Federal Reserve Notes Series 2013 $100: The Creasing Crisis That Halted Production and What It Means for Collectors Today

A Billion-Dollar Problem Hiding in Plain Sight

When the Bureau of Engraving and Printing (BEP) began large-scale production of the redesigned $100 Federal Reserve Note in late 2010, nobody anticipated that the note’s ambitious new security features would create a manufacturing nightmare. The note that was supposed to be the most secure piece of American currency ever issued became the source of one of the most embarrassing production halts in the BEP’s modern history. By the time the dust settled, hundreds of millions of sheets had been quarantined, release was delayed nearly three years, and the numismatic community inherited a set of Series 2009A and Series 2013 notes whose production quirks continue to generate collector interest today.

The Redesign That Changed Everything

The redesigned $100 note had been years in development by the time the BEP and the Federal Reserve jointly announced it on April 21, 2010. The new note incorporated a 3-D Security Ribbon woven directly into the paper rather than printed on it, a Bell in the Inkwell that shifts color from copper to green when tilted, color-shifting numeral 100 ink in the lower right corner, microprinting along the collar of Benjamin Franklin’s portrait, and a larger, watermarked portrait of Franklin visible when held to light. The paper itself was produced by Crane Currency, which had to integrate the security ribbon into its substrate during manufacture, a process that added significant tension and dimensional variability to the finished sheets.

The note bears the signatures of Treasury Secretary Timothy F. Geithner and Treasurer of the United States Rosie Rios for the Series 2009A designation, and then Secretary Jack Lew and Treasurer Rios for the Series 2013 designation. That signature combination alone helps collectors immediately distinguish which production run they are handling.

What Actually Caused the Creasing Problem

In late 2010, quality control inspectors at the BEP’s Washington, D.C. facility and its Fort Worth, Texas facility began identifying a disturbing defect in finished sheets of the new $100 note. A small but significant percentage of notes were exhibiting what the BEP officially termed “mashing,” a condition in which the new high-speed printing presses were creating creases in the notes during the offset printing and intaglio printing stages. These creases resulted in a blank, unprinted crescent-shaped area appearing on some finished notes, a flaw completely invisible to standard optical inspection systems because the crease occurred and then reopened, leaving the note flat but with a zone of missing ink.

The core mechanical issue was the interaction between the thicker, more rigid paper substrate required to accommodate the woven 3-D security ribbon and the sheet-fed presses calibrated for previous generations of currency paper. The ribbon created localized stiffness variations across each sheet. As sheets passed through the printing press at high speed, these stiff zones caused microscopic folding events at the sheet-feeding and stacking stages. Once the sheet unfolded and passed through quality control, it appeared normal. Only when cut into individual notes did some of the defects become visible, and even then many passed undetected.

The Scope of the Halt and the Quarantine Operation

By December 2010 the BEP had formally halted all production of the redesigned $100 note. Reports filed with Congress indicated that approximately 1.1 billion notes, representing a face value of roughly $110 billion, had been printed but were being held in quarantine pending inspection and possible destruction. This was one of the largest currency quarantine operations in American history. The notes were stored at both the Washington and Fort Worth facilities, and the BEP quietly began the painstaking process of sorting them by running them through high-speed detection machinery retrofitted with sensors capable of identifying the blank-crescent defect pattern.

The sorting process itself took the better part of two years. Inspectors estimated that approximately 30 million of the quarantined notes, roughly three percent of the total stockpile, were defective. The remainder were ultimately certified as fit for circulation. This sorting operation added an enormous logistical cost on top of the already-expensive redesign, and the Federal Reserve was forced to continue issuing Series 1996 and Series 2006 $100 notes in the interim to meet circulation demand.

The Series 2009A Gap and Its Numismatic Significance

From a collector standpoint, the production halt created a notable gap in the sequential narrative of the $100 note. The Series 2009A notes that were eventually released into circulation after the sorting process was complete began entering Federal Reserve Banks in February 2013, ahead of the official public launch. Serial numbers on the initial 2009A releases from the Washington facility carry the prefix letter corresponding to their Federal Reserve district, followed by a number block beginning in the lower ranges, while Fort Worth production notes carry the star variant or the Fort Worth identifying mark on the face of the note.

The official public launch of the redesigned note was set for October 8, 2013. On that date, the Federal Reserve and Treasury Department held a ceremony marking the note’s entry into general circulation, and the Series 2013 designation with the Lew-Rios signatures became the standard going forward. Collectors who acquired uncirculated examples directly from Federal Reserve Banks or through the BEP’s own Uncut Currency program in October and November of 2013 hold some of the earliest documented Series 2013 notes.

