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New $100 bills: Why 30 million were destroyed (+video)

New $100 bills: Fancy new $100 bills are on their way! But a printing error forced the Federal Reserve to destroy $3 billion worth of the new bills.

New $100 bills: an inside look
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There's been yet another major snag in the Federal Reserve's mission to introduce the hundred-dollar bill.

This time, a printing error called "mashing" – when too much ink is applied to the paper – has rendered 30 million bills totally useless, a spokesperson for the Bureau of Engraving and Printing (BEP) confirmed to the New Yorker's David Wolman.

"This time, recent batches of cash from the Washington, D.C., plant contained 'clearly unacceptable' bills intermixed with passable ones, according to a July memo to employees from Larry Felix, the bureau’s director," Wolman explains. "So the Fed is returning more than thirty million hundred-dollar notes and demanding its money back, Felix wrote.

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