The Federal Reserve of the United States (FED) has confirmed a measure that surprised many: it will withdraw the $100 bills from circulation. It is a decision that has created uncertainty both among citizens and in the markets. Everyone is wondering how this regulation will affect their personal finances and what steps they should take to avoid losses.
Although high-denomination notes such as $500, $1,000, $5,000, and $10,000 have been out of circulation since 1969, they continue to function as legal tender. But their final retirement is imminent. Now the Fed has confirmed that it will include the $100 bills issued prior to this year in this withdrawal.
Retirement of the $100 bill: When will it be retired?
The Federal Reserve clarified that the withdrawal will only affect $100 bills issued up to 1969. However, it has not set an exact date for its final withdrawal. Therefore, it is recommended that citizens who have these notes exchange them for more current versions as soon as possible.
The exchange of these old or deteriorated banknotes can be done through the Bureau of Engraving and Printing (BEP) under the Treasury Department. Two methods of exchange are available:
- By mail: the old banknotes can be sent along with the bank account details so that the corresponding transfer can be made by the government agency.
- In person: it is also possible to exchange banknotes directly at the offices of the BEP, which are open from Monday to Friday.
This measure reinforces the need to carefully check the banknotes in your possession and to make the exchange. In this way, we will avoid financial inconveniences in the future and we will have more control over our financial situation.
The new $100 bill is official: when will it go into circulation?
The United States Bureau of Engraving and Printing has announced the official date for the release of the new $100 bill. The design of this new note is the responsibility of the Advanced Counterfeit Deterrence (ACD) Steering Committee, which aims to make the national currency resistant to increasingly sophisticated counterfeiting systems.
“The careful integration of unique security features is the foundation for safeguarding currency and ensuring the stability of the U.S. economy,” the BEP said. They also confirm that the inclusion of this new design is strictly for security reasons.
As for the date on which it will begin to circulate, the authorities indicated that it will be in 2034, according to the official calendar. Why such a distant date? The reason is that the introduction of a new banknote requires more than a decade of research and development to successfully implement this currency. This is in addition to several years of optimization and integration testing.
Will the old $100 bills be retired?
The U.S. Bureau of Engraving and Printing has determined that circulating currency should not be redeemed during the redesign period. In other words, the current $100 bills will retain their legal tender status. This is a policy that the government has already adopted. Let us recall that the authorities intend for all U.S. currency designs to remain legal tender, regardless of when they were issued.
However, as we have already seen in this news item, they have now decided to change this policy and have announced the withdrawal of the $100 bills issued up to 1969. Therefore, it is recommended that you pay attention to the exact date these notes will be withdrawn and exchange them as soon as possible.
