The Federal Reserve continues to have delays over its plan to introduce a new one hundred dollar bill that yet again they claim will help foil counterfeiters, this time the snafu involves sloppy printing which has prompted a massive recall.
The new bills feature several unique features including a Liberty Bell that changes color, a hidden message on the collar of Benjamin Franklin and small 3-D images that move when the bill is tilted in various directions. However, a document from the Bureau of Engraving and Printing has revealed the ambitious redesign has continued to hit a series of mishaps and now another delay has taken place at one of the country’s two currency factories.
Darlene Anderson, a spokeswoman for the bureau has said the latest problems involves what is known a “mashing,” which occurs whenever too much ink is applied to the paper and causes the lines of the artwork to not be as crisp as they should be.
According to Anderson, mashing happens infrequently, however, the latest problem is yet another embarrassment for the bureau over the new bills. The bill was originally scheduled to be released in early 2011, but for the past two years its rollout has been delayed because of a massive printing error that is separate from the current mashing issue. The previous printing errors left the bills with a blank spot on them.
This time around the bad batches of bills, which are produced in Washington D.C., contain “clearly unacceptable” bills mixed with ones that were passable, a memo passed down from Larry Felix, bureau director to employees. Because of this the federal government is ordering the return of over 30 million of the hundred dollar notes and is demanding its money back.
While the recall is occurring another $30 billion worth of paper is now sitting in limbo awaiting examination and Fed officials have informed the bureau that they will not be accepting any hundred dollar bill notes from the Washington D.C. facility until further notice.
The new recall is putting additional pressure on the bureau to meet its October 8th deadline to get the new bills into circulation. In order to meet the deadline Felix has ordered the other facility in Fort Worth, Texas to ramp up production and accelerate its efforts. There are dire consequences involved here because BEP sells Federal Reserve notes to the Board to finance our entire operation,” he wrote in the memo. “If the BEP does not meet the order, the BEP does not get paid.”
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