Ben S Bernanke: Introduction of the new $100 note
Brief remarks by Mr Ben S Bernanke, Chairman of the Board of Governors of the Federal
Reserve System, at the New $100 Note Unveiling Event, US Treasury Department,
Washington DC, 21 April 2010.
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Thank you, Madame Treasurer.
A sound currency is the bedrock of a sound economy. Therefore, the United States
government must stay ahead of counterfeiters and protect the integrity of our currency. The
three agencies represented here today all share this important responsibility, and today we
come together to unveil the latest phase in our efforts - the new design for the $100 note.
Since the U.S. notes first issued by the Treasury Department in 1862, our national currency
has played an integral role in the fortunes of our country. The Federal Reserve only assumed
responsibility for issuing U.S. currency following the passage of the Federal Reserve Act in
1913. As our nation's central bank, we have a wide range of responsibilities related to paper
money, from ensuring an adequate supply to protecting and maintaining confidence in our
currency. Together with our partners at the Treasury Department, its Bureau of Engraving
and Printing, and the United States Secret Service, we continuously monitor the
counterfeiting threats for each denomination, and make redesign decisions based on these
threats.
This job has become more complex in recent years as technology advances and U.S. dollar
flows expand and increase. In just the past 25 years, the value of Federal Reserve notes in
circulation has grown from $180 billion to $890 billion, an increase of almost 400 percent.
And while in the past, most U.S. dollars were held domestically, today many of these notes
circulate outside of our borders. In fact, we estimate that as many as two-thirds of all
$100 notes circulate outside the United States. For this reason, we must ensure that the
people around the world who rely on the $100 note are educated about changes that we
make to its design.
We will unveil the new design for the $100 note in just a few moments and the Federal
Reserve will begin putting these notes into circulation on February 10, 2011. In the
intervening months the Federal Reserve, together with our partners represented here today,
will reach out to businesses and consumers all over the world to raise awareness about the
new design and explain how to use its security features. This global public education
program is crucial to the successful introduction of the new $100 note, because a
wellinformed public is our first and best line of defense against counterfeiting.
It is important to understand that when this new-design $100 note is issued on February 10,
2011, the approximately 6.5 billion older-design $100s already in circulation will remain legal
tender. U.S. currency users should know they will not have to trade in their older design
notes when the new ones begin circulating.
We look forward to working with you all on the successful introduction of this new $100 note.
Thank you.