FROM THE OFFICE OF PUBLIC AFFAIRS May 20, 1998RR-2449 Treasury Secretary Robert E. Rubin, Federal Reserve Board Chairman Alan Greenspan and U.S. Treasurer Mary Ellen Withrow today unveiled the redesigned $20 note, which includes new and modified security features to deter counterfeiting of U.S. currency. The design of the new note was unveiled today in a ceremony at the Treasury's Bureau of Engraving and Printing in Washington, D.C., and in press conferences at Federal Reserve banks and branches around the country. The Series 1996 $20 note is the third U.S. currency note to be redesigned to include new and modified security features. It will be issued in the fall of 1998. Lower denominations will follow; it is anticipated that the $10 and $5 notes will be issued simultaneously and that the $1 note will be more modestly redesigned. The continuing introduction of redesigned notes is a critical component of the Federal government's anti-counterfeiting effort. The new series aims to maintain the security of the nation's currency as computerized reprographic technologies such as color copiers, scanners and printers become more sophisticated and more readily available. The $20 note is the most frequently counterfeited note in the United States. "The new $20 note will be an important tool against would-be counterfeiters," Secretary Rubin said. "The introduction provides us with an opportunity to educate cash-handlers and consumers about the importance of authenticating currency. These security features are effective only when they are used." Like its predecessors, the $20 will replace older notes gradually. However, unlike the new $50 and $100 note introduction, old $20 notes still in good condition will be recirculated.About $88 billion worth of $20 notes is currently in circulation, 80 percent of those are in the U.S. More than $450 billion worth of U.S. currency circulates around the globe. "We are most gratified with the successful introduction of the new $100 and $50 notes and look forward to the same success with the new $20s," Chairman Greenspan said."Older notes will not be recalled or devalued. All existing notes will continue to be legaltender." For the first time, a machine-readable capability has been incorporated for the blind. A new feature in the $20 will facilitate the development of convenient scanning devices that could identify the note as a $20. Similar to the redesigned $50 note issued in October 1997, the redesigned $20 note and consequent denominations will also include a large dark numeral on a light background on the back of the note that will make it easier for millions of Americans to identify the denomination. U.S. embassies and consulates around the world will also conduct localized campaigns to ensure that financial institutions, money exchange points, and the general public are aware of the redesigned currency. Materials are being translated into 15 languages including Russian, French, Spanish, Bulgarian and Traditional and Simplified Chinese, among others. Treasury anticipates that the $20 introduction will proceed as smoothly as the $100 and $50 introductions did. The overall architecture of the $20 note has been changed somewhat to provide space for the new and modified security features. Microprinting and security threads, which first appeared in the 1991 series currency, continue to prove effective deterrents and appear in the new note series. The new features include:
The U.S. Treasury and the Federal Reserve Board have undertaken an aggressive public education effort aimed at encouraging consumers and money-handlers to take the few seconds necessary to authenticate the redesigned notes. The education efforts include:
Fact sheets on the new note, the history of U.S. currency and related agencies are available at http://www.moneyfactory.com. You can read the full text of remarks by Treasury Secretary Robert E. Rubin, U.S. Treasurer Mary Ellen Withrow, and Treasury Under Secretary forDomestic Finance John D. Hawke, Jr. from today'sunveiling of the new $20. |
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