Full text of Statements and Speeches of Alan Greenspan : Remarks at the Announcement of New Currency Design : Bureau of Engraving and Printing, Washington, D.C.

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Remarks by
Alan Greenspan
Chairman
Board of Governors of the Federal Reserve System
Washington, D.C.
Announcement of
New Currency Design
Bureau of Engraving and Printing
Washington, D.C.
May 20, 1998

Thank you, very much, Mr. Secretary.

I needn't tell

you that the Federal Reserve is quite pleased to be part of this
event.
As many of you know, the Federal Reserve has the
responsibility of putting currency into circulation through the
banking system.
We are most gratified with the successful introduction
of the new $100 and $50 notes.

To date, about two thirds of all

$100 bills and about a third of all $50 bills are the new Series
1996 notes.
Banks obtain the currency they need for their customers
from their district Federal Reserve Banks, and they dispose of
surplus currency by returning it to their Reserve Banks.
In this process the Reserve Banks also determine
whether each note is in good enough condition to be recirculated
and to verify each note for genuineness.
Approximately two thirds of all notes received by the
Reserve Banks in incoming deposits are fit enough to be recirculated.
The remaining third -- which are worn out or soiled -are destroyed and replaced by new notes obtained from the Bureau
of Engraving and Printing.

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... So, rest assured that the Department of the
Treasury and the Federal Reserve System remain firmly committed
to that goal.
And now, Mr. Secretary, I believe we are ready to
introduce the redesigned currency.

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