Tags: new | 100 | bills | delay

New $100 Bills Delayed as Printing Error Messes Up 30M of Them

By Alexandra Ward   |   Thursday, 15 Aug 2013 07:25 AM

The Federal Reserve may be forced by a "printing error" to scrap as many as 30 million new $100 bills, pushing back the release date for the new currency yet again.

The printing error reportedly rendered more than 30 million new $100 bills "clearly unacceptable," according to a July memo from Bureau of Engraving and Printing director Larry Felix to employees.

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"The cause of the latest blunder is something known as 'mashing,'" Darlene Anderson, a spokeswoman for the bureau, told The New Yorker. "When too much ink is applied to the paper, the lines of the artwork aren’t as crisp as they should be, like when a kid tries to carefully color inside the lines — using watercolors and a fat paintbrush."

The Federal Reserve still has to examine another batch of bills estimated to be worth $30 billion, Fox News reported.

And the mistake is going to cost them. According to the Atlantic Wire, it's a $3.79 million mistake since the bills cost 12 cents each to produce and will cost another $12,000 to destroy them.

"There are dire consequences involved here because the Bureau of Engraving and Printing sells Federal Reserve notes to the Board to finance our entire operation," Felix wrote in the memo. "If BEP does not meet the order, the BEP does not get paid."

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The redesigned bills will reportedly feature small 3-D images and a Liberty Bell that changed color.

A number of hiccups have pushed back the original 2011 release date for the new $100 bills. With the latest snafu, the bills won't be released until October.

Related stories:

James Rickards Testifies About Currency Wars

Hackers Switch to New Digital Currency After Liberty Reserve

Australia, New Zealand Consider Common Currency  

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