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October 9, 2003
| CONTACT: |
Carol Eckert
FRBSF |
(415) 977-3853 |
NEWLY REDESIGNED $20 BILL
MAKES ITS SPENDING DEBUT AT PEET's COFFEE & TEA IN THE SAN FRANCISCO
FERRY BUILDING
Federal Reserve Bank of San Francisco’s John Moore Makes
First Transaction
SAN FRANCISCO – October 9, 2003 – The Federal Reserve
Bank of San Francisco (FRBSF) introduced the newly redesigned $20 note
to
the San Francisco Bay Area today at a Peet’s Coffee & Tea in
San Francisco’s Ferry Building, marking the first opportunity for
the public to spend the new currency in San Francisco.
John Moore, first vice president and chief operating officer of the
Federal Reserve Bank of San Francisco, participated in the first transaction
by treating ferry commuters to their morning cup of coffee. Other San
Francisco Federal Reserve cash experts were on-hand to educate customers
on the new anti-counterfeiting features of the new note. (link
to first transaction high-res photo: http://www.frbsf.org/news/releases/2003/1009a.jpg)
The new currency includes improved security features and subtle background
colors of green, peach, and blue. Today marks the day banks begin receiving
the new bills from the Federal Reserve Banks, and in turn begin distributing
them to their customers. It will take several days for the bills to fully
circulate through the community.
"Our goal with today’s outreach is to showcase the new $20
note and educate the public on the new security features in their money," said
Moore. "Federal Reserve Banks, along with the U.S. Treasury, will
be conducting awareness programs which we believe are vital to public
trust and acceptance of the new currency, and thus to economic and financial
security around the world."
"It is an honor to host the first transaction of the new currency
in San Francisco," said Patrick O’Dea, president and chief
executive officer for Peet’s Coffee & Tea. "Our customers
will have an opportunity to be a part of Bay Area history by launching
the
new $20 note into circulation, while enjoying Peet's fresh-roasted whole
bean coffee. Further, in preparation for the transition to the new bills,
all of our ‘Peetniks’–or
Peet’s
employees–have been educated on the new security features of
the bills and are prepared to handle both the new and old $20 notes."
Today’s local event was one of more than 30 that took place around
the country, including events in New York City and Washington, D.C. Tom
Ferguson, director of the U.S. Treasury’s Bureau of Engraving and
Printing (BEP), and Marsha Reidhill, the Federal Reserve Board’s
assistant director for cash and fiscal agency, marked today’s historic
issue of the new $20 bill in New York City’s Times Square, where
they spent the new twenties at Times Square area businesses.
The BEP and the Federal Reserve System have been educating the public
worldwide about the new bills in professional and community settings,
in preparation for a smooth transition this fall. Over 37 million items
of training materials such as brochures, posters, training videos and
CD-ROMS, have been ordered by businesses large and small to train their
cash-handling employees on the bill’s new look and updated security
features. Additionally, there have been more than 2 million visits to
the new money Web site (www.moneyfactory.com/newmoney) for information.
The public education program continues globally with broadcast, print,
Internet and other public education advertising; and integration of the
new money’s look and security features will be featured in the
story lines of television programs that reach millions of viewers.
The New Color of Money
The most noticeable difference in the new $20 notes is the subtle green,
peach and blue colors featured in the background. New designs for the
$50 and $100 notes are scheduled for introduction in 2004 and 2005,
respectively. Different colors will be used for different denominations,
which will help everyone–particularly those who are visually
impaired–to tell denominations apart. Redesign of the $5 and
$10 notes is under consideration, but the $1 and $2 notes will not
be redesigned. Even after the new money is issued, older-design notes
will remain legal tender.
While consumers should not use color to check
the authenticity of their currency (relying instead on user-friendly
security features–see
below), color does add complexity to the note, making counterfeiting
more difficult.
The new $20 bills remain the same size and use the same, but enhanced
portraits and historical images of Andrew Jackson on the face of the
note and the White House on the back. The redesign also features symbols
of freedom–a blue eagle in the background, and a metallic green
eagle and shield to the right of the portrait.
Security Features
The new $20 design retains three important security features that were
first introduced in the late 1990s and are easy for consumers and merchants
alike to check:
- The watermark–the faint image similar to the large portrait,
which is part of the paper itself and is visible from both sides
when held up to the light.
- The security thread–also visible from both sides when held
up to the light, this vertical strip of plastic is embedded in
the paper. "USA TWENTY" and a small flag are visible along the thread.
- The color-shifting ink–the numeral "20" in the
lower-right corner on the face of the note changes from copper
to green when the note is tilted. The color shift is more dramatic
and
easier
to see on the new-design notes.
Because these features are difficult for counterfeiters to reproduce
well, they often do not try. Counterfeiters are hoping that cash-handlers
and the public will not check their money closely.
Counterfeiting: Increasingly Digital
Currency counterfeiters are increasingly turning to digital methods,
as advances in technology make digital counterfeiting of currency easier
and cheaper. In 1995, for example, less than 1 percent of counterfeit
notes detected in the U.S. were digitally produced. By 2002, that number
had grown to nearly 40 percent, according to the U.S. Secret Service.
Yet despite the efforts of counterfeiters, U.S. currency counterfeiting
has been kept at low levels, with current estimates putting the level
of counterfeit notes in circulation worldwide at between 0.01 and 0.02
percent, or about 1-2 notes in every 10,000 genuine notes.
To learn more about the new currency and to download an image of the
new $20 note, visit www.moneyfactory.com/newmoney.
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