When will I start to see the new $100 note in circulation?
The new $100 note will begin circulating on October 8, 2013. Once it is issued, any commercial bank, savings and loan, or credit union that orders $100 notes from the Federal Reserve will have its order filled with the new design. Distance, demand, and the policies of individual financial institutions will be the deciding factors in how quickly redesigned $100 notes reach the public, both in the U.S. and in international markets.
Do I have to trade in my older design notes when a new one begins circulating?
No. It is not necessary to trade in your older design $100 notes when the new ones begin circulating. All U.S. currency remains legal tender, regardless of when it was issued.
Will older and redesigned $100 notes circulate at the same time?
It’s important that consumers and businesses know that it will not be necessary to trade in their older design $100 notes for new ones. Older designs of Federal Reserve notes remain legal tender, and will not be recalled, demonetized or devalued.
However, beginning on October 8, 2013, Federal Reserve Banks will only be paying new design $100 notes out to financial institutions. As older designs make their way through the banking system, they will eventually get returned to the Federal Reserve, where they will be destroyed.
When was the last time the $100 note was redesigned?
The last redesign of the $100 note began circulating in March 1996.
Why does the United States government periodically redesign its currency?
The United States government primarily redesigns U.S. currency to stay ahead of counterfeiting threats and keep counterfeiting levels low. The Federal Reserve, the Treasury Department, its Bureau of Engraving and Printing, and the United States Secret Service continuously monitor the counterfeiting threats for each denomination of U.S. currency and make redesign decisions based on these threats. An inter-agency committee makes recommendations on design changes to the Secretary of the Treasury, who has final authority for U.S. currency designs.
Which denominations of currency does the Federal Reserve issue?
Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100 notes. The largest denomination Federal Reserve note ever issued for public circulation was the $10,000 note.