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WASHINGTON -- Businesses that handle cash and use machines that receive or dispense cash should make final preparations for the arrival of the new $10 bill. On March 2, Federal Reserve banks will begin distributing the newly redesigned $10 notes to the public through commercial banks, the U.S. Department of the Treasury and Federal Reserve Board reported.
The notes will begin circulating immediately in the United States and then be introduced in other countries in the weeks following, as international banks place orders for $10 notes from the Federal Reserve.
In preparation for the new $10 note, businesses should advise cash-handling employees on how to use the notes’ updated security features. Other changes for retailers may involve making technical adjustments to machines that receive or dispense cash, such as vending and self-checkout machines.
In order to stay ahead of counterfeiters, the U.S. government will redesign the currency every seven to 10 years.
As part of its education program aimed at preparing the public for the new $10 note, the Bureau of Engraving and Printing (BEP) has put special emphasis on regular communication with manufacturers of cash-handling machines and their customers, to ensure they have the information they need and ample time to adjust their equipment to receive and dispense the new notes.
Highlighted by images of the Statue of Liberty’s torch and the words "We the People" from the U.S. Constitution, the new $10 note incorporates easy-to-use security features for people to check their money and subtle background colors in shades of orange, yellow and red.
"As always, you don’t have to trade in your old $10 notes for new ones. Both new notes and old notes maintain their full face value," said Federal Reserve Board Assistant Director of Reserve Bank Operations and Payment Systems Michael Lambert. "The updated security features in this redesigned $10 note ensure that it will continue to remain a source of value, trust and confidence around the world."
The new $10 note -- like the redesigned $20 and $50 that preceded it -- incorporates security features to combat counterfeiting, including three that are easy to use by cash handlers and consumers alike: color-shifting ink (the numeral "10" in the lower right-hand corner changes from copper to green when the bill is tilted); a watermark (a faint image of Treasury Secretary Alexander Hamilton appears to the right of his large portrait); and a security thread (a small strip that repeats "USA TEN" in tiny print running vertically to the right of the portrait).
"We expect to update currency every seven to 10 years in order to stay ahead of the latest digital technology available to would-be counterfeiters," said BEP Director Tom Ferguson. "Each time we introduce a redesigned note into circulation, our objective is its seamless transition into daily commerce, both in the United States and around the world."