You know things are bad when the government can’t even print money properly. Due to a problem with the printing presses, the federal government has had to halt production of those fancy new $100 bills we told you about, and has quarantined over 1 billion of them in a secured vault in Texas.
That represents more than 10 percent of the entire U.S. money supply.
The sophisticated new bills’ security features have been 10 years in the making. They include a 3D security strip and a color-shifting image of a bell. As it turns out, however, the new $100 bills are so sophisticated that the printing presses can’t print them properly.
So far, over 1 billion defective $100 bills have been printed. Some of them were creased as they were being printed, creating a blank spot on the paper. Making matters worse, correctly printed bills were mixed in with the defective ones, so even the ones that were likely printed correctly can’t be used until they’ve been sorted.
It would take about 20 to 30 years to sort them by hand, but it’s hoped that a mechanized system can do just that within about a year.
The flawed bills, which cost a whopping $120 million to print, will need to be burned.
- A Billion New $100 Bills Quarantined in Huge Vaults in Fort Worth, Texas and Washington, DC (cryptogon.com)
- Fed Has $110 Billion Problem with new high-tech $100 bills… (cnbc.com)
- $100 bill’s new facelift goes awry (msnbc.msn.com)