Evaluation of security features in new design of U.S. currency

The first new design of U.S. currency in almost 70 years was introduced in March 1996 with the Series 1996 $100 note. The new design, which will be carried through to lower denominations, incorporates new overt features for use by the public. With introduction of the new $50 note in late 1997 and production of the $20 note in 1998, evaluation of the new features is in order. Since the $100 note has now been in circulation for well over a year, sufficient data is available to carry out a meaningful analysis. This report summarizes that analysis. For the analysis, two approaches are taken. The first is to characterize and quantify the gamut of counterfeits that have been generated, from copiers and printers to traditional lithographic versions. Overall quality as well as effectiveness of individual features will be rated. Results from the new design will be compared with those from the older designs. The other involves analysis of macroscopic counterfeiting trends as a function of year and series, to probe the impact of changes in the currency, both subtle and obvious. Understanding these trends can aid in the development of effective strategies to minimize counterfeiting over the long run.