Feds new high-tech $100 bill shuts down printer

Madad By Madad, 7th Dec 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/1_7mtonv/
Posted in Wikinut>News>Off Beat

Remember all those fancy anti-theft $100.00 bills the Feds spent years developing? Seems they are trying to print them now and there's a problem.

Who messed up government printer?

A problem with the new high-tech $100 bills that the Treasury Dept and the Federal Reserve was so excited about is causing the government printers to shut down.

An official told CNBC that 1.1 billion of the new bills have been printed but they can't be used because they have been creased, leaving a blank portion of the face on the bill. The total value of all those messed up bills? $110 billion dollars.

The printing machine already bundled up the bills in "cash packs" of four bundles of 4,000 each and some of the bills are alright, but officials say it would take about 20 years to go through the bundles by hand, so for the time being they are locked up in vaults until they can come up with a mechanized system to sort out the usable bills. Doing it with a mechanized system will take about a year to do.

Why did the bills get messed up in the first place? It seems nobody knows, and in turn, nobody is responsible. Sound familiar?

Tags

Government Money, Government Spending, Treasury Department

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A dad that likes to write.

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Comments

author avatar MightyDreamer
9th Dec 2010 (#)

lol lorl... sounds very familiar. a hundred and ten billion dollars smh for messed up 100 dollars, that nobody can use smh. Thanks for this share, reminder and information

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