New $10 note coming out Sept 28

The Department of the Treasury, Federal Reserve and U.S. Secret Service are unveiling a new design and updated security features for the $10 note that will enter circulation in early 2006. The $10 note is the third denomination in the new currency series which incorporates enhanced security features, subtle background colors and symbols of freedom into the designs.

The unveiling event will take place at 10 a.m. on Ellis Island in New York Harbor—raising speculation that the Statue of Liberty might be one of the note’s new design elements.

While it is not yet known what new design elements or colors will be incorporated into the new $10, the note will carry a series date of 2004A because it has facsimile signatures of Treasury Secretary John W. Snow and U.S. Treasurer Anna Escobedo Cabral.

Snow and Cabral will participate in the ceremony, as will Bureau of Engraving and Printing Director Thomas A. Ferguson, Federal Reserve Board Vice Chairman Roger W. Ferguson Jr. and Secret Service Director W. Ralph Basham.

Special ferries have been arranged dedicated to this event.

The new $10 notes will be safer, smarter and more secure: safer because they’re harder to fake and easier to check; smarter to stay ahead of tech-savvy counterfeiters; more secure to protect the integrity of U.S. currency. The new currency, with improved security features, makes counterfeiting more difficult and makes it easier for financial institutions, professional cash-handlers and the general public to check their U.S. currency.

Because counterfeiters are turning increasingly to digital methods and as advances in technology make digital counterfeiting easier and cheaper, the government is staying ahead of counterfeiters by updating the currency every 7-10 years.

The $100 note will be the next denomination to be redesigned after the $10 note. At this time, the government has no plans to redesign the $5 note. The $2 and $1 notes will not be redesigned.

(via moneyfactory.com)