Recent Myths and Truths About $1 and $100 Bills
Despite alarming headlines, the dollar and $100 bills aren’t being banned, but damaged notes are facing stricter circulation rules.
There have been some recent misleading headlines that suggest that banks are about to refuse the dollar or the $100 bill. When you research further into the accompanying stories, you will understand that the federal government has issued a directive through which damaged notes can be more quickly withdrawn from circulation. Under this directive, banks might accept such notes, but they will no longer re-circulate them.
Likewise, more retailers now than in the past are refusing damaged notes, and some ATMs are being reprogrammed to stop processing them. Concurrently, the Bureau of Engraving and Printing and the Federal Reserve are working jointly with the Advanced Counterfeit Deterrence Steering Committee and the United States Secret Service to add additional security features while improving identification measures on bank notes. The objective of these efforts is to safeguard circulating physical money.
No statistics are available, but there appears to be concern about counterfeits being passed as genuine by way of damage on notes. When this commentary is being written, there is no official confirmation that a redesigned $100 bank note will be available for circulation between 2034 and 2038. We are all aware of the upcoming redesigned $20 on which Harriet Tubman will replace Andrew Jackson; however, the improvements that will be made to security features on this new note have yet to be unveiled. We are overdue for some education for the public as well as security updates.
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