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Get to know your currency!

Many that I’ve encountered focus, in the case of coins, on
the diameter and color of the coin without giving much consideration to the
design. Every coin within a denomination might as well look the same. If they
see a dollar coin, they consider it an anomaly, or worse yet, a foreign coin or
counterfeit.
I had two instances in recent weeks where the currency in
question was a $50 Federal Reserve note.
While attending the Central States Numismatic Society
Convention April 26 to 29 in Illinois, I talked with a dealer friend who had an
unpleasant encounter with a supermarket check-out cashier who intimated he was
trying to pass a counterfeit bill. She had looked at the placement of the security
thread in the note as she held the note up to the light. The dealer retrieved
the note and paid for his groceries with two $20 notes and a single $10 note,
which the cashier accepted without even batting an eye.
On May 6, while attending a Todd Rundgren concert in
Columbus, Ohio, with a friend, my friend paid for his pizza with a new $50
note. The guy behind the bar counter held the note up to the light, again
looking for the security thread. I provided him a short history lesson on the
production of the note and explained that the mere existence of a security
thread was not necessarily an indication of the note’s authenticity. He
actually surprised me by having knowledge of some of the other security
features of the current series.
I “noted” (no pun intended) that the security thread on the
current series of notes, although supposed to appear vertically to the right of
the presidential portrait, could appear to the left if the security paper in
which the thread is embedded before printing was improperly placed into the
printing press at the Bureau of Engraving and Printing. Paper positioning will
also affect the positioning of water marks. While such notes with the security
strip appearing in the wrong position might bring into question their authenticity,
they are not only genuine legal tender, they are also highly collectible error
notes that command a premium above face value.
If your knowledge of the security features on the current
series of Federal Reserve notes denominated $5 through $100 is a little rusty,
take the time to visit www.uscurrency.gov for an illustrated refresher. The
U.S. Currency Education Program posted there is managed by the Federal Reserve
Board.