It looks like we have a new $1 note coming out.

A new release $1, 2013 series. They will be printed on sheets of 50 per page as opposed to sheets of 32. The only problem is, they will be printed as needed and therefor found in your change only. (to start) Three Federal Reserve Banks will be putting them into circulation with no advanced warning. Look out eBay flippers!

 

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The $5's were out earlier this year, I got one of the new ones at the credit union and turned around and handed to the next teller for a red seal $5.

 

any design changes?

 

What happened to getting rid of the $1 bill? some of us where just discussing this last night.

 

It's not going to happen.

 

I hope it looks nice.

 

are they smaller? (being in sheets of 50)

 

A favorite note sounded by conspiracy theorists, who point out that none of our circulating currency is later than "Series 2009," and that there's a sinister reason for this, such as a forced exchange for an entirely new series of FR notes, so the DHS will know how much cash you keep on hand. Check your wallet, nothing later than 2009. Even the new high-tech $100s (don't have one to check the date).

 

JLogan, do you really think the VENDING industry would ALLOW smaller notes, with millions of vending machines to re-design and replace??

 

I'm surprised they're still able to keep that one up. The 2013 $1 is just now getting into production, but the 2013 $5 has been in print since last July--you'd think they'd be getting pretty common by now in most places.

 

The Federal Reserve stopped ordering $1 coins for circulation in 2011, since they already had piles and piles of them that nobody wanted. If there was ever a serious plan to get rid of the paper $1, there isn't any more.

Also, improvements to the Fed's equipment that inspects circulated currency have made it *much* better at distinguishing worn-out bills from good ones, and hence much less likely to send a good bill off to the shredder prematurely. As a result, the average lifespan of a $1 bill is something like four times as long as it was just a few years ago, and the cost differential between the $1 bill and $1 coin is a lot narrower now--in fact, the paper $1 may actually be *less* costly than the $1 coin now, depending on how exactly you figure the costs. It doesn't seem likely that the $1 coin is going to be making a comeback any time soon.

 

Is the new $5 "Series 2013"? I haven't seen one.

 

Does that take into account the respective lifespans of the note verses the coin (cost per day of use)? It seems to me that the coin's production would have to be an awful lot more expensive to make a short term note more economical...but if bills are lasting on average 4x longer, then maybe it does.

 

Yes. The $1, $2, $5, $10, and $20 are all in production as Series 2013 now, but the $5 was the first. The $50 and $100 still haven't made the switch to the new series; it takes a while for the BEP to make new master plates for every denomination.

Series 2013 currency has the signature of the new Secretary of the Treasury, Jacob Lew, while Series 2009 (and 2009A for the $100) had Timothy Geithner's signature instead. That's the only difference between them--well, that and the fact that the 2013 $1 is being printed in the new 50-subject sheets. The remaining denominations of Series 2013 are still being printed in 32-subject format.

 

Yes. The Fed estimates that the $1 bill is more economical than the $1 coin as long as the bill lasts at least 4.75 years--and the latest figures show it lasting 5.9 years on average. That's up from 1.5 years in the 1990s.

The $1 coin is estimated to last 30 years, but a coin is significantly more expensive to produce, transport, &c. than a bill is.

These numbers, and a bunch of other relevant facts and figures, can be found in a Fed working paper here.

 

ok so the sheets are bigger then

 

Interesting info...good to know. If the bill is more economical, then I saw stick with it. As far as I'm concerned, we need to go with the most economical option...regardless of how the public may view it.

 

Just 30 years for a dollar coin? That's like saying a 1984 quarter has reached the end of its lifespan. I know most roll hunters will disagree. The Mint could formulate a dollar coin that lasts a HUNDRED years, except with hyperinflation coming, it won't buy anything, but with a hole drilled through the center, makes a good washer (like early 19th Century large cents). Follow the money!

 

i dont think they really know how long a dollar coin would last in circulation because they just started using the composition 14 years ago

 

I feel like we are the dumbest country on the planet when it comes to money. For instance, we use a 25th of a whole coin aka the quarter, while most other countries use 20th of a whole "20" denomination coins.

45 cents with our money is a quarter, a dime, and a nickel, whereas if we had a 20 cent coin it would be simply two 20c coins and a nickel, it just makes more sense to me.

The UK has not issued a pound note (similar to a dollar bill) since 11th March 1988, and instead uses a COIN.

We still issue a penny, Canada got rid of it in 2012, while most other civilized countries have gotten rid of their "1" denomination coins, some countries don't even have a "5", denomination coin.

Don't even get me started on the fact we are one of the last countries NOT on the metric system.

I wish I could locate the nimrods who drag their feet on currency and coin changes that should of been done decades ago and hit them over the head with a bag of dollar coins.

We need to get rid of the cent, go to a dollar COIN, and get the hideous portraits of dead presidents off our coins and return to beautiful portraits of lady liberty as we did years ago.

We also need to change the composition of the nickel, which currently costs over 7 cents each to make.