Wow, Ben, Love That New C-Note!

On a continuing basis not too many folks will get to hold Benjamin Franklin’s newest likeness. You may be among the fortunate ones. Yesterday, after an unfortunate delay blamed on “production,” the world began seeing the “new” Ben on a snazzy edition of the USA’s $100 bills. The newest bills are supposed to have more security built into them than the president’s jet, but we all know the sharp-eyed crooks amongst us are probably already accepting the challenge of producing their own variety in the cellar or attic.
Since I never saw all that many of the old $100 bills, I was always suspicious of each one I saw, thinking it must be a counterfeit. I’m told bank tellers can spot a phony bill just by the touch. Yes, the new C-note also has something added to prove it’s authentic, a rough feel around Ben’s shoulder.
Could be that’s the shoulder old Ben made sore by running his printing press too long and hard trying to convince patriots to ditch the Crown and switch to a new form of government that worked. Where are you now, mate? We could use a shakeup down in D.C.
Back to the new currency. Officially the bills began moving from banks to wallets Oct. 8.
According to a FAQ from a government site, “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.”
To be sure, Mr. Franklin would likely blush like he did around the ladies if he saw just how big he became on the new currency. I’m sure there are some former U.S. chief executives up in heaven wondering how Ben made the bill and they got the shaft. I can hear Ike boasting, “Heck, I won the big war, and what did I get? My head pressed into a silver dollar.” Well, old chap, don’t feel too badly about that. If you have one of the old Ike bucks, I just did a quick check and they’re selling from $15 to $20 on Internet auction sites, so the old general isn’t doing too badly.
I know Harry Truman must have a few things to say, and not in glossy terms either about Ben’s new portrait. Of course, true to form, Calvin “Silent Cal” Coolidge has remained mum on the topic.
Fear not, if you have a stash of old $100 bills in a shoebox under the bed or stuffed in the hall closet. Those old ones are worth as much as the new ones. That’s not saying much, given the way prices are going up. Keep them; in any case, they may buy a loaf of bread and quart of milk someday soon.
Although it may be worth less than a year ago, all U.S. currency remains legal tender, regardless of when it was issued.
Just because Ben’s bigger than his former likeness is no reason to cast the old boy aside. According to the government, “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.” I could add something there, but hate being tarred a fear monger.
“Beginning yesterday, 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,” states the government.
For the numismatists among us, who save rather than spend their currency, and who probably forgot more about coins and bills that this writer will ever know, they know the answer to this question, but the last redesign of the $100 note began circulating in March 1996.
Why all the fuss and great expense put into the redesign of Ben’s photo and the bill that accompanies? Blame crooks and shysters.
“The U.S. 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 U.S. 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.”
For those who want to belly up to their nearest neighbor and win a bet, the 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. For the record, the largest bill I ever saw was a $1,000 bill that a friend of my dad showed us after he sold some land. To be sure our eyes went out on extensions. We never knew they put that many zeroes on a paper bill.
Should you have any old $100 bills gathering dust around the parlor and know not how to dispose of them, you could always send them to a worthwhile charity. That would make Ben a very happy patriot.