U.S. unveils new, more colorful $20 bills

Treasury and Federal Reserve officials on Tuesday formally unveiled the design for a revamped and more colorful $20 bill, as the United States attempts to stay ahead of ever more sophisticated counterfeiters.

"The soundness of a nation's currency is essential to the soundness of its economy. And to uphold our currency's soundness, it must be recognized and honored as legal tender and counterfeiting must be effectively thwarted," said Federal Reserve Chairman Alan Greenspan in prepared remarks for the ceremony at the Bureau of Engraving and Printing.

Treasury Secretary John Snow said the latest design would help maintain the U.S. currency secure worldwide.

"The design we are introducing today will help us keep it that way by protecting against counterfeiting and making it easier for people to confirm the authenticity of their hard-earned money," said Snow.

The planned redesign was announced last year. The $20 bill, the most commonly used denomination, will be the first to go into circulation, in the fall. Other large denominations, including the $100 bill and the $50 bill, are expected to follow in 2004 and 2005, respectively.

Greenspan said the average lifespan of a $20 bill is about two years, so a "high proportion" of the new twenties should be in circulation within a few years.

The most significant new feature in the currency redesign will be the introduction of new subtle background colors to the predominantly green and off-white bills. While the use of colors is not a security feature, it will help consumers quickly identify the various denominations. The presentation of some buildings and portraits will also be changed.

For the $20 bill, the new design includes a faint blue eagle in the background and a metallic green eagle and shield to the right of the portrait of Andrew Jackson on the front of the note.

It keeps three security features introduced in the last redesign: a faint watermark, a security thread and color-shifting ink in the lower right corner of the face of the note.

The newest redesign comes on the heels of a previous design cycle that began in 1996 and added new security features to bills. The increased availability and power of computers, printers and scanners to create good-looking fakes has heightened the potential for counterfeits in recent years.