This Thursday, March 13, the Bureau of Engraving and Printing will release the new colorized Series 2006 $5 Federal Reserve Note. A “first spend” ceremony is scheduled for 10:30am and will include Treasurer Anna Escobedo Cabral, Associate Director of Payment System for the Federal Reserve Board Michael Lambert, Pamela Gardiner of the BEP, and Deputy Assistant Director of the US Secret Service Michael Merritt (click here for biographies). A $5 note will be spent in the gift shop at Lincoln’s Cottage at the Soldiers’ Home.
In addition to the first spend event, the Federal Reserve will be distributing 180 million, or $900 million, new notes to member banks. The Federal Reserve will distributed only the new $5 notes to the banks for 15 days where they will circulate along side the older notes. After the 15 days, viable older notes will be placed back into circulation.
It is important to remember that the old notes will not be recalled or demonetized. They will circulate along side the new notes. Older notes will be replaced as they wear over time.
Images courtesy of the BEP