$30 million in $100 bills to be re-inspected and possibly destroyed after printing error
$30 million in $100 bills to be re-inspected and possibly destroyed after printing error, The newly redesigned $100 bills, which were to be released in 2011, haven't hit retailers, banks or consumers' wallets because the new counterfeit-proof design hasn't yet been printed successfully. The new bill is set to feature such touches as a chameleon-like Liberty Bell and 3-D images.
Newly redesigned $100 notes lay in stacks at the Bureau of Engraving and Printing in Washington, D.C., but the botched bills are going to be destroyed over faulty printing.
A pile of one hundred dollar bills totaling $30 million must be re-inspected and possibly disposed of after a printing error by the Bureau of Engraving and Printing.
Taxpayers will be footing the not-yet-determined cost of the review and possible reprinting, in addition to paying to destroy the "blunder" that occurred crafted money.
The latest production problem, called “mashing,” occurred at the Washington, D.C. printing plant of the Bureau of Engraving and Printing.
During printing this summer, too much ink was used and thus the lines on the artwork aren’t as clear as they should be, a spokesperson for the Bureau told the Daily News.
The Federal Reserve rejected the batch once they discovered that some of the bills were spoiled. Now the entire batch has to be re-inspected but the Bureau suspects the "majority" of $100 bills in the order will pass muster since only a "marginal fraction" were faulty.
"We have confidence in our process and employees," the BEP rep said, adding assurances that the new $100 bill will be released on time in October.
The counterfeit-proof bills are set to have new touches, including 3-D images and a chameleon-like Liberty Bell, among other features.
The Bureau wouldn't comment on the cause for the blunder and said the plant with undergo a testing process on the printing cyle to prevent it from happening again. All money printed at the two plants, that employs 2,000, is inspected by both the Secret Service and the Federal Reserve.
The redesigned $100 bill has been a headache for the Fed since the new counterfeit-proof design was introduced.The new bill will feature a chameleon-like Liberty Bell, miniaturized text in Benjamin Franklin’s collar and an array of 3-D images.
The modified money was supposed to be released in 2011, but as of yet, the new bill hasn’t seen the light of day.
For now, the Fed has put the D.C. printing plant on its blacklist and will only accept $100 bills printed at the Bureau’s plant in Fort Worth.
The agency is working to vamp up inspection and security to replace the “clearly unacceptable” currency, in order to meet the Fed’s deadline of October 8.
“There are dire consequences involved here because BEP sells Federal Reserve notes to the Board to finance our entire operation,” Larry Felix, BEP director, said, in a memo obtained by The New Yorker.
“If the BEP does not meet the order, the BEP does not get paid.”
Newly redesigned $100 notes lay in stacks at the Bureau of Engraving and Printing in Washington, D.C., but the botched bills are going to be destroyed over faulty printing.
A pile of one hundred dollar bills totaling $30 million must be re-inspected and possibly disposed of after a printing error by the Bureau of Engraving and Printing.
Taxpayers will be footing the not-yet-determined cost of the review and possible reprinting, in addition to paying to destroy the "blunder" that occurred crafted money.
The latest production problem, called “mashing,” occurred at the Washington, D.C. printing plant of the Bureau of Engraving and Printing.
During printing this summer, too much ink was used and thus the lines on the artwork aren’t as clear as they should be, a spokesperson for the Bureau told the Daily News.
The Federal Reserve rejected the batch once they discovered that some of the bills were spoiled. Now the entire batch has to be re-inspected but the Bureau suspects the "majority" of $100 bills in the order will pass muster since only a "marginal fraction" were faulty.
"We have confidence in our process and employees," the BEP rep said, adding assurances that the new $100 bill will be released on time in October.
The counterfeit-proof bills are set to have new touches, including 3-D images and a chameleon-like Liberty Bell, among other features.
The Bureau wouldn't comment on the cause for the blunder and said the plant with undergo a testing process on the printing cyle to prevent it from happening again. All money printed at the two plants, that employs 2,000, is inspected by both the Secret Service and the Federal Reserve.
The redesigned $100 bill has been a headache for the Fed since the new counterfeit-proof design was introduced.The new bill will feature a chameleon-like Liberty Bell, miniaturized text in Benjamin Franklin’s collar and an array of 3-D images.
The modified money was supposed to be released in 2011, but as of yet, the new bill hasn’t seen the light of day.
For now, the Fed has put the D.C. printing plant on its blacklist and will only accept $100 bills printed at the Bureau’s plant in Fort Worth.
The agency is working to vamp up inspection and security to replace the “clearly unacceptable” currency, in order to meet the Fed’s deadline of October 8.
“There are dire consequences involved here because BEP sells Federal Reserve notes to the Board to finance our entire operation,” Larry Felix, BEP director, said, in a memo obtained by The New Yorker.
“If the BEP does not meet the order, the BEP does not get paid.”
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