The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-11-06
BANK RECEIVES
CERTIFICATE0F
new CURRENCY
Small Sized Bills to Be Put
Into Circulation by July
I, 1929
BIG SAVING Is FORECAST
Smaller Denominations to BE
Distributed First, First Ma.
tiOnal Bank Told

Belief that the new paper cur
rency which will be in general use
by July l, 1928, will be much easier
TO handle is expressed in a statement
made by the Treasury Department
to the First National Bank, Bis
marck. The bank is distributing
autographed certificates which are
the same size as the new paper cur
rency.
The present size Of the paper cur
rency is z 1-16 by is inches. Ac-
cording to latest information avail
able the size of the new currency
will be 6 5-16 by 11-16 inches,
which is approximately the size Of
the currency which has been in cir
culation in the Philippine Islands
for number of years.
The initial production Of the new
bills will be confined to those of 81
denominations. A sufficient stock
Of these will be accumulated SO that
on some future date, after July /,
1929, all the bills in circulation at
present can be redeemed upon de-
mand. Later the bills Of larger de-
nominations will be redeemed. Dis
tribution will be made Simultaneous
~ from the federal reserve banks.
Issue 81 Bills First
It is understood that the new cur
rency will not be available until the
81 bills make their appearance stimuli
taneously in all parts of the country.
The certificates issued by the First
National merely give good idea Of
how the new currency will look.
The smaller notes will fit into
pockctbooks without being folded,
which is not possible with the pres
emit currency. The frequent folding
pf the bills breaks the fibre of the
paper after a time, and bills which
are repeatedly folded have to be re-
placed frequently. The new cur
rency will not need to be replaced
SO frequently. 1t is also believed
that greater protection will be af-
forded against imitation and alter
alton of the currency.
Resemble Present Money
Some changes will be made in the
designs Of the notes but for the most
part they will look much like the
present currency. The fronts of the
notes will bear a portrait Of some
famous American. The hacks of
the notes will be ornamental or have
cngravings Of buildings. Each de-
nomination will be distinctive.
Washington's portrait on any piece
# currency, for instance, will iden-
lily it as being Of 81 denomination
| ,gardless of the class of the note.
In changing the currency the gov
rnnlent had in mind the conven-
nee Of the public and economies of
,anufacture. 1t is estimated that
9cout - per cent will be saved in
t.lc manufacture Of the notes.
The Treasury Department points
cut that the increasing wealth of
the country has made an ever in
creasing demand for currency, and
that replacement of soiled bills was
becoming a serious problem. In
1917 the Bureau Of Engraving de-
livered 128,672,O45 sheets of cur
rency and in 1926, 227, sec, $40 sheets.
This gives some idea Of the in
creased demands.
Storage Space Saved
The building occupied by the Bu-
feau Of Engraving was completed in
1914 and when it was erected it was
thought that it would meet require
ments for many years to come. But
the greater demands for currency
compel the Bureau to run at full
capacity during the day and with
double shifts in certain sections. If
the old currency had been continued,
larger space and additional manu-
featuring facilities would soon have
been necessary.
The change in the size of the cur
rency will to large extent remedy
this difficulty for the reason that IL
subjects can now be produced from
plate instead of 8. Each printing
operation will produce SO per cent
more notes. A big saving in storage
space will be effected in the vaults
of the Treasury Department and