Paper Money

Still no release date for NexGen $100s

Collectors who have been wondering whatever happened to the NexGen Series 2009 $100 Federal Reserve notes that experienced sporadic creasing during production will have to wonder a little longer.

“The BEP and its government partners are continuing to develop the most efficient inspection methods for these notes. We remain confident that a very high proportion of the notes currently stored in Federal Reserve vaults at the BEP will be found acceptable and shipped to the Federal Reserve Board banks for circulation,” according to a BEP spokeswoman on Sept. 11.

BEP officials did not answer specific questions about the number of sheets of notes with creases that have been determined to be acceptable for circulation. Nor did they say how many sheets, if any, were destroyed.

Federal Reserve officials have yet to announce an issue date for the new $100 FRNs but officials have said that at least six months will pass between the announcement of an issue date and the day of issue.

Millions of Series 2009 $100 FRNs were printed but withheld from circulation in 2011 while BEP officials worked to correct production problems that have plagued the new notes and resulted in substandard quality.

The colorized Series 2009 $100 FRNs were originally scheduled to be released into circulation on Feb. 10, 2011. But on Oct. 1, 2010, the Federal Reserve stated that the release date would be delayed because the BEP had “identified a problem with sporadic creasing of the paper during printing of the new $100 note, which was not apparent during extensive pre-production testing.”

Following that announcement, the BEP conducted a manual examination of the new notes produced to date and concluded that less than 2 percent of the examined notes were deemed unfit.

In December 2010 the BEP denied a claim in a national news report that 1.1 billion of the new $100 FRNs were unusable because of the creased paper problem. ¦

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