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December 7th, 2010
09:45 AM ET

Bad benjamins

More than 1 billion brand new 100 dollar bills slated to be released next year have been quarantined because of a printing problem. The bills that have been rendered useless, have a creasing problem on one of its edges that when unfolded, reveals a blank portion on the bill where a security ribbon should be. The new design was supposed to make them more resistant to counterfeiting.

The error puts the February 2011 release date in jeopardy. Each bill costs 11.8 cents to print which amounts to $120 million in lost production costs. The notes have not been put into circulation, and are sitting in lockup in Fort Worth, Texas and Washington, D.C. CNN's Christine Romans explains.

Filed under: U.S.
soundoff (6 Responses)
  1. M. Martin

    Whatever happen to quality control? Shouldn't of that been caught long before over a million dollars were printed? Quality control should of been checking the bills every 10 to 100 to make sure they were ok. Now the tax payer has to eat up the cost of the mistake.

    December 10, 2010 at 7:30 pm |
  2. Julie

    Sounds like just another flub up, that someone was not doing their job of inspecting before this got out of hand. before a BBB billion of them printed. Just where was quality control?
    Rather than print more of these, Send them out, people will be paying double to get a defective one. Sell them on E-bay, plenty of mistakes from the past on there sell for high dollars.
    :Shadows of a country going down the tubes anyway.

    December 9, 2010 at 12:22 am |
  3. Joshua W

    The way our economy is going, the 'bad benjamins' are going to be worth more than the good ones. I say the government sell them to collectors like it sells postage stamps with flaws that are sometimes worth a fortune. In the meantime, I also have a comment on today's (Wednesday) story on the government paying for college when illegal immigrants join the military. I am all for controlled immigration (my great-grandparents were immigrants). I would suggest amnesty and citizenship for people who want to stay here if they perform community service, clean up the environment, help build infrastructure, teach their language to others, feed the homeless, raise money for charities, etc. And pay taxes instead of so often evading them by getting paid in cash, in exchange for access to public health and education.

    December 8, 2010 at 7:47 am |
  4. B Hoff

    It sure is another government success story, yet if the private sector did this it would been done even worse for cost cutting measures. The private sector would of probably had them printed in China! Just look at the companies that were hired to take care of our troops overseas. They did a real good job too (NOT) at tax payers expense, oh and by the way, the private sector sure has had its share of benefits thanks to taxpayers. I don't put my trust in the government nor the private sector nor the paper they call money.

    December 7, 2010 at 6:44 pm |
  5. RTB

    You have heard of BP? How about the Exxon Valdez? Bohpal? WorldCom? AIG? Enron? Gimbels?

    Gee Slider I'm glad that Private corporations never screw up.

    December 7, 2010 at 6:40 pm |
  6. slider

    Where were the governments quality control folks. Would this have happened in the private sector where it would have affected their bottom line, I think not. But what is just a mere 120 million cost to the taxpayer. Another current government success story.

    December 7, 2010 at 12:50 pm |