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New $5 Due March 13
 | By Bank Note Reporter
March 11, 2008 |
The colorized Series 2006 $5 Federal Reserve Note is set for release March 13, the occasion to be marked by a "first spend" event at Lincoln's Cottage at the Soldiers' Home.
At 10:30 a.m. that day, U.S. Treasurer Anna Escobedo Cabral, Michael Lambert of the Federal Reserve Board, Pamela Gardiner of the Bureau of Engraving and Printing and Michael Merritt of the U.S. Secret Service will participate in spending the first of the new $5s.
The plan is to purchase an item in the Lincoln's Cottage gift shop, using a new $5 in the transaction.
No unique details of the $5 note to be used were available.
"In past events the merchant who received it has asked the officials to sign it," said Taylor Samuelson, a representative of Burson-Marsteller, the public relations firm aiding with public education efforts relating to currency redesign. "I can't promise that will happen this time too, but it's likely," she said.
About 180 million colorized $5s, or $900 million, are to be on hand for the new note's release.
In the 15 days following the release, the Federal Reserve plans to provide only the new $5s to its bank customers ordering $5 notes. After that period the Fed will resume regular circulation of viable older $5s alongside the new notes.
No older $5 notes are being recalled or demonetized. The new $5s are to replace older notes in circulation over time.
For more about the new $5, see Web site www.moneyfactory.gov/newmoney.
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