If you were one of those who thought that cash was going to disappear with COVID and the ease of paying with our mobile phones everywhere… no, no, no! The United States Government is working on a new design for all banknotes.
The Fed (Federal Reserve) together with the United States government has announced that the 20 and 50 dollar bills will be the first to undergo this remodelling.
Don’t worry, there is still time before they start being printed. Stay tuned, we’ll tell you how the process will be!
Why are the bills going to be redesigned?
The main reason is none other than security. How many fake bills can be going around the country from hand to hand without you even noticing? Well, this has brought a headache for the government, because as technology advances, these copies look more “real” as well.
So, this redesign aims to directly impact the security of our bills as well as continuing to be a recognized currency. What does this mean? That the design will be very similar to the one we know today, only with the relevant new security measures.
When will these changes take place?
Don’t worry, there’s still time! They’ll start with $20 dollar bills, which will go into circulation in 2030, although their design has already been completed, but first, in 2028, the change will be made to the $50 dollar bills.
According to the government, these bills are the ones that have the most traffic, that is, the ones that are used the most. Therefore, they will be the first to undergo this “change” to improve their security and authenticity.
But, they are not the only ones that are going to be changed, we have said that all the bills are going to be remodeled and they will be so even if it is not in a particularly short period of time.
The next bills to be changed will be the 5 and 10 dollar bills, which will be issued between 2032 and 2035. And finally, the 100 dollar bills will be issued between 2034 and 2038.
As you can see, it is not a particularly short process because it will take approximately 14 years to make the bill changes.
What do I do with my old banknotes?
Don’t worry! First of all, there are still four years until the first new banknotes are put into circulation… The old banknotes will have the same value.
The process is simple, the bank will issue X number of new banknotes, which will go out to the population, who will use the old ones to pay for things and in this way the bank will collect them. But be careful! This does not mean that the banknote will have less value, they will always retain their value (in addition, there is still no set date for when “old” banknotes will not be accepted)
What do we recommend?
As soon as you start receiving the new banknotes, get rid of the old ones, either deposit them in the bank directly or use them to buy things. The idea of introducing the new banknotes is that the old ones pass away, so we can give the bank a hand by getting rid of these old banknotes.
What will the new banknotes be like?
Although it may seem incredible, details of their redesign have not yet been given. What is expected is that they will be very similar and recognizable by the population itself.
Experts have made their own estimates and believe that the new banknotes will have new, very modern security measures, among which there could be holograms, inks that change colour and special textures that make them easier to recognize. With all this they hope that the population itself will be able to recognize when they are being given a counterfeit banknote.
So, although we have to wait to find out what our new banknotes will be like, we are already crazy to find out about them! And there were those who said that it was the end of paying with coins… Well, this has only just begun!