A big news from US Bereau of Engraving and Printing. A total of 30 million new $100 bills destroyed due to an ink error which ruined them, rendering them ‘illegal tender’. The new bill is set to feature such touches as a chameleon-like Liberty Bell and 3-D images. A printing error known as ‘mashing’ is the culprit as the federal reserve suffers another setback in its plight to introduce the new bills. The mashing occurs when an excess of ink is applied to the paper. As a result, the whole lot needs to be completely destroyed.
The Fed is returning more than 30 million new $100 bills and demanding its money back. Another thirty billion dollars worth of paper sits in limbo awaiting examination and Fed officials have informed the bureau that they will not accept any hundred dollar notes made at the Washington, D.C facility until further notice.
New $100 Bills Destroyed
The latest new $100 bilss destroyed is one of many which has plagued the federal reserve. A recent printing error meant that bills were printed with a black spot on them and also needed to be destroyed. Not to mention that little under a year ago a large shipment of newly printed bills were stolen by thieves. The BEP said that they will investigate the issue to determine the root cause and the new $100 bills will be returned to the Bureau of Engraving and Printing had a small proportion of notes affected by mashing which were included with many good, quality notes.
The Bureau wouldn’t comment on the cause for the blunder and said the plant with undergo a testing process on the printing cyle to prevent it from happening again. All money printed at the two plants, that employs 2,000, is inspected by both the Secret Service and the Federal Reserve.
The redesigned $100 bill has been a headache for the Fed since the new counterfeit-proof design was introduced.
Taxpayers will be footing the not-yet-determined cost of the review and possible reprinting, in addition to paying to destroy the “blunder” that occurred crafted money.
Reference :- Inquisitr