New $50 bill enters into circulation worldwide
Regional-USA, Economics, 9/29/2004

The United States has put into circulation a new $50 bill featuring enhanced anti-counterfeiting elements and subtle background colors of red, white and blue.

In a September 28 joint news release, the U.S. Federal Reserve and the Department of the Treasury said the new design -- the most recent in a series of updates to U.S. banknotes -- aims to protect the integrity of the notes against increasingly sophisticated counterfeiting networks.

"We believe that redesigning the currency regularly and enhancing security features is the way to keep U.S. currency safe and secure from would-be counterfeiters," Deputy Treasury Secretary Samuel Bodman said in the release.

The Federal Reserve -- the U.S. central bank -- estimates that for every 25,000 genuine $50 notes in circulation less than one is counterfeit.

Nearly $700 billion in U.S. banknotes are currently in circulation, two-thirds of them outside the United States.

A new design for the $10 will be unveiled in 2005 and the $100 note will be redesigned some time in the future, officials said. A redesigned $20 bill was put into circulation in 2003.

The U.S. government is supporting a worldwide public education program to ensure a smooth transition for redesigned currency notes. Training materials such as posters and brochures are available in 24 languages and can be downloaded from the World Wide Web at www.moneyfactory.com/newmoney

Outreach efforts include training for cash-handlers, merchants, business and industry associations, as well as the media.

The redesigned $50 bill is the same size as the older version and still features former president Ulysses S. Grant on the front and the U.S. Capitol building on the back. The borders around both Grant and the Capitol have been removed.

In addition to fresh touches of color, new or upgraded elements of the design include a watermark, security thread and color-shifting ink.

U.S. officials stress that notes of both the new and old design will continue to be accepted as long as they remain in circulation. According to a Treasury fact sheet, all forms of paper currency issued by the U.S. government are considered legal tender and redeemable at full face value. The U.S. government has never devalued its currency.

"As we introduce this beautiful new note into the monetary system, we want the public to remember that the old designs will remain in circulation and maintain their full face value," Michael Lambert, the Federal Reserve Board's Cash Manager, said in the news release. "It has always been the tradition with U.S. currency for the old and new designs of the same denomination to circulate together -- all notes are good for good."

Previous Stories:
  U.S. committed to WTO negotiations' success, trade official says   (1/16/2004)
  Greenspan sees 'little' trouble in global current account adjustment   (1/14/2004)
  U.S. calls for creation of global natural gas industry   (12/19/2003)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search