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NEWS
RELEASE
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The Federal Reserve Bank of St. Louis
St. Louis Little Rock Louisville Memphis

Media Advisory
Contact:
Charles B. Henderson (314) 444-8311

For release:
November 4, 1998

Old $20 Bills Are Legal Tender -

Now and Forever

ST. LOUIS -An apparent prank by a disc jockey at a Louisville radio station this
morning incorrectly told listeners that their old $20 bills would soon be worthless. The United
States has never recalled or devalued its currency and will not do so. The United States always
honors its currency at full face value, no matter how old.
Like the new $100 and the new $50, the newly designed $20 bill has new and modified
features to deter counterfeiting.
Over time, as older series notes wear out and are returned to the Federal Reserve, they
are replaced with the new notes. The process is moving more slowly with the new $20 than it
has with the new $1 00s and the new $50s because the older $20s in good condition will
continue to circulate with the new $20s. The average $20 bill has a lifespan of about two
years, compared to 8.5 years for a $100 or $50 bill.
The bottom line is that older-series $20 bills, as well as older-series $50 and $100 bills,
are good -


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

now and forever.

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