News

USIS Washington File

26 April 2000

Text: U.S. to Issue New Currency

(Treasury is replacing $10, $5 notes) (820)

U.S. Treasury Secretary Lawrence Summers says the United States will
begin introducing new $10 and $5 currency notes May 24 that will
feature new and modified security features to deter counterfeiting.

The bills to be issued are similar to the new $20 notes introduced by
the Treasury in 1998, Summers said April 26 in a brief announcement.

The U.S. Secret Service said that seizures of counterfeit currencies
have risen since the first redesigned notes were issued, which reduces
the amount of counterfeit currency in global circulation.

Following is the text of the Treasury Department announcement:

(begin text)

[U.S. Department of the Treasury
Washington, D.C.
April 26, 2000]

TREASURY ANNOUNCES RELEASE DATE FOR NEW $10 AND $5 NOTES
Government partners with public to discourage counterfeiting

Treasury Secretary Lawrence H. Summers announced on Wednesday that the
redesigned $10 and $5 notes will be issued beginning May 24. The
bills, similar to the $20 note issued in September 1998, include new
and modified security features to deter counterfeiting of U.S.
currency.

Beginning in 1996 with the redesign of the $100 note, the government
has taken steps to stay ahead of advances in technology. Over the past
five years, the Department of the Treasury and the Federal Reserve
have implemented an aggressive public education campaign to encourage
the public to authenticate U.S. currency. According to the United
States Secret Service, seizures of counterfeits have risen since the
first redesigned notes were issued, allowing less counterfeit currency
to enter global circulation.

Secretary Summers recognized a number of retail companies and national
organizations that are helping to ensure a smooth transition to the
new notes. The organizations have agreed to inform their employees,
customers and members by distributing free educational materials,
training employees, displaying point-of-sale materials, in their
stores, and including information about the new notes in internal
publications or web sites.

"Businesses and banks have done a great job of educating their
employees and customers about the improvements we're making to our
currency," Secretary Summers said. "The new security features and an
informed public who knows how to use them is our best and first line
of defense against counterfeiting."

Information is available to the public in various formats, including
posters and brochures and videos, plus an interactive CD-ROM and web
site featuring "Special Agent Banks," who leads users through the
lessons. For younger audiences, an educational web site will be
launched momentarily in conjunction with the issuance of the notes.

The efforts of our partners in the campaign are making include the
following:

-- AOL is linking Treasury's web site www.moneyfactory.com to their
personal finance channel to educate their millions of users.

-- 7-Eleven is displaying an information piece on the counter in all
5,645 U.S. stores and is holding special events in 16 cities on May
24.

-- Ace Hardware stores across the country are posting point-of-sale
displays, posters and pamphlets developed by the Treasury.

-- Supervalu will feature the new notes on 4 million paper grocery
store bags in order to prepare their customers for the new bills.
Other corporate partners include Target, Bank of America, McDonalds,
Pizza Hut, Burger King, Kroger, Sears and Industrial Bank of
Washington, plus numerous transit authorities.

-- Girl Scouts is including information in the new Brownie handbook,
and will publish an order form in their national newsletter for
council and troop leaders to order free materials on the currency to
distribute to their members.

-- Girls, Inc. is incorporating information on the redesigned currency
into their new financial curriculum, and will distribute education
resource kits to their chapters across the country.

-- Many national associations are also actively participating in the
education campaign, including: American Bankers Association, American
League of Financial Institutions, Association of Minority Chamber of
Commerce Executives, Food Marketing Institute, Greater Washington
Ibero-American Chamber of Commerce, Korean Grocers Association,
National Bankers Association, National Black Chambers of Commerce,
National Grocers Association, Organization for Chinese Americans and
the U.S. Hispanic Chambers of Commerce.

On May 24, banks and other depository institutions will begin
receiving the first shipments of new $10 and $5 notes from Federal
Reserve banks and branches around the country. The new notes will be
available to customers as banks place and receive their currency
orders. However, some customers may not see the new bills for some
time depending on their depository institutions' current supply of
older notes. There will be no recall or devaluation of United States
currency. Older notes will be removed from circulation as they wear
out and are replaced with the newer bills.

Informational materials on the redesigned notes are available by
calling 1-800-394-4006 or visiting the Bureau of Engraving and
Printings website at www.moneyfactory.com.

(end text)

(Distributed by the Office of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)