Star Notes and the Replacement Issue

The star note production associated with the Series 2009A and Series 2013 $100 notes is particularly interesting. Because a significant portion of the quarantined sheets were destroyed after failing inspection, replacement star notes had to be produced to account for the sequencing gaps in delivered serial number ranges. The Federal Reserve Bank of San Francisco (prefix letter L) and the Federal Reserve Bank of New York (prefix letter B) historically receive the largest allocations of $100 notes, and star note production for these districts was consequently higher than for smaller districts.

Among the most sought-after star notes from this era are the Series 2009A and 2013 star notes issued by the Federal Reserve Bank of Minneapolis (prefix letter I) and the Federal Reserve Bank of Kansas City (prefix letter J). Print runs for these districts in star format were often well below 640,000 notes, making them significantly scarcer than the major-city district stars. The Atlanta district (prefix letter F) star notes for Series 2013 also have a notably short print run that numismatists have flagged in population reports.

Signature Combinations as a Dating and Collecting Tool

Understanding the signature combinations on these notes is essential for building a type set. The Series 2009A notes carry the Geithner-Rios combination, with Timothy Geithner’s tenure as Treasury Secretary running from January 26, 2009, through January 25, 2013. The Series 2013 notes carry the Lew-Rios combination, with Jack Lew confirmed as Treasury Secretary on February 27, 2013. Rosie Rios served as Treasurer of the United States from September 7, 2009, through July 8, 2016, providing the continuity link between the two series.

A complete type set of the redesigned $100 note requires at minimum one example of the Series 2009A (Geithner-Rios) and one of the Series 2013 (Lew-Rios). Ambitious collectors often extend this to include one note from each of the twelve Federal Reserve districts for both series, plus star note representatives, creating a 48-note or 50-note set that thoroughly documents the transitional period surrounding the production halt.

Known Error Notes from the Production Run

Beyond the manufacturing defect that triggered the halt, a small number of genuine error notes from the Series 2009A and 2013 production have been documented by the numismatic community. These include notes with double denominator errors, partial face printing errors, and in at least several documented cases, genuine blank-crescent mashing errors that passed through the re-sorting process undetected and entered circulation. PCGS Currency and PMG have both certified a small number of these mashing errors, and they represent some of the most genuinely scarce modern error notes in a high denomination.

Collectors should exercise caution, however, as the mashing error is occasionally simulated by post-production folding and circulation damage. A genuine BEP mashing error will show the blank area with absolutely clean, sharp paper edges within the crescent, no fiber disturbance, and correct ink characteristics on all surrounding areas. A circulation-damaged counterfeit error will typically show fiber stress, slight color variance, or irregular crease geometry inconsistent with a press-induced fold.

Current Collector Values and Market Observations

In circulated grades, Series 2009A and 2013 $100 notes from major districts have minimal premium over face value, as would be expected for modern issues with large print runs. However, in PMG 65 Gem Uncirculated or higher, or in PCGS Currency Gem New 65 or better, collector premiums begin to emerge, particularly for star notes from smaller districts. A Minneapolis or Atlanta star note in PMG 67 Superb Gem Uncirculated can bring $200 to $400 at major currency auctions, compared to $110 to $125 for a comparable star from the New York or San Francisco districts.

Certified mashing errors in any grade are genuinely rare enough that realized prices depend heavily on documentation and the prestige of the certifying service. The handful that have appeared in Heritage Auctions and Lyn Knight sales have realized between $800 and several thousand dollars depending on grade and the severity and clarity of the error.

Conclusion: A Modern Issue With Lasting Historical Weight

The Series 2013 $100 note and its immediate predecessor, the Series 2009A, represent a pivotal moment in the history of American currency manufacturing. The creasing and mashing crisis that halted production in December 2010 was not merely an embarrassing logistical setback. It was a visible demonstration of how the escalating arms race between currency designers and counterfeiters can create unforeseen engineering challenges at industrial scale. The BEP’s decision to quarantine over a billion notes, sort them methodically, and release only certified examples showed institutional discipline, but it also seeded the numismatic market with a documentary record of the crisis in the form of transitional series designations, unusual star note runs, and a small population of surviving error notes that will interest collectors for generations. Whether you are assembling a type set of modern $100 notes, hunting for small-district star notes, or hoping to find a genuine mashing error in a bank-wrapped brick of uncirculated currency, this is one modern series that genuinely rewards careful attention.