United States one hundred-dollar bill

From Wikipedia, the free encyclopedia - View original article

One Hundred dollars
(United States)
Value$100
Width155.956 mm
Height66.294 mm
WeightApprox. 1 g
Security featuresSecurity fibers, Watermark, 3D Security ribbon, Optically variable ink, microprinting, raised printing, EURion constellation
Paper type75% cotton
25% linen
Years of printing1929 – present (Small size)
Obverse
New100front.jpg
DesignBenjamin Franklin, Declaration of Independence, Quill pen, Inkwell
Design date2009
Reverse
New100back.jpg
DesignIndependence Hall
Design date2009
 
Jump to: navigation, search
One Hundred dollars
(United States)
Value$100
Width155.956 mm
Height66.294 mm
WeightApprox. 1 g
Security featuresSecurity fibers, Watermark, 3D Security ribbon, Optically variable ink, microprinting, raised printing, EURion constellation
Paper type75% cotton
25% linen
Years of printing1929 – present (Small size)
Obverse
New100front.jpg
DesignBenjamin Franklin, Declaration of Independence, Quill pen, Inkwell
Design date2009
Reverse
New100back.jpg
DesignIndependence Hall
Design date2009

The United States one hundred-dollar bill ($100) is a denomination of United States currency featuring statesman, inventor, and diplomat Benjamin Franklin on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall. The $100 bill is the largest denomination that has been printed since July 13, 1969, when the denominations of $500, $1,000, $5,000, and $10,000 were retired.[1] The Bureau of Engraving and Printing says the average life of a $100 bill in circulation is 90 months (7.5 years) before it is replaced due to wear and tear.

The bills are also commonly referred to as "Benjamins", in reference to the use of Benjamin Franklin's portrait on the denomination,[2] or "C-Notes", based on the Roman numeral for 100. The bill is one of two denominations printed today that does not feature a President of the United States; the other is the $10 bill, featuring Alexander Hamilton. It is also the only denomination today to feature a building not located in Washington, D.C., that being the Independence Hall located in Philadelphia on the reverse. The time on the clock of Independence Hall on the reverse, according to the U.S. Bureau of Engraving and Printing, shows approximately 4:10[3] on the older contemporary notes and 10:30 on the series 2009A notes released in 2013.

One hundred hundred-dollar bills are delivered by Federal Reserve Banks in mustard-colored straps ($10,000).

The Series 2009 $100 bill redesign was unveiled on April 21, 2010, and was to be issued to the public on February 11, 2011,[4][5] but production was shut down in December 2010 because as many as 30% were unusable due to a manufacturing flaw. Officials discovered that some of the new bills have a vertical crease that, when the sides of the bill are pulled, unfolds and reveals a blank space on the face of the bill.[6] Specifically, during initial production it was noticed that occasionally a sheet of notes (32 banknotes per sheet) would crease. In their replacement, and continuing the high demand of this denomination, the Series 2006A was issued retaining the previous design (1996-generation).

On April 24, 2013, the Federal Reserve announced the new $100 bill would enter circulation on October 8, 2013.[7] The new bill will cost 12.6 cents to produce and have a blue ribbon woven into the center of the currency with "100" and Liberty Bells, alternating, that appear when the bill is tilted.[8]

According to the Federal Reserve Chairman Ben Bernanke, more than two thirds of all $100 notes circulate outside of the United States[8] making it the most popular banknote.[9]

Large size note history[edit]

(approximately 7.4218 × 3.125 in ≅ 189 × 79 mm)

Series 1880 $100 note
A 1922 hundred-dollar Gold Certificate
Series 1878 $100 Silver Certificate.

Small size note history[edit]

(6.14 × 2.61 in ≅ 157 × 66 mm)

Joseph-Siffred Duplessis portrait of Benjamin Franklin used on the $100 bill from 1929 until 1993.
Joseph-Siffred Duplessis portrait of an older Benjamin Franklin used on the $100 bill 1996 onward.
Comparison between a Series 1990 note with a 2013 note (1996 design not shown)

Removal of larger-value bills ($500 and up)[edit]

The Federal Reserve announced the removal of large denominations of United States currency from circulation on July 14, 1969. The one-hundred-dollar bill was the largest denomination left in circulation. All the Federal Reserve Notes produced from Series 1928 up to before Series 1969 (i.e. 1928, 1928A, 1934, 1934A, 1934B, 1934C, 1934D, 1950, 1950A, 1950B, 1950C, 1950D, 1950E, 1963, 1966, 1966A) of the $100 denomination added up to $23.1708 billion.[13] Since some banknotes had been destroyed, and the population was 200 million at the time, there was less than one $100 banknote per capita circulating.

