THE NEW COLOR OF MONEY

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THE NEW COLOR OF MONEY

 user 2006-01-17 at 9:49:00 am Views: 41
  • #13747

    the new color of money
    $10 bill gets a face-lift
    NORTH
    PORT — In today’s high-tech world, many who have access to a good
    scanner, printer, and image-editing software have the ability to print
    their own money.
    Therefore, the U.S. government, in its fight to
    safeguard its currency, has announced a new look for the $10 bill,
    which will start circulating on March 2.
    New $20 and $50 notes were introduced in 2003 and 2004, and the new $10 bill will incorporate similar security features.
    Three
    weeks ago a news report claimed that Tampa is starting to see an
    increase in counterfeit bills in the $10 and $20 denominations. They
    are cashed in places that are either dark, such as bars and
    restaurants, or in busy places, such as retail stores.
    In each case, the cashier tested the bill with a special marker and it tested good. How can that be?
    According
    to the U.S. Secret Service, counterfeiting is still done the “old
    fashion way:” by bleaching $1 or $5 bills, and printing on the bleached
    paper a higher denomination. In addition, color copier machines or
    scanners and an inkjet printer can print near-perfect fakes.
    Digital
    counterfeiters are increasingly turning to digital methods, as advances
    in technology make counterfeiting money easier and cheaper. In 1995,
    for example, less than one percent of counterfeit notes detected in the
    U.S. were digitally produced. By 2002, that number had grown to nearly
    40 percent, according to the U.S. Secret Service.
    However, the old bills that do not have the new technology may still be the target of counterfeiters.
    “North
    Port has only had six cases involving counterfeiting,” said North Port
    Police Capt. Robert Estrada, noting most of them involved checks or
    license tags.
    “I cannot remember the last time we had a bill come to
    us,” he said, adding that any counterfeit bills are sent directly to
    the U.S. Secret Service.
    Secret Service Director W. Ralph Basham credits a combination of factors in keeping counterfeiting low.
    “Improved
    worldwide cooperation in law enforcement, improvements in currency
    design like those in the new $20 notes, and a better-informed public
    all contribute to our success in the fight against counterfeiting,”
    Basham said in a press release.
    In 2004, the Secret Service reported
    it made 2,979 counterfeiting-related arrests in the U.S., and seized
    about $88.7 million in bogus money. Thirty-six percent of counterfeit
    money was produced outside the United States, according to the Secret
    Service.
    To protect your hard-earned money, the U.S. government
    expects to redesign its currency every seven to ten years.
    Counterfeiting of U.S. currency has been kept at low levels through a
    combination of improvements in security features, aggressive law
    enforcement and education efforts to inform the public about how to
    check their currency.
    SECURITY FEATURES OF THE NEW BILLS
    The
    redesigned notes keep three of the most important security features
    that were first introduced in the 1990s and are easy to check:
    color-shifting ink, watermark and security thread.
    Color-Shifting Ink:
    Tilt
    your bill to check that the numeral in the lower right-hand corner on
    the face of the note changes color from copper to green. The color
    shift is more dramatic on the redesigned notes, making it even easier
    for people to check their money.
    Watermark:
    Hold your bill up to
    the light to look for a faint image, similar to the large portrait. On
    the new $10 bill, you should see an image of Treasury Secretary
    Alexander Hamilton appearing to the right of his large portrait. It can
    be seen from both sides of the note. On the redesigned $10 note, a
    blank oval has been incorporated into the design to highlight the
    watermark’s location.
    Security Thread:
    Hold your bill up to the
    light and make sure there’s a small strip embedded in the paper. The
    words “USA TEN”, or “USA TWENTY” (depending on denomination) and a
    small flag are visible in tiny print. It runs vertically to the right
    of the portrait and can be seen from both sides of the note. This
    thread glows orange when held under ultraviolet light.