Printing Errors Will Force Destruction of Possibly Millions of $100 Bills
The Federal Reserve announced a new design for the one hundred dollar bill two years ago, but it was unable to put the money into the market because of some errors at the printing factory.
A report from July indicates that there has been yet another printing problem that has left what could be millions of hundred dollar bills “clearly unacceptable” for circulation.
The bureau has to get the new bills and all of this year’s cash order out by October 8th, and some analysts are having doubts about that coming into reality.
The most recent mistake was the result of “mashing,” in which too much ink goes onto the paper and makes the images less crisp than they should be. The new one hundred dollar bill is supposed to include a hidden phrase on Ben Franklin’s collar, a Liberty Bell that changes color, and 3D images that transform as one tilts the bill.
The bills, printed at the Washington, D.C. facility, have issues with many of these images. Until further notice, the Fed has stopped the production of the redesigned bills.
The Director of the Bureau of Engraving and Printing (BEP), Larry Felix, indicates that this could cause a major disruption in the printing process as a whole. He wrote in a memo that “There are dire consequences involved here because BEP sells Federal Reserve notes to the Board to finance our entire operation. If the BEP does not meet the order, the BEP does not get paid.”
Taxpayers will also suffer from the mishap, as they will have to pay for the time spent reprinting the bills and destroying the uncirculated ones. Some observers feel it may be another two years before we see these new bills.