New $100 Bills delayed due to Treasury error

The US Treasury has unveiled an error that will cost US Taxpayers $137.5 million and delay the new bills by months.
The new hundred dollar bill design, which was released in April and scheduled to go into circulation in February, is fancy indeed. It includes a disappearing Liberty Bell and a bright blue security strip composed of hundreds of tiny lenses. Unfortunately, the US Treasury might have bitten off a little more than they could chew with this design. As the new bills were being printed, all these intricacies caused the paper to wrinkle, so when the bills were printed, there were blank spots where the wrinkles were.
This is turning out to be a major problem, as it costs 12.5 cents to produce each $100 bill, which means that if all 1.1 billion of the bills that have been printed so far have to be destroyed, the Treasury will lose $137.5 million. Not only that, but retailers will also lose money. $100 bills are the most frequently counterfeited. I would recommend trying it at home, but all counterfeiters need is to bleach a bunch of $1 bills and print a $100 image on top of them with a laser to printer to get past most watchful eyes.
This fiasco brings a whole new meaning to the phrase “printer error”. Let’s hope the government gets this figured out ASAP.

Are you ready for the new $100 bills

Due to some manufacturing problems the new redesigned $100 will be delayed until late February 2011. Are you ready for it ? If you have money counters then you need to check with the manufacturer for any possible software upgrade to allow your machine to detect the new $100 bills and check them for counterfeit. If you are a vending company and you have machines that accept $100 bills then you need to update your machines. If you are in the ATM business , all your machines will require upgrades. Finally, if you are a merchant you need to train all your cashiers to recognize the new bills. Check our web site at count-money.com for further information

Fake money is real problem for small businesses

For many small businesses, fake currency is causing real headaches.

The Los Angeles Times reports that the Secret Service, which is tasked with eliminating counterfeit currency, pulled more than $182 million in fraudulent currency in the fiscal year ending September 30, 2009. The amount represents more than twice the amount they removed in the same period last year.

Many small business owners have seen tell-tale signs of customers who try to pass off the fake currency. According to Debbie King, whose family owns Commercial Tire Company in California, they usually give themselves away.

"They start pacing around, and they start sweating because we are holding things up," King said in an interview with the news provider.

King isn't the only one catching on to the schemes.

Last month, law enforcement officers in San Diego busted an organized counterfeiting consortium. The news source reports that authorities discovered an operation that passed more than $100,000 in counterfeit $100 bills.

According to the Survival Guide for Small Business website, there are many ways small business owners can combat the use of fake bills.

One of the first ways they suggest is to hold the bill up to the light and verify that there is a holograph of a face, which should match the face on the bill. There is also a thin vertical strip that spells out how much the currency is worth.

New $100 bill unveiled to thwart high-tech counterfeits

Last month, when the Treasury Department announced that it was revamping the $100 bill yet again to curtail counterfeiters, the Associated Press said that the new design — which employs a new "moving" microprint technology — was "like something straight out of the Hogwarts School of Witchcraft and Wizardry."
To hype the new bill, the Treasury set up a website featuring a clock counting down the hours, minutes, and seconds to its unveiling. That clock just ran down to zero, with Treasury officials unveiling the new bill at a news conference at 10:15 a.m. ET Wednesday. While Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke were on hand for the occasion. Read More

Benjamin Franklin gets a facelift

Washington (CNN) -- Benjamin Franklin gets a facelift as the Treasury Department unveils a new $100 bill Wednesday, the first remake of the denomination since 1996.
The new design for the $100 note made its debut during a 10:30 a.m. ceremony at the Department of the Treasury's Cash Room attended by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. It is the first redesign of the denomination in 14 years See Story

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