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Press Release

U.S. Honors All Currency at Face Value

Recently we have seen press reports indicating that some banks in Taiwan are offering discounted exchange rates for old U.S. $100 bills. There is no difference in value between old and new U.S. currency. The U.S. always honors its currency at full face value, no matter how old. There will be no recall or devaluation of U.S. currency already in circulation. While old currency will be destroyed over time as it returns to the Federal Reserve, the older series $100 bills will continue to co-circulate with the new notes and will always be legal tender.

As the first step in a multi-year project to redesign its currency to incorporate sophisticated technology aimed at frustrating counterfeiters, the U.S. introduced a new $100 bill in March 1996. Redesigned $50 bills are due to be introduced later in 1997 and new lower denomination bills will follow at approximately six-to-twelve-month intervals.