Modern Money - Frequently Asked Questions:
1. When will we get to see what these new bills will look like?
We are aiming to unveil the concepts for the new $20, $10, and $5 notes in 2020, with the final designs to follow.
2. When will all the new bills be in circulation?
The design concepts for these three notes—all of which will feature historic women—will be unveiled in 2020 in conjunction with the 100th anniversary of the 19th Amendment, which granted women the right to vote. Due to security needs, the redesigned $10 note is scheduled to go into circulation next. Secretary Lew has also directed the Bureau of Engraving and Printing (BEP) to work closely with the Federal Reserve to accelerate work on the new $5 and $20 notes. Our goal is to have all three redesigned notes go into circulation as quickly as possible, without sacrificing the security of our currency.
3. What are the next steps?
Currency design is driven by the development of new, sophisticated security features.
Work on developing security features, which will drive the issuance dates, will continue in the coming years. Once security features are ready, they will be integrated into the designs. There will be several rounds of production testing – which usually results in some minor modifications to the design – to make sure that the notes can be manufactured at a low spoilage rate in production volumes and successfully function in commerce. BEP will also work with banknote equipment manufacturers to ensure that their equipment is ready to accept the new note designs when they are issued. As the issuing authority, the Federal Reserve Board will determine when the redesigned notes will enter circulation.
4. Can you release the new $20 bill first?
Historically, the primary reason for changes to currency design has been to address current and potential security threats to currency notes. Based on counterfeiting threats, the $10 is the next note slated to be redesigned.
Secretary Lew has directed the BEP to work closely with the Federal Reserve to accelerate work on the new $5 and $20 notes. Consistent with our security objectives, we plan to put all three redesigned notes into circulation as quickly as possible.
5. Who makes the final decision on the selection of currency designs?
The Secretary of the Treasury makes the final decision on currency design as established by the Second Legal Tender Act of July 11, 1862 and 12 U.S.C. 418.
6. When was the last time the $10 note was redesigned?
The most recent redesigned $10 note entered circulation on March 2, 2006.
7. When was the last time a new portrait image was added to our currency?
Portraits do not change often. The last changes occurred between 1914 and 1928, four portrait changes occurred: $10: Andrew Jackson to Alexander Hamilton; $20: Grover Cleveland to Andrew Jackson; $500: John Marshall to William McKinley; and, $1000: Alexander Hamilton to Grover Cleveland.