New $10 delayed until 2006

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New $10 delayed until 2006
From Numismatic News

Issue of a colorized $10 Federal Reserve Note has been pushed into 2006.

The United States Federal Reserve and Bureau of Engraving announced April 4 that the redesigned $10, previously expected to be shown to the public in coming months, is now scheduled for unveiling in fall of 2005.

Issue of the new note is now slated for early 2006.

“The BEP is working hard to ensure that the transition of the newly redesigned $10 note is as smooth as that of the $20 and $50 notes,” said Tom Ferguson, director of the BEP.

Similar to the new $20 and $50 designs, the $10 note will feature enhanced security features, added background colors and American symbols of freedom.

“There is a lot of detail and complexity involved in the creation of intricately engraved U.S. currency designs and currency production, and in the case of the $10, it took a little extra time to make sure that production can proceed smoothly,” said BEP Spokeswoman Claudia Dickens.

The $100 bill will also be enhanced with color and other security features as part of the current wave of redesign.

Timing cannot yet be provided on the $100 It will, however, follow the introduction of the new $10.

There is presently no plan to redesign the $5, though that decision could be revisited later. The $1 and $2 notes will not be redesigned, the release said.

http://www.collect.com/interest/article.asp?id=13833

What does the abbreviation "BEP" stand for?

(Not that it stands for a prefix on our current Canadian $10 notes, though... )

Bureau of Engraving and Printing.

What I don't understand is, is why do they still need engravers? They can just design the note on a computer or do a CAD drawing, then send the image to a laser engraver. The laser is faster, cheaper and precise, they can just make multiple master plates and sheets of laser etched notes which would be perfect.

I'm not sure of the actual answer, but I would tend to think that a laser is not as accurate as a human can be.  I'm sure that if you posed the question to the BEP or the Bank of Canada, they would give you a satisfactory answer.

FOR IMMEDIATE RELEASE
TUESDAY, APRIL 4, 2005
 
CONTACTS:
Dawn Haley or Claudia thingyens, 202/874-3019
Bureau of Engraving and Printing
 
Penny Kozakos, 202/530-4887
New Color of Money Media Support

Coming Next: A Newly Redesigned $10 Note
Safer, Smarter and More Secure $10 Note Expected To Enter Circulation in Early 2006

WASHINGTON - April 4, 2005 - Much like the redesigned $20 and $50 notes that have been issued over the last two years, the $10 denomination will be the next note slated for a make-over by the Treasury's Bureau of Engraving and Printing (BEP). The newly designed $10 note is scheduled to be issued by the Federal Reserve in early 2006.

Similar to the new $20 and $50 notes' designs, the updated $10 note will feature enhanced security features, subtle background colors and American symbols of freedom. The new design of the $10 note is scheduled to be unveiled in late 2005.

The BEP has begun working with cash-handling equipment manufacturers to prepare that industry for the note's new design. This advance information allows the makers of vending machines, ATMs and other machines that receive and dispense cash to make technical adjustments to their equipment before the note goes into circulation. As with previous currency redesigns, the BEP will provide manufacturers with test notes and specifications about six months in advance of the note's entry into circulation.

"The BEP is working hard to ensure that the transition of the newly redesigned $10 note is as smooth as that of the $20 and $50 notes," said Tom Ferguson, director of the BEP. "We have worked closely with the cash-handling equipment manufacturers throughout the new currency program so that they have the information they need to ensure their machines accept the new bills."

The $100 note is also slated to be redesigned, but a timetable for its introduction is not yet set. The government has no plans to redesign the $5 note at this time, and the $1 and $2 notes will not be redesigned.

Public Education

Because the improved security features are more effective if the public knows about them, the U.S. government has undertaken a broad, global public education program. This program ensures that people all over the world know the new currency is coming, and helps them recognize and use the security features. The outreach includes cash handlers, merchants, business and industry associations, and the media.

A variety of training materials - such as posters, training videos and brochures - is available for the $20 and $50 redesigns in 24 languages. These materials are available through our website at www.moneyfactory.com/newmoney. Training materials specific to the $10 redesign will be available after its new design is unveiled.

Since the BEP began taking orders in May 2003, more than 62 million pieces of training materials, such as brochures, posters, videos and CD-ROMs, have been ordered by businesses and other organizations to help them train their cash-handling employees about the redesigned notes' enhanced security features.

The New Color of Money

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. Different colors are being used for different denominations, which will help everyone - particularly those who are visually impaired - to tell denominations apart.

Security Features

The new $10 redesign will retain three important security features that were first introduced in the 1990s and are easy for consumers and merchants alike to check:

• Color-shifting ink: The numeral in the lower right corner on the face of the note, indicating its denomination, changes color from copper to green when the note is tilted.
  

• Watermark: A faint image, similar to the portrait, which is part of the paper itself and is visible from both sides when held up to the light.
  

• Security thread: Also visible from both sides when held up to the light, this vertical strip of plastic is embedded in the paper and spells out the denomination in tiny print.
  

Counterfeiting: Increasingly Digital

Counterfeiting has been kept at low levels through a combination of improvements in security features, aggressive law enforcement and education efforts to inform the public about how to check their currency.

However, since 1995, digitally produced counterfeit notes have increased from less than one percent of all counterfeits detected in the United States to about 54 percent in 2004. To stay ahead of counterfeiters as advances in technology make digital counterfeiting of currency easier and cheaper, the government expects to redesign the currency about every seven to ten years.

http://www.moneyfactory.com/newmoney/main.cfm/media/releases04042005

Is there rumour out there that the new US $10 bill will feature Ronald Reagan replacing Hamilton?

not likely.

I kind of figured that.