New USD 100 bills can limit counterfeits- experts
With the redesigned USD 100 bills scheduled for delivery to banks today, experts interviewed by news website WebProNews said these bills could thwart counterfeiting. Michael J. Lambert, the Associate Director of the Federal Reserve, said it would only take a few seconds for people to determine if a bill is genuine.
Chicago-based currency expert Dennis Forgue also believed that the new design could limit counterfeits. He said, "That's something that's not going to be able to be reproduced on a photocopy machine, that's for sure, or even on the computer." One of the anti-counterfeiting features of the bill is the blue 3-D security ribbon that was sewn on the fabric of the USD 100 bill itself.
According to Yahoo Finance blog The Exchange, the USD 100 bill is the most counterfeited currency around the world. This is because counterfeiting a USD 1 bill is not profitable given the expense, time and effort that would go into the endeavor. The Federal Reserve Board had set a budget of USD 797.6 million for the production of new currency this year.
To ship USD 100 bills in overseas banks, the Federal Reserve uses a small bed, known as a pallet. One pallet would contain 640,000 bills or equivalent to USD 64 million.