MASERU — In a bid to discourage counterfeiting, the United States Federal Reserve has introduced a re-designed US$100 note with two advanced security features.
The new US$100 note design features, in addition to the old security features, a 3D ribbon and a bell in the inkwell.
In a press statement the Federal Reserve noted that the new design of the note incorporates security features that “make it easier to authenticate but harder to replicate”.
Speaking to members of the media via a tele-conference call, Federal Reserve Board Associate Director Michael Lambert said circulation of the new note to financial institutions began on October 8.
He added that “it is not necessary for consumers to trade-in their old notes for new ones as the old US$100 note will remain legal tender and be used concurrently with the re-designed note”.
About half to two thirds of US$100 notes circulate around the world, making it more prone to counterfeiting threats and necessitating constant measures to improve security.
Lambert said that the technology used in designing the new note is not widespread and commercially available to the public, adding that the introduction of the new design was not an indicator of a security breach but a measure by the Federal Reserve to improve security as technology advances.
“It is a global trend for central banks to change the design of notes as a security measure.
“The Federal Reserve also strives to use new technology measures to constantly lessen chances of counterfeiting the notes.”
Meanwhile, the South African Reserve Bank also added a new security feature to the South African Rand notes this week.
The notes, bearing a picture of former president Nelson Mandela, now feature small dots on the front and back in addition to older security features.