Take A Look Inside Your Wallet

March 2006

During March, the US Treasury and Federal Reserve Bank will begin circulating the redesigned $10 bill. Part of an ongoing process to thwart counterfeiters, the government will redesign the currency every seven to 10 years.

The new $10 bill will feature images of the Statue of Liberty’s torch and the words “We the People.” It will incorporate easy-to-use security features for people to check their money and subtle background colors in shades of orange, yellow and red. If your wallet has some of the old $10 notes, don’t worry. The old currency will still maintain its full face value.

When you receive your first redesigned $10 bill, likely from your local Wisconsin bank or business, note these three security features:

• Color-Shifting Ink. Tilt your $10 bill to check that the numeral “10” in the lower right-hand corner on the face of the note changes color from copper to green.
• Watermark. Hold the new note up to the light to see if a faint image of Treasury Secretary Alexander Hamilton appears to the right of his larger portrait. This watermark should be visible from both sides of the note. On the redesigned note, the watermark is easy to locate—a blank oval has been incorporated into the design to highlight the watermark’s location.
• Security Thread. Hold the note up to the light and make sure there’s a small strip that repeats “USA TEN” in tiny print. It should run vertically to the right of the portrait.

Improvements in digital technology have greatly increased counterfeiting. According to the Secret Service, one percent of counterfeit bills were produced on digital equipment ten years ago. Today, 56 percent of counterfeit bills are produced using new digital technology.

Constant improvements in security features, aggressive law enforcement and education efforts to inform the retail industry and the general public are being used to stem the tide of counterfeiting of US currency.

Three federal agencies work in tandem when introducing new bills into public circulation. The US Treasury handles the design, printing and production. The Federal Reserve is responsible for making sure that the banks have the actual money for circulation. Lastly, the Secret Service works to enforce anti-counterfeiting laws through public education and ensuring that the banking industry is up to speed on identifying and authenticating bills.

The new $10 note is the latest in the new series of US currency. The new series began with the $20 note in 2003 and continued with the $50 note in 2004. The next currency denomination to be redesigned will be the $100 note.

Your family may be interesting in learning about the history of U.S. currency on the “Your Money Matters” page of Wisconsin Department of Financial Institutions website: http://www.wdfi.org/ymm/ (click on “DFI Kids Page in the left margin).

Provided as a public service by the Community Bankers of Wisconsin (CBW)