Secretary Janet Yellen reiterated the promise of ensuring an inclusive currency in an internal department Black History Month message.
In contrast with the several speculations spreading over the internet, the Harriet Tubman $20 bill is on its way to rolling out in 2030.
Treasury Secretary Janet Yellen sent an internal Black History Month message to the whole department in which she reconfirmed the department’s promise to make sure that our currency represents to be more comprehensive.
In the internal note, Yellen stated “We know that putting Dr. Angelou on the quarter is just the beginning of the work ahead to make our currency and coinage reflect the totality of the diversity of this country, including placing Harriet Tubman on the $20 bill,” adding further “This Black History Month – the third February of the pandemic – I believe that we as a Department, and as a country, are more cognizant of where we’ve been.”
Reason Behind Delay in Production of Harriet Tubman $20 Note
In between all those thrills with respect to the Maya Angelou quarters, a lot of people asked why a quarter was made within months after the announcement came out whereas the much-awaited Harriet Tubman $20 note isn’t in circulation yet.
In an interview with theGrio, a Treasury official spoke about the process. We are classifying the process of producing cash and coins in the US and why you are entitled to get a Maya Angelou quarter, though you still have to wait for a little for the Harriet Tubman bill.
The Obama Administration and the Advanced Counterfeit Deterrence (ADC) Steering Committee, which gives executive supervision and guidance over security characteristics, Federal Reserve notes’ design and makes sure that the principles of and assurance in the United States currency are cared for, prepared a release routine for another set of notes in 2013.
By the year 2034, the design of each dollar bill is supposed to change, although each has a separate anticipated release year:
- $10: 2026
- $5: 2028
- $20: 2030
- $50: 2032
- $100: 2034
In 2018, under the Trump Administration, the ACD Steering Committee suggested switching the issue dates for the $5 and $50 notes because of a threat estimation. Since 2013, the deadline for the Harriet Tubman $20 has continued to be the same.
Now, what is the reason for the different making time for coins and notes? Well, that time depends on how coins and currency are created as well as on domestic & international security.
When the new bills are imprinted, the major concern that emerges is if they are counterfeit-proof. There is a prolonged procedure that every dollar in your wallet has gone through to reach you and be allocated to banks. On the flip side, the coin’s production seems to be a completely different process and is also led by a distinct federal entity: the United States Mint; whereas the notes are produced by the Bureau of Engraving and Printing.
There are several reasons which counterfeiting isn’t of much concern for the production of coins and these include 1. The 50 states quarter program has made the vendors and public versed with the change in quarter’s design; 2. Physical metal makeup factor makes it costly to recreate coins; 3. There isn’t a major composition change to the coins’ design as compared to a note.
For the majority of part, the sole thing that changes remarkably while producing a new coin is the picture over the coin. When a new change is introduced in the currency, the redesign of some fundamental factors of the actual note takes place. And hence, that makes the creation of the note even more complex and increases its actual acceptance during transactions.
Banknote Redesigning Process
Let’s have a close look at the currency’s production timeline. The redesign process of banknotes consists of a number of activities that take place at the Bureau of Engraving and Printing. The first picture and subject need to obtain approval. Then security attributes go through research and development. Then, banknotes are designed and security aspects are obtained from this point.
Following the most part of the design process set out, materials and equipment are acquired in order to start producing the note physically. Soon after, production testing starts and evaluations for domestic and international banknote machine readiness.
Then a public education campaign occurs after the note is ready physically. This part is extremely pivotal and also indicates that the currency will be out within nearly eighteen months following the start of public education.
Another distinguishing aspect of the production process involves public education that isn’t as crucial to coin production. Usually, people don’t question the integrity of a quarter as the look and feel of it are constant and accustomed. Though a bill’s redesign and its new attributes need to be introduced to banks, vendors, and others in order to make them aware of the security characteristics and authentication with regard to the new note.
Public education occurs domestically and internationally to make sure that when the United States dollar is utilized anywhere else, there is an affirmation that it is the actual McCoy.
So, that’s all about the Harriet Tubman $20 bill; it is happening but procedural aspects are causing deferment. Stay tuned to our website to get all the latest updates about Harriet Tubman’s $20 bill.