Paper Money

New $10 note still on track for 2020 release

Planned changes to existing Federal Reserve notes remain on track, according to the director of the Bureau of Engraving and Printing, with the new $10 note scheduled for release in 2020 on the centennial anniversary of woman suffrage.

Image courtesy of iStock.

Bureau of Engraving and Printing Director Leonard R. Olijar offered an update on the nation’s paper currency redesign in his November “Director’s Corner” in the September/October issue of BEP Communicator. He said a priority was having the new $10 note ready for production by Aug. 18, 2020, along with final design concepts for the $5 and $20 notes. The target date is the centennial of the signing of the 19th Amendment, giving women the right to vote.

Olijar said the BEP and Federal Reserve were working together to speed up the usual time line so all three notes could enter circulation as quickly as possible while still satisfying security requirements.

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The design elements for the new notes are well-known — Alexander Hamilton and leaders of the suffrage movement on the $10 Federal Reserve note, Abraham Lincoln and events held at the Lincoln Memorial on the $5 note, and Harriet Tubman, the White House and Andrew Jackson on the $20 note.

Beyond the design, the director stressed that, with the continued global acceptance of U.S. paper currency an overriding consideration, the redesign is “security driven.” The components are continuing to undergo refinement and testing with the goal of a currency that is both secure and suitable for commerce.

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Olijar gave emphasis to work on the tactile feature, where “one de­nominating scheme” has been selected from six. Also, after extensive internal testing, the choice has been narrowed down to two possible application methods: intaglio or coated-embossed. The feature will be tested with visually impaired participants early in 2017.

Also on the BEP agenda: building a new Washington, D.C., facility; upgrading and acquiring new equipment; and continuing conversion of the remaining denominations to 50-subject sheets from 32-subject sheets.

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