The federal government regularly updates U.S. currency to improve security and prevent counterfeiting. This process includes adding new anti-counterfeiting features to the money. Redesigning and testing new banknotes can take several years before they are ready for production and release, according to the Bureau of Engraving and Printing (BEP).
The Planned Redesign of the US $20 Bill
In 2016, the Obama administration announced that Harriet Tubman, an abolitionist, would replace President Andrew Jackson, who is known for his controversial history, on the $20 bill. Treasury Secretary Jack Lew stated that the final design was set to be released in 2020.
However, when Steven Mnuchin, the Treasury Secretary during the Trump administration, said in 2019 that the new design would not be unveiled until 2028, many were surprised. Len Olijar, the director of the BEP at the time, explained that it was too soon to develop a design because security features still needed to be finalized. He added that releasing design images too early could help counterfeiters.
Future of the US $20 Bill
The current Secretary of the Treasury, Janet Yellen, was asked about the new $20 bill featuring Harriet Tubman during an interview on NPR’s Wait Wait… Don’t Tell Me. She responded, “I’m working on it. I’m going to have that happen. All right. Promise.”
According to the Advanced Counterfeit Deterrence Committee, new $20 bills are scheduled to be released in 2030. However, any bills printed before that date will remain valid as long as they are not “mutilated.” This means they will still be accepted as currency until they become “unfit” for use.
Current Status of the $20 Bill
Typically, a $20 bill stays in circulation for about eight years. There are currently no plans to remove the $20 bill or any other denominations, despite rumors about the $100 bill.
| Key Information | Details |
|---|---|
| Design Announcement | Harriet Tubman replacing Andrew Jackson |
| Original Release Date | Planned for 2020 |
| Updated Release Date | Now scheduled for 2030 |
| Valid Currency | Bills printed before 2030 remain valid unless mutilated |
| Typical Circulation Time | Approximately 8 years |
| Rumors About Removal | No plans to remove the $20 or $100 bills from circulation |
Conclusion
In conclusion, while the US $20 bill is undergoing significant changes, it will not disappear anytime soon. The redesign featuring Harriet Tubman is still on the horizon, with a release scheduled for 2030. Until then, any $20 bills issued will remain valid for use. Understanding these updates can help you stay informed about currency and its future.
FAQ’s
When will the new $20 bill featuring Harriet Tubman be released?
The new $20 bill is scheduled to be released in 2030.
Will the old $20 bills still be accepted after the redesign?
Yes, old $20 bills will still be accepted as currency unless they are damaged or “mutilated.”
How long do $20 bills typically stay in circulation?
A typical $20 bill usually stays in circulation for about eight years before it is replaced.