Monday, December 6, 2010

Stop the Presses. Major SNAFU at Treasury

Posted By on Mon, Dec 6, 2010 at 1:46 PM

A major problem with what were supposed to be new high-tech $100 bills has resulted in the quarantine of more than 1 billion of the bills.

CNBC reported that the bills were scheduled for release in February 2011. They include a 3-D security strip and a color-shifting image of a bell designed to fool counterfeiters.

A Treasury Dept. official said 1.1 billion of the new bills are unusable because of a creasing problem in which paper folds over during production. That, in turn, reveals a blank unlinked portion of the bill face.

The total face value of the unusable bills" $110 billion. That's 10 percent of the entire supply of U.S. currency on the planet.

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