The Federal Reserve Board ordered 7.2 billion Federal Reserve notes for 2015, and a significant number of currency notes change hands every day in the United States. The Federal Reserve is on the front lines of identifying potential counterfeit threats and monitoring the quality of the cash you use every day. Find out how in Maintaining Confidence in U.S. Currency, a video by the Fed’s national Cash Product Office (CPO).
The CPO works with the Federal Reserve Board of Governors and regional Reserve Banks nation-wide to set the strategic direction for Federal Reserve Cash Services. Maintaining public confidence in U.S. currency is a key objective, and the Fed’s cash processing requires strict controls in order to maintain the quality and integrity of U.S. currency in circulation.
“Our equipment and systems ensure banknotes that the Fed processes and re-circulates are in a good condition and authentic. Any suspect counterfeit notes are turned over to the U.S. Secret Service to aid in their investigations,” comments CPO Product Manager and SF Fed Senior Vice President Jim Narron.
The Federal Reserve Board of Governors supervises and regulates the Reserve Bank cash operations. As the issuing authority for Federal Reserve notes, the Board has a wide range of responsibilities related to banknotes, from ensuring an adequate supply to protecting and maintaining confidence in our currency. The CPO provides strategic leadership, including policies and operational guidance, of the Fed’s cash services to financial institutions. Regional Reserve Banks, including the SF Fed, manage local inventories of currency and coin.
Narron explains, “Each of our cash processing operations receives millions of banknotes a day from financial institutions. The cash you get from your local bank or ATM comes through a Reserve Bank at some point for processing and authentication.”
Watch the full Maintaining Confidence in U.S. Currency video for more detail about the nation’s cash service operations.
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The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.