Image: Unveiling Of New Hundred Dollar Bill
Chip Somodevilla / Getty Images file
Is Ben blushing? The government has stopped producing the new $100 bills (one shown here) until it can work out printing problems.
CNBC CNBC
updated 1 hour 0 minutes ago 2010-12-06T18:44:30
A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, CNBC has learned.
Initially scheduled for release in February of 2011, the new bills were announced with great fanfare by officials at the Treasury Department and the Federal Reserve in April.
At the time, officials announced the new bills would incorporate sophisticated high-tech security features, including a 3-D security strip and a color-shifting image of a bell designed to foil counterfeiters.
But the production process is so complex, it has instead foiled the government printers tasked with producing billions of the new notes.
An official familiar with the situation told CNBC that 1.1 billion of the new bills have been printed, but they are unusable because of a creasing problem in which paper folds over during production, revealing a blank unlinked portion of the bill face.
A second person familiar with the situation said that at the height of the problem, as many as 30 percent of the bills rolling off the printing press included the flaw, leading to the production shut down.
The total face value of the unusable bills, $110 billion, represents more than ten percent of the entire supply of U.S. currency on the planet, which a government source said is $930 billion in banknotes. For now, the unusable bills are stored in the vaults in "cash packs" of four bundles of 4,000 each, with each pack containing 16,000 bills.
Officials don't know exactly what caused the problem. "There is something drastically wrong here," a person familiar with the situation said. "The frustration level is off the charts."
continued
http://www.msnbc.msn.com/id/40531910
been a long time since I saw one of these...
I missed this one on the news.
Thanks for the post.
Our government at work…, scary sometimes…
by billchucks 14 years ago
scientist have predicted wat the world is going to experience some 4 yrs time and America is doing nothing abt it. i hope the BP OIL SPILL will teach them one or two lessons
by ViralWhisper 14 years ago
Politics in itself is good. It was basically created to give meaningful directions to an otherwise chaotic and multi-dimensional problems of our society. The politicians are the ones that make it look trashy and confusing to a majority of the people. Too much scandals/corruptions and too much...
by Ralph Deeds 16 years ago
Paul Krugman's column in the NYTimes today 1-5-08 is entitled "Fighting Off Depression." In it he called the recent economic numbers "terrifying," not just in the U.S. but around the world. Manufacturing in particular is plunging everywhere; banks aren't lending; businesses and...
by Wesman Todd Shaw 13 years ago
It's all so simple, really, and a wicked man stated long, long ago that it never mattered who a king was - so long as he controlled the currency - he was lord and master.http://auditthefedphonebomb.com/bailout … rillion-2/
by ngureco 12 years ago
How many years would it take you to count one billion dollars in $1 bills, one bill per second?How many years would it take you to count one billion dollars in $1 bills, one bill per second, if only you worked 8 hrs in a day?
by Sharlee 22 months ago
"Dealerships had a combined 92,000 unsold EVs sitting on their lots at the end of the second quarter, according to Kelley Blue Book data, more than four times the number a year ago. Moody said automakers are stockpiling EVs as they seek to capture a larger swath of U.S. motorists.Jul 24,...
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