NEW COLOR OF MONEY: Vice Chairman of the Federal Reserve Board, Dr. Roger W. Ferguson, Jr., stands beside the colorful, newly made over $10 bill. In the shadow of The Statue of Liberty, the unveiling ceremony took place on Ellis Island in New York harbor. Photo: Margot Jordan

AFRICAN AMERICAN VICE CHAIRMAN
OF FEDERAL RESERVE BOARD PARTICIPATES
IN UNVEILING OF COLORFUL, NEW $10 NOTE
By Margot Jordan

Ellis Island, New York Harbor--- In keeping with the long history
of African American involvement in the development and circulation of
American currency, the African American Vice Chairman of the Federal
Reserve Board, Dr. Roger W. Ferguson, Jr. participated in the
Official unveiling of the newly designed $10 note that will enter circulation in early 2006.

With a picturesque backdrop of the Stature of Liberty, Dr. Ferguson joined US. Secretary of the Treasurer John W. Snow, United States Treasurer Anna Escobedo Cabral, Director of the Treasury's Bureau of Engraving and Printing Tom Ferguson, and Director of the U.S. Secret Service W. Ralph Basham in a special ceremony for the public unveiling of the new $10 note.

The new $10 note incorporates easy-to-use security features for people to check their money and subtle background colors in shades of orange, yellow and red. This is part of the federal government's continuing effort to stay ahead of increasingly tech-savvy counterfeiters.

In his remarks, Ferguson emphasized that, "With respect to fighting counterfeiting, the job is never finished. In an environment of rapidly changing technology, the Treasury, the Federal Reserve, and the Secret Service musts remain alert to emerging threats to U.S. currency and must continue to seek designs for the currency that will address tomorrow's risks."

Ferguson joined the Federal Reserve Board in November, l997 to fill an unexpired term. He is now serving as Vice Chairman of the Board of Governors of the Federal Reserve System for a second four-year term ending in 2007.

A native of Washington, DC, Ferguson received a B.A. in economics (magna cum laude) in l973, a J.D. in law (cum laude) in l979, and a Ph.D. in economics in l981, all from Harvard University.

At the unveiling ceremony, Treasury Secretary Snow said, "We expect
to update currency every seven to ten years, so that we may continue to stay ahead of counterfeiters. The enhanced security features built
into the new $10 note design---and into the $20 and $50 note designs
that preceded it in the new series---will help maintain global confidence in our currency going forward."

In addition to the new splash of color - the latest $10 bill has a
red image of the Statue of Liberty's torch. Tiny little tens dot the left
corner around serial numbers and the seal of the Federal Reserve
Bank.

A plastic security thread is also woven in the new bill. A smaller
red "Liberty" torch is to the right of the portrait of Alexander
Hamilton, along with the phrase "We the people" in red. By holding
the bill up to the light a watermark can also be seen.

According to Vice Chairman Ferguson; "Ellis Island did not exist as
a port for America's immigrants when the first secretary of the
Treasury, Alexander Hamilton sailed to the United States from the Caribbean Island of Nevis. The Statue of Liberty was not present to welcome immigrants to the New York Harbor." The choice of New York harbor for the unveiling ceremony gave us a 'larger than life' view of 'Lady Liberty,' an American symbol which graces the latest U.S. currency makeover.
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NEW COLOR OF MONEY: Vice Chairman of the Federal Reserve Board, Dr. Roger W. Ferguson, Jr., stands beside the colorful, newly made over $10 bill. In the shadow of The Statue of Liberty, the unveiling ceremony took place on Ellis Island in New York harbor.

 

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