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Statement from Bureau of Engraving and Printing Director Len Olijar

June 4, 2019

“The Advanced Counterfeit Deterrence Steering Committee, which includes membership from the BEP, the US Secret Service and the Federal Reserve System, was chartered to make design and security recommendations to the Secretary of the Treasury.  At this time, the ACD Committee and BEP remain focused on developing security features for the upcoming redesign. 

“As technology has evolved, banknote production has vastly changed over the last three decades.  The next family of notes require new, overt and covert security features for the public, the banknote equipment manufacturers, and the central bank, to keep our currency safe and secure.  Security features also need to work in mass production.  A design can change during testing.  The overwhelming success of the redesigned $100 in thwarting counterfeiting, is greatly due to the effectiveness of the blue security thread which is a public feature (and which a design was integrated around afterwards).  That development alone of that security feature took approximately 10 years to finalize.

“Moreover, BEP was never going to unveil a note design in 2020.  To keep our currency safe and secure, it is unwise to give counterfeiters a look at a potential future note far in advance of a note going into circulation.  Additionally, if the concept of a note that was made public by the government were to change during that lengthy amount of time, it would create confusion in the global marketplace, further aiding counterfeiters.

“No Bureau or Department official has ‘scrapped’ anything; it is too early to develop an integrated concept or design until security features are finalized.  The aesthetics or look of the note has always come after and been driven by the security features.  Everything remains on the table.

“The illustration published by the New York Times was a copy of an old Series note with the signatures of former officials, with a different image super-imposed on it.  It is not a new $20 note, as incorrectly stated by the New York Times, in any way, shape or form.  The facsimile contained no security features or offset printing included on currency notes.  There is nothing about that illustration that even begins to meet technical requirements for the next family of notes.”

BEP Director Len Olijar
June 14, 2019