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Deuces Wild

Started by BOILER78,

16 posts in this topic

BOILER78

BOILER78

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Conder- I was wondering about that myself. Seems like the first great depression killed creativity in this country. Hopefully we will see a renaissance after the second one...... if not I wonder which dead president will be on the new billion dollar bill?

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Scott B

Scott B

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Why can't we have attractive notes anymore?
Conder- I was wondering about that myself. Seems like the first great depression killed creativity in this country. Hopefully we will see a renaissance after the second one...... if not I wonder which dead president will be on the new billion dollar bill?

Unlike coins, the design of US notes are controlled by the Bureau of Engraving and Printing. The BEP does not have to get permission to change designs, colors, or denomination. In fact Title 31, Section 5115 Paragraph (a) of the United States Code states:

 

(a) The Secretary of the Treasury may issue United States currency notes. The notes—

(1) are payable to bearer; and

(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.

 

This means that the BEP can print currency in any denomination as long as the lowest denomination is worth one dollar. The BEP can print a $6 note, if it wants! And there is nothing in 31USC §5115 that talks about the design.

 

So if you want to blame someone for the lousy currency designs, write to the BEP Director Larry Felix and tell him.

 

Scott

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jtryka

jtryka

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Posted
Why can't we have attractive notes anymore?
Conder- I was wondering about that myself. Seems like the first great depression killed creativity in this country. Hopefully we will see a renaissance after the second one...... if not I wonder which dead president will be on the new billion dollar bill?

Unlike coins, the design of US notes are controlled by the Bureau of Engraving and Printing. The BEP does not have to get permission to change designs, colors, or denomination. In fact Title 31, Section 5115 Paragraph (a) of the United States Code states:

 

(a) The Secretary of the Treasury may issue United States currency notes. The notes—

(1) are payable to bearer; and

(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.

 

This means that the BEP can print currency in any denomination as long as the lowest denomination is worth one dollar. The BEP can print a $6 note, if it wants! And there is nothing in 31USC §5115 that talks about the design.

 

So if you want to blame someone for the lousy currency designs, write to the BEP Director Larry Felix and tell him.

 

Scott

 

Doesn't this law apply only to Legal Tender notes (e.g. United States Notes)? Technically, the only notes that the BEP prints are Federal Reserve Notes, the designs of which I would guess are mandated by the Federal Reserve.

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Scott B

Scott B

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Doesn't this law apply only to Legal Tender notes (e.g. United States Notes)? Technically, the only notes that the BEP prints are Federal Reserve Notes, the designs of which I would guess are mandated by the Federal Reserve.

Federal Reserve Notes are Legal Tender notes. The Fed does not specify the design of the currency. They do not even decide the denominations. According to the law, that is strictly left to the Secretary of the Treasury. In turn, the Secretary leaves this up to the Director of the Bureau of Engraving and Printing.

 

In reality, the BEP redesigns notes with input from the Fed and the vending machine industry so that the notes can be used in commerce. On consideration for not including drastic changes is that it would cost the vending machine industry a lot of money to fix all of those bill changers, something the European industry did when converting to the Euro. However, the vending machine industry saw this as a positive move and went along with the change. The US vending machine industry looks to squeeze every cent out of profits and balks against big changes.

 

Scott

 

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