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Troubled $100 FRNs
By Bank Note Reporter
August 27, 2013

This article was originally printed in Bank Note Reporter.
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Doubts have been raised whether the new $100 bill will be issued by the Oct. 8 deadline previously announced. The Bureau of Engraving and Printing assures us that the deadline will be met.

However, about the same time this image of U.S. Treasurer Rosa Gumataotao Rios was taken, Aug. 15, at this year’s American Numismatic Association World’s Fair of Money in Rosemont, Ill., reports began appearing in the general press that there have been additional problems with the printing of the new security-laden $100 Federal Reserve Notes, as first reported by David Wolman in The New Yorker.

The release of $100s was previously delayed by more than two years as the result of creasing.

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“This time, recent batches of cash from the Washington, D.C. plant contained ‘clearly unacceptable’ bills intermixed with passable ones, according to a July memo to employees from Larry Felix, the bureau’s director,” Wolman wrote in his Aug. 13 article, “A Blunder at the Money Factory.”

“So the Fed is returning more than thirty million hundred-dollar notes” and demanding its money back, Felix wrote. Another thirty billion dollars’ worth of paper sits in limbo awaiting examination, and Fed officials have informed the bureau that they will not accept any hundred-dollar notes made at the Washington, D.C., facility until further notice.”

The notes suffered from too much ink being applied, which leads to detail lines not being as clear as they should be, a problem known as “mashing.”

BEP spokeswoman Darlene Anderson has since characterized the problems as affecting “a small fraction” of the $100s slated for release on Oct. 8 and said that the next-gen $100 will be released on time.



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Comments
On August 29, 2013 Bob L said
STOP THE PRESSES! Find the cause of the problem, fix the problem, then issue a quality product. And... fire the people who continuously misstate deadlines and those that feel it is OK to issue flawed products.

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