Saturday, June 10, 2023

US government clarification on the bill

In Argentina, up to 4% less is paid for US$100 bills printed before 2013.

The head of Argentina is ready to think in dollars. The economy has always been dollarized, but the current crisis – caused by inflation – encourages local savers to buy US bills. Fear of devaluation of holdings also causes a desire for the latest issues of US currency, and this has for some time opened up price discrimination even between bills of similar denomination: “small face” versus “large face”.

In Argentina, the “Cara Chica” bill is paid at a lower value than the “Cara Grande”. The difference between one and the other is their date of issue, while the first one was issued in 1914, the second one is more modern, dating from 2013.

These are the US$100 bills that bear the face of Benjamin Franklin, and the denomination “small face” is due to the fact that the image on the older bills is smaller than on the most current versions.

In the last hours (although this is not the first time), the Federal Reserve of the United States of America (FED, for its name in English) published a clarification in this regard.

“There is no need to change the old #UScurrency design for the new design. All #UScurrency retains its face value regardless of where it was issued,” warned the official account on US currency.

In another post they were even more clear: “There is no need to trade in old design notes. All #UScurrency remains legal tender regardless of issue.”

@uscurrency is the Twitter feed for US currency, an official United States government account “used to inform the public about US currency.”

But beyond the explanation, sources consulted by Clarins warn that “cavemen”, “small faces” are priced 2% less (if it is about larger movements), while the public is paid 4% less. .

A few days earlier, on May 15, by the same account, the government clarified: “Did you know that the $20 bill issued in 1914 can still be used for payment?”

In the case of US$100 bills, the first ones were launched on the market in 1914, and are still valid, they were renewed in 1996 (keeping the same appearance but with changed sizes and more security measures), and the newest They started printing in 2013.

This is an issue that is not only of local concern, but also a debate that spans the globe, which is why clarifications abound (even from the Federal Reserve itself). “It is US government policy that all #UScurrency designs remain legal tender, regardless of where they were issued,” he elaborates.

Nation World News Desk
Nation World News Desk
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