As of June 30, 1969, the US coins and banknotes in circulation of all denominations were worth $50.936 billion of which $4.929 billion was circulating overseas.[14] So the currency and coin circulating within the United States was $230 per capita. Since 1969 the demand for U.S. currency has greatly increased. As of the end of 2010, a total of 7 billion hundred dollar notes are in circulation.[15] The total amount of circulating currency and coin passed one trillion dollars in March 2011.

Despite the degradation in the value of the U.S. $100 banknote (which was worth more in 1969 than a U.S. $500 note would be worth today), and despite competition from some more valuable foreign notes (most notably, the 500 euro banknote), there are no plans to re-issue banknotes above $100. The widespread use of electronic means to conduct large scale cash transactions today has made large-scale physical cash transactions obsolete and therefore, at least from the government's point of view, unnecessary for the conduct of legitimate business. Quoting T. Allison, Assistant to the Board of the Federal Reserve System in his October 8, 1998 testimony before the U.S. House of Representatives, Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services:

There are public policies against reissuing the $500 note, mainly because many of those efficiency gains, such as lower shipment and storage costs, would accrue not only to legitimate users of bank notes, but also to money launderers, tax evaders and a variety of other law breakers who use currency in their criminal activity. While it is not at all clear that the volume of illegal drugs sold or the amount of tax evasion would necessarily increase just as a consequence of the availability of a larger dollar denomination bill, it no doubt is the case that if wrongdoers were provided with an easier mechanism to launder their funds and hide their profits, enforcement authorities could have a harder time detecting certain illicit transactions occurring in cash.[16]

References[edit]

  1. ^ "For Collectors: Large Denominations". Bureau of Engraving and Printing. Archived from the original on September 11, 2007. Retrieved 2012-04-06. 
  2. ^ "benjamin". Urban Dictionary. Retrieved 2012-04-06. 
  3. ^ "Money Facts". Bureau of Engraving and Printing. Retrieved 2012-04-06. 
  4. ^ a b "The New $100 Note". Bureau of Engraving and Printing. April 21, 2010. Retrieved 2012-04-06. 
  5. ^ "Federal Reserve Announces Delay in the Issue Date of Redesigned $100 Note". Bureau of Engraving and Printing. October 1, 2010. Retrieved 2012-04-06. 
  6. ^ Eamon Javers (16 December 2009). "The Fed Has a $110 Billion Problem with New Benjamins". CNBC. Archived from the original on 2010-12-07. Retrieved 2012-04-06. 
  7. ^ "Federal Reserve Announces Day of Issue of Redesigned $100 Note". Bureau of Engraving and Printing. April 24, 2013. Retrieved 2013-04-24. 
  8. ^ a b "Mishap At The Money Factory Delays $100 Bill Release". CBSMiami/CNN (CBS Local Media). 2013-09-06. Retrieved 2013-09-09. 
  9. ^ Phillips, Matt. "Why the share of $100 bills in circulation has been going up for over 40 years". Quartz. The Atlantic Media Company. Retrieved 8 October 2013. 
  10. ^ uscurrency. "$100 Note Podcast Episode: 1". YouTube. Retrieved 2012-04-06. 
  11. ^ Brian Naylor (December 7, 2010). "Updated $100 Bills May Be Too Tough To Print". All Things Considered (National Public Radio). Retrieved 2012-04-06. "The government had planned to introduce a new $100 bill early next year. The complex new design is meant to foil counterfeiters. The problem is it's already foiled the machines that are supposed to print it." 
  12. ^ "FRB: Press Release-Federal Reserve announces issue date of redesigned $100 note-April 24, 2013". Federalreserve.gov. 2013-04-24. Retrieved 2013-10-04. 
  13. ^ "US Paper Money information: Serial Number Ranges". USPaperMoney.Info. Retrieved 2012-04-06. 
  14. ^ "Some Tables of Historical U.S. Currency and Monetary Aggregates Data" (PDF). Federal Reserve Bank of St. Louis. Retrieved 2012-04-06. 
  15. ^ "Currency in Circulation: Volume". Federal Reserve System. Retrieved 2012-04-06. 
  16. ^ "Will Jumbo Euro Notes Threaten the Greenback?". U.S. House of Representatives. October 8, 1998. Retrieved 2012-04-06. 

Further reading[edit]

External links[edit]