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Us Treasury Stockpiles Billions In Flawed $100 Bills

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from bbc news website

A printing error has forced the US to stockpile $110bn (£69.78bn) in new $100 notes until officials can sort and destroy the flawed bills.

A snag in the printing process left up to 30% of the notes with a blank patch on the face, US network CNBC reported.

Officials are working to devise a mechanical process to sort the flawed bills. Doing so by hand would take up to 30 years, officials said.

The new, high-security notes were to begin circulating in February 2011.

"We are confident that a very high proportion of the notes will be fit for circulation," Treasury Department spokeswoman Darlene Anderson said.

The bills, which represent an estimated one-tenth of the value of all US currency in circulation, are being held in US government facilities in Washington DC and Fort Worth in the state of Texas.

They are the latest in a series of redesigns of US currency intended to fight counterfeiting. The bills are also the first to bear the signature of President Barack Obama's Treasury Secretary, Timothy Geithner.

US news media reported the high-quality cotton and linen fibre stock creased during production of some of the bills, yielding a portion that was not printed.

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The bills are also the first to bear the signature of President Barack Obama's Treasury Secretary, Timothy Geithner.

Rumour has it that the signature is a forgery as they could not persuade Geithner to put his name to anything. :D

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Get that. £69.78 billion is 10% of all the currency circulating in the US.

Gives a perspective to quantative easing both sides of the pond,

oh dear !

Not really.

The average life of a bank note is 2 years.

they have to replace half of all the notes in circulation, evey year

tim

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Not really.

The average life of a bank note is 2 years.

they have to replace half of all the notes in circulation, evey year

tim

this doesn't wash with me ;)

Edited by tomposh101

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Get that. £69.78 billion is 10% of all the currency circulating in the US.

Gives a perspective to quantative easing both sides of the pond,

oh dear !

$900bn cash and 300m population. $3k a head. Half of america lives in poverty.

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from bbc news website

A printing error has forced the US to stockpile $110bn (£69.78bn) in new $100 notes until officials can sort and destroy the flawed bills.

A snag in the printing process left up to 30% of the notes with a blank patch on the face, US network CNBC reported.

Officials are working to devise a mechanical process to sort the flawed bills. Doing so by hand would take up to 30 years, officials said.

The new, high-security notes were to begin circulating in February 2011.

"We are confident that a very high proportion of the notes will be fit for circulation," Treasury Department spokeswoman Darlene Anderson said.

The bills, which represent an estimated one-tenth of the value of all US currency in circulation, are being held in US government facilities in Washington DC and Fort Worth in the state of Texas.

They are the latest in a series of redesigns of US currency intended to fight counterfeiting. The bills are also the first to bear the signature of President Barack Obama's Treasury Secretary, Timothy Geithner.

US news media reported the high-quality cotton and linen fibre stock creased during production of some of the bills, yielding a portion that was not printed.

Right...so let me get this straight...they printed 1.1 billion of these things before anyone noticed that 30% of them had blank patches on the face.

It beggars belief.

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Right...so let me get this straight...they printed 1.1 billion of these things before anyone noticed that 30% of them had blank patches on the face.

It beggars belief.

Takes a stunning level of incompetence to do that. A basic image scanning system sample every 1,000th note would be a piece of cake, do they bother countrng them too or do they measure the height of the piles up to the ceiling? :lol:

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Right...so let me get this straight...they printed 1.1 billion of these things before anyone noticed that 30% of them had blank patches on the face.

It beggars belief.

They're driving down the share price of the company that prints the notes?

So they can buy the shares just before QE switches to actual printing of an extra 2 Trillion dollar bills?

Just being a paranoid crackpot...

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All they need to do, is to print "Treasury Limited Edition" on all of them, then, that'll be fine. It will also increase the notes value probably 5x as they now become collectors items. Easy.

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