Series 1996-2001 Currency Note Summary

The Series 1996, 1999, 2001, and 2003 notes incorporate new features designed to improve the security of our currency. The $5 and $10 notes were first introduced in May 2000 as Series 1999 notes. The $20 note was first introduced in the fall of 1998 as a Series 1996 note. The $50 note was first introduced in October 1997 as a Series 1996 note, and the $100 note was first introduced in March 1996 as a Series 1996 note. There will be no recall or devaluation of U.S. currency already in circulation; the United States always honors its currency at full face value, no matter how old.

The Series 1999 $5 and $10 notes incorporated the same design theme as the higher denomination Series 1996 notes, but were designated as Series 1999 because of the appointment of a new Treasury Secretary (Lawrence Summers) in 1999. This was followed by the appointment of Treasury Secretary (Paul O'Neill) in 2001, which resulted in the issuance of the Series 2001 currency. The most recent series change occured in 2003, with the appointment of John Snow as the Secretary of the Treasury. Currency notes bearing both his signature, and that of U.S. Treasurer Rosario Marin are Series 2003 notes.

The issuance of the Series 1996 $20 note had special importance because the $20 note is the most widely used note in the United States. It is the most often used of the larger denomination notes, and is commonly distributed through Automated Teller Machines (ATMs). All users of U.S. currency should be familiar with the appearance and new security features of the new notes. People who use U.S. currency are the first line of defense against counterfeiting; cash handlers and consumers should examine all notes carefully to guard against counterfeits.

These notes were phased into circulation, replacing older notes as they reach the banking system. This multi-year introduction of the new series is necessary because of the time-intensive printing process and because a sufficient inventory of new notes must be available when the new note is issued to ensure its worldwide availability.

In 1996, the Federal Reserve System and the U.S. Treasury Department began a worldwide public education campaign with two primary objectives: (1) to communicate to the general public that there will be no recall or devaluation; and (2) to provide information that will enable the public, law enforcement personnel, central banks, depository financial institutions, and other cash handlers to authenticate the new series notes.

History of the New Series
Until the late 1920s, U.S. currency was redesigned frequently. There also were several types of notes in circulation: United States Notes, National Bank Notes, and Silver Certificates. Since the introduction of the Series 1928 Federal Reserve Notes, changes in the design have not affected the overall architecture of U.S. currency. This includes the use of microprinting and a security thread in Series 1990 and later notes.

The counterfeit-deterrent features added in Series 1990 were the first step in responding to advances in reprographic technologies. Although these features have proved effective and will be retained, additional measures are necessary to protect U.S. currency against future threats posed by continued improvements in copy machines, scanners, and printers. The new design, beginning with Series 1996, is the culmination of a five-year study aimed at staying ahead of the counterfeiting threat and is part of a continuing process to protect U.S. currency. At the same time, the redesign process has provided an opportunity to incorporate features that will make U.S. currency more readily identifiable, especially by the low-vision community.

The process began with the New Currency Design Task Force, which comprised representatives of the U.S. Treasury Department, Federal Reserve System, U.S. Secret Service, and the Bureau of Engraving and Printing (BEP). The Task Force made its recommendations to the Advanced Counterfeit Deterrence Steering Committee, also composed of representatives of the Treasury Department, Federal Reserve, Secret Service and BEP. Based on a comprehensive study by the National Academy of Sciences (NAS) issued in 1993, the Steering Committee then made recommendations for the new design and security features to the Secretary of the Treasury, who has statutory authority to approve such changes.

More than 120 security features were examined and tested, including those submitted in response to a BEP solicitation, those used in other currencies, and those suggested by the NAS. Evaluation criteria included impact on security, proven reliability, ability to be manufactured in large quantities, and durability over time. Among the features evaluated were holograms, color shifting films, thread variations, color patterns, and machine-readable enhancements. The strategy of the Design Task Force was to incorporate as many features as are justifiable. The security features ultimately selected have proved successful in other countries as well as in test environments at BEP and the Federal Reserve, and since their incorporation into U.S. currency have been an effective deterrent to counterfeiters.

In its second report, the NAS evaluated features to help those with low vision differentiate between currency denominations. These included variations in size and shape, holes and other tactile features that the Task Force deemed were not sufficiently durable to be practicable for U.S. currency at this time. The Task Force agreed that a high-contrast feature, such as a large numeral on a light background, would be useful to the approximately 3.5 million Americans with low vision, and could be easily incorporated into the new series design without compromising the improved security of the new notes or adding cost. In addition, a new machine-readable feature was incorporated on the $20 note for the blind. It will facilitate development of convenient scanning devices that could identify the note's denomination.

The Design Task Force will continue to seek and test new features to make U.S. currency even more secure and more readily usable as technology further evolves.

The New Design
The new currency has the same size, color, and feel as the old notes, with the same historical figures and national symbols. "In God We Trust" and the legal tender wording also remain on the new bills. This continuity facilitates public education and universal recognition of the design as genuine U.S. currency--an important consideration since there will be dual circulation of the old and new currencies around the world.