by Karl Utermohlen | August 15, 2013 12:22 pm
The Federal Reserve will destroy a relatively small number of the new generation of $100 bills after discovering that they had an excess amount of ink that would move around the note.
ABC News reports that 30 million of the Federal Reserve’s newly-printed $100 bills will be destroyed due to this error. The defect was noted by the U.S. Bureau of Engraving and Printing which found the mistake during an inspection.
A spokesperson for the Bureau said that they have destroyed all the defective ones that they found, but there are others still out there that will have to be destroyed when found. These new bills — which are scheduled for an October 2013 release — will have a 3-D security ribbon that will make them harder to duplicate.
The Bureau’s spokesperson has also said that the Federal Reserve will be charged a fine for this mistake.
Source URL: http://investorplace.com/2013/08/oops-30-million-new-100-bills-to-be-destroyed-over-error/
Short URL: http://invstplc.com/1nEFOiQ
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.