Black Press International |

Date: Feature Week of May 25, 2003
Topic: Black Press Business/Economic
Author: William Reed
Article ID: article_ema052503a

PEOPLE OF COLOR �IN THE MONEY�

US Unveils New $20 Note With Background Colors

African Americans have a historical role in the money of America. The Bureau of Printing and Engraving�s Chief of Currency Production, James Brent, Jr. is at the forefront of America�s effort to stay ahead of the counterfeiting of U.S. currency. He, and a broad cross-section of African-American organizations are involved in the government�s campaign to inform the public about a new enhanced $20 note. �This new design has enhanced security features and subtle background colors,� says Brent. It�s harder to fake and easier to check,� says Brent, who is in charge of printing $9 billion-a-year in U.S. currency.

The presidents of the National Black Chamber of Commerce (NBCC) and the National Bankers Association (NBA) joined Brent, along with the Secretary of the Treasury and Chairman of the Federal Reserve in the unveiling of the $20 note. �With the purchasing power of the African-Americans, the volume of $20 bills circulating among us is vast. It�s imperative that Blacks become aware of the new $20 and the security features in place to protect its soundness,� said NBCC president Harry Alford. �The soundness of our nation�s currency is essential to the soundness of the economy,� said Norma Hart, president of the NBA. �This type of public service effort prepares our employees and customers for the note. Efforts among grass roots are very important,� added Ms. Hart.

U.S. currency is a worldwide symbol of security and integrity and people of color have been involved in, and on, U.S. currency since the Federal System began. Five African Americans have been the signatures on America�s currency: Blanche K. Bruce, (1881 � 1888 and 1897 � 1898); Judson W. Lyons, (1898 � 1906); William T. Vernon, (1906 � 1911) James C. Napier (1911 � 1913) and Azie Taylor Morton (1977 � 1981). Ms. Morton was the 36th Treasurer of the United States. She served from September 12, 1977, to January 20, 1981. The men served as Registers of the Treasury. Until the series 1923 currency, the two signatures on almost all currency (except Fractional Currency and Demand Notes) were of the Treasurer and the Register. During the period, four of the 17 registers were African American

U.S. Treasurer Rosario Marin�s signature appears on currency currently produced. Brent�s 450-member staff produces it. With confidence, Brent says of the new $20, �Color adds complexity to the currency, making counterfeiting more difficult.� His organization is responsible for furnishing a large variety of products a year, and says he particularly wants his efforts aimed at Black Americans �To ensure that those currency users know the new currency is coming, [Fall 2003] and help them recognize and use the security features.

The Bureau of Engraving and Printing (BEP) serves as the Federal Government's most secure and efficient source of vital Government securities, and is the country�s largest producer of security documents. A part of the U.S. Treasury, the BEP does not produce coins, but manufactures financial securities and prints billions of Federal Reserve Notes for the Federal Reserve System each year. At facilities in Washington, D.C. and Ft. Worth, Texas, the BEP produces postage stamps for the U. S. Postal Service, hand engraved invitations on behalf of the White House, and various miscellaneous security documents for other government agencies. All products are designed and manufactured with advanced counterfeit deterrence features to ensure product integrity, and the Bureau advises other Federal agencies on document security matters.

All coinage is produced by another bureau of the Treasury, the United States Mint. Mint records show that during the 1940s, two fifty-cent silver coins commemorating Black Americans: George Washington Carver and Booker T. Washington were produced. There�s also a recently released Jackie Robinson coin.

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