NEW $20 BILL DESIGN TO DEBUT NEXT MONTH
WASHINGTON, DC - The new peach-hued $20 bill will be introduced at US banks and businesses early next month, according to the Wall Street Journal.
The Federal Reserve and Treasury will flood the US and overseas outlets with up to 915 million of the new notes, issuing only the new $20 through the end of October and withholding previously circulated $20s until November.
The idea is to get consumers, businesses and money handlers accustomed to the pretty new note, the paper reported.
Officials say adaptation of machinery, training of retail employees and other preparations have been under way for months, though, and there shouldn't be any notable problems.
The bill's front features the familiar Andrew Jackson portrait, with a new peach background and without its old oval border.
The bill will also sport a new blue eagle and a green tint near the right and left edges. The back of the bill features a similar multihued scheme and other features to prevent counterfeiting.
According to the US Treasury Department, the $20 bill is the most frequently counterfeited banknote in the US.
Banks will be able to start stocking up on the new twenties beginning October 9, said Marsha Reidhill, a spokesman for the Federal Reserve.
On that date, banks can send armored trucks to a Federal Reserve Bank to get a stash of the new notes, she said.
The Federal Reserve has reportedly been stocking up the new bills for four months.
"This is the most secure note the United States has ever issued, and we want to get it out in circulation as quickly as we can," said Reidhill.
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