to the US Federal Bank). There, however, they will be accepted forever, so if you open the back side of a cabinett you inherited from your grandparents in 2076 and find a stash of Deutsche Mark notes hidden there in the 1980's, you will be able to carry them to the Landeszentralbank and have them exchanged into Euro.

With big stashes of notes, the police might come and ask some questions though, in case the money is from a crime...
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  #16  
Old 26 April 2013, 08:14 AM
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It is mimilar to that in the UK. When new note is released banks will accept the old one for about 2 years, after that you have to send it directly to the Bank of England, even in Wales/Ireland/Scotland, for it to be exchanged.
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  #17  
Old 26 April 2013, 08:44 AM
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Ah--even better then. That makes sense as a way to handle it.
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  #18  
Old 26 April 2013, 01:37 PM
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Quote:
Originally Posted by LizzyBean View Post
I know the story said that the $100 bill is the most counterfitted, but I wish they'd work on a new $20 next. That's the one I've run in to the most trouble with at jobs.
It said that it is the most counterfeited outside the US. I saw a Discovery Channel show that said that the $20 was the most counterfeited. The show said that was because of the 20's popularity, and because it is a low enough value to not raise eyebrows.
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  #19  
Old 26 April 2013, 02:21 PM
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Quote:
Originally Posted by LizzyBean View Post
I know the story said that the $100 bill is the most counterfitted, but I wish they'd work on a new $20 next. That's the one I've run in to the most trouble with at jobs.
I've seen signs in shops in some central and south-east Asian countries that say they will not accept $US20 notes.

Quote:
Originally Posted by LizzyBean View Post
They'll all be phased out someday, but it's a long, slow process.
Australia introduced and slowly phased in new polymer bank notes from around 25 years ago. The old "paper" money is still accepted, as it is, and always will be, legal tender. I haven't seen one in circulation after about a year of the introduction of the new notes.

Interestingly, when we switched to decimal currency in 1966, the old pound notes remained legal tender to this day. They are valued at $2 per 1. The old pre-decimal notes are generally worth more than that as a collectible.
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  #20  
Old 27 April 2013, 06:49 AM
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No Former counterfeiter says new $100s not worth attempting

A former counterfeiter told a Philadelphia radio station he "wouldn't even attempt" to counterfeit the new $100 bills if he returned to his life of crime.

http://www.upi.com/Odd_News/2013/04/...6041367007432/
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