New $20 bills coming - WALB.com, Albany News, Weather, Sports

New $20 bills coming

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September 24, 2003

Albany -- Get ready for redesigned twenty dollar bills to be introduced next month. The Federal Reserve System is changing the old green back, to make it tougher for counterfeiters.

Albany bankers get their first up close look and feel of the new twenty dollar bills. The Federal Reserve will release the new 20's October 9th. The redesigned 20's will make life tougher for counterfeiters. Mike Kilian of the Federal Reserve Bank said "To keep ahead of tech-savvy counterfeiters. Keeping ahead of technology."

In 2002 the Secret Service seized $130 million in counterfeit notes before they reached circulation. Another forty-three million dollars in counterfeit bills were found in circulation.

These new 20's are designed to make counterfeits made on home computers and printers easier to spot.

Kilian said "The biggest change, the biggest feature is the addition of background color. The color itself is not a security feature. But it adds complexity when someone is trying to counterfeit that note."

The new 20's will co-circulate with the old 20's. You will not have to exchange your old bills for new ones. The old bills will be pulled out of circulation over time as the new 20's come out.

Kilian said "If we can reduce the number of common counterfeits that are passed,then our money is safer and more secure."

More re-designed bills are coming, to continue the fight against counterfeiters. A redesigned $50 bill will be introduced in 2004, and a new $100 bill will come out in 2005.

posted at 12:01 PM byjimw@walb.com