The Hindu : U.S. to introduce newly designed currency notes

Online edition of India's National Newspaper
Saturday, Apr 12, 2003

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U.S. to introduce newly designed currency notes

By Our Special Correspondent

CHENNAI APRIL 11. The U.S. will start introducing newly redesigned currency notes soon, according to a release from the American Consulate here.

The U.S. will first introduce redesigned $20 notes as part of its exercise to overhaul currency design. Progressively, it proposes to bring out redesigned $50 and $100 notes as well.

The release indicated that the introduction of completely redesigned currency notes could commence sometime in late 2003. First, redesigned $20 notes would be introduced. Re-designed larger dollar denominated notes would follow subsequently.

The U.S., the release said, changed its currency design every 7-10 years. The objective was to guarantee its security. The release, however, made it clear that the introduction of new notes would not have impact on notes already in circulation. "The new currency will co-circulate with older series bills until they are eventually replaced with new design,'' the press release added.

The proposed introduction of redesigned currency, it was claimed, would be largest new product introduction ever in the U.S. annals.

"The purpose of the currency redesign is to stay ahead of advancements in computer technologies that are becoming more commonly used for counterfeiting of the U.S. notes,'' the release said.

Information on U.S. currency conversion would be available on the web site of the U.S. Bureau of Engraving and Printing www.moneyfactory.com.

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