Frequently Asked Questions

What is the Federal Reserve's role in the design of United States currency?

The Federal Reserve is one member of an interagency committee that makes recommendations on U.S. currency design changes. These recommendations are made to the Secretary of the Treasury, who has final authority for U.S. currency designs by law.

The Advanced Counterfeit Deterrence (ACD) Steering Committee is comprised of the Federal Reserve, the Department of the Treasury, the Bureau of Engraving and Printing, and the United States Secret Service. The ACD Steering Committee continuously monitors counterfeiting threats for each denomination of U.S. currency and makes redesign recommendations based on these threats, among other factors.

Why does the United States periodically redesign its currency?

The United States government primarily redesigns U.S. currency to stay ahead of counterfeiting threats and keep counterfeiting levels low. The Federal Reserve, together with our partners at the Treasury Department, its Bureau of Engraving and Printing, and the United States Secret Service, continuously monitor the counterfeiting threats for each denomination of U.S. currency and make redesign decisions based on these threats. An inter-agency committee makes recommendations on design changes to the Secretary of the Treasury, who has final authority for U.S. currency designs.

What are the laws regarding the defacement and mutilation of currency?

For information on the relevant laws and regulations pertaining to the defacement and mutilation of U.S. currency, please refer to http://uscode.house.gov/view.xhtml?path=/prelim@title18/part1/chapter17&edition=prelim. Information about redeeming currency that is no longer fit for circulation can be found on the BEP's website: https://www.bep.gov/services/mutilated-currency-redemption.

How long is the lifespan of a Federal Reserve note?

The lifespan of Federal Reserve notes varies by denomination and depends on several factors, including how the denomination is used by the public. For example, larger denominations such as $100 notes are often used as a store of value, which means they pass between users less frequently than lower denominations such as $5 notes, which are more often used for transactions.

When currency is deposited with a Federal Reserve Bank, the quality of each note is evaluated by sophisticated processing equipment. Notes that meet strict quality criteria continue to circulate, while those that do not are taken out of circulation and destroyed. This process determines the lifespan of a Federal Reserve note. For more information, visit https://www.uscurrency.gov/life-cycle/data/life-span.

How does the Federal Reserve Board determine the currency print order each year?

The quantity ordered for each denomination is determined by expected demand, expected destruction rate of unfit currency, and other factors, such as inventory management or the issuance of a new design. As the issuer of Federal Reserve notes, the Federal Reserve Board uses this information in creating its annual order for currency from the U.S. Treasury Department's Bureau of Engraving and Printing.

For more information, please visit www.federalreserve.gov/paymentsystems/coin_currency_orders.htm

The Value of Individual Notes

It’s U.S. government policy that both old- and new-design U.S. banknotes remain “legal tender” (legally valid for payments) and maintain their face value, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes from 1914 to the present.

However, a private business, person, or organization is not required to accept U.S. currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state or local law that says otherwise. Therefore, our recommendation is for you to work with the local banks in your area to find one that accepts older designs of U.S. currency.

If you'd like to have the item appraised, please contact a currency dealer or numismatic (coin and banknote collector) organization.

What is a star note?

Star notes serve as replacements for any defective notes that are identified at the Bureau of Engraving and Printing. If you'd like to learn more about banknote identifiers that provide information about each note, please visit https://www.uscurrency.gov/denominations/bank-note-identifiers. If you'd like to have a star note appraised, please contact a currency dealer or numismatic (coin and banknote collector) organization.

How do I determine whether or not a banknote is genuine?

The best way to determine whether a banknote is genuine is to rely on the security features in the note. An in-depth description of the security and design features in the latest $1, $2, $5, $10, $20, $50, $100 notes can be found on this website.

Information about the features of older-design notes can be found under the “Denominations” drop down menu.

What do I do if I think I received a counterfeit note?

If you think you've received a counterfeit note, submit a completed copy of the counterfeit note report form with the suspected note to your nearest U.S. Secret Service field office. For additional information, please visit http://www.secretservice.gov/. International users of U.S. currency should contact local law enforcement, or the nearest U.S. Secret Service field office to report suspected counterfeits.

Do you provide training?

Training and educational materials are offered on the website free of charge. Our online training module is designed for front-line staff who handle cash daily. The module takes approximately 20 minutes to complete and provides users with an overview of U.S. currency, information on security features, and steps to authenticate banknotes.

You can also download educational materials or order hard copies.

What are the laws regarding the reproduction and use of U.S. currency?

Federal law permits color illustrations of U.S. currency if the illustration is less than three-fourths or more than one and one-half, in linear dimension, of the item illustrated; the illustration is one-sided; and if all materials used in the making of the illustration that contains an image or part of the illustration is destroyed or erased after their final use.

For more information on the relevant laws and regulations pertaining to the legal reproduction of U.S. currency, please refer to currency image use.

How can I obtain specific notes and coins?

In order to obtain a specific note or coin, we recommend contacting the depository institution you bank with to see if they will honor your request. Federal Reserve Banks provide paper currency and coins only to depository institutions, which then distribute them to members of the public.