Few stories in modern American currency history rival the troubled birth of the redesigned $100 Federal Reserve Note. Announced with fanfare in April 2010, the new Benjamin Franklin note was supposed to circulate that February. Instead, a catastrophic printing defect sent the entire program into crisis, locking away more than 1.1 billion printed notes in government vaults and delaying public release until October 8, 2013. For collectors, that three-year limbo produced a series packed with varieties, errors, and production anomalies that reward careful study.
A Redesign Decades in the Making
The $100 note had last undergone a major overhaul with the Series 1996 issue, which introduced the large off-center portrait of Franklin, the color-shifting ink in the numeral 100, and the security thread reading “USA 100.” By the mid-2000s, counterfeiting technology had advanced enough that Treasury and the Federal Reserve began collaborating with the BEP on an entirely new design. The result was a note incorporating a blue 3-D Security Ribbon woven into the paper itself, a Liberty Bell printed in color-shifting copper-to-green ink (the Bell in the Inkwell), microprinting, a new watermark portrait of Franklin, and background colors of blue and red. The design was unveiled on April 21, 2010, at a press event featuring Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke.
Production had actually begun months earlier, in late 2009, at the BEP’s facilities in Washington, DC, and Fort Worth, Texas. The series date of 2009 reflects this production timeline, not the eventual release date. Initial plans called for release in February 2011, giving the Federal Reserve time to distribute notes to banks worldwide ahead of the announcement.
The Creasing Defect That Stopped Everything
In late 2010, quality control inspectors at the BEP discovered a serious problem on a significant percentage of printed sheets. During the high-speed offset printing of the background colors, a small number of notes were developing creases in the paper before the intaglio (raised ink) printing phase. When a creased note passed through intaglio printing, the crease would later unfold, leaving a blank, unprinted streak across the face of the note. The defect was subtle enough to evade some automated detection but catastrophic enough to render affected notes potentially confusable with genuine currency in circulation.
The BEP halted production and began a massive sorting operation. Using high-speed electronic sorting machines, the bureau attempted to pull defective notes from the already-printed stock. The problem quickly became apparent: the sorting machines themselves could not reliably identify every defective note. By the time the scope of the problem was fully understood, approximately 30 million packs of 100 notes, totaling roughly 1.1 billion individual notes, had been printed and were suspect. These notes were shrink-wrapped and warehoused at the BEP’s facilities. Reports in 2011 indicated that the manual and automated sorting process would cost an estimated $120 million and take years to complete.
When examining Series 2009 $100 notes, hold them at an angle under strong raking light to check for any faint crease lines or blank streaks on the face. Genuine printing errors from this production run do occasionally surface in collector channels, and a properly documented example of the creasing defect can command significant premiums with PCGS Currency or PMG certification.
The Washington and Fort Worth Production Split
Collectors who study Federal Reserve Notes closely know that the BEP operates two printing facilities: the main plant in Washington, DC (no identifying letter in the serial number prefix beyond the district letter), and the Western Currency Facility in Fort Worth, Texas (identified by a small “FW” printed on the face of the note, to the right of the Federal Reserve District Seal). The Series 2009 $100 was produced at both facilities, and both facilities experienced the creasing problem, though the defect rate appears to have been higher in the Washington production runs that used specific press configurations.
For collectors, this creates a natural two-variety baseline for the series. Fort Worth notes are identified by the “FW” plate position indicator. Washington notes lack this designation. Within each facility, different Federal Reserve Districts issued notes, giving the full spectrum of twelve district letters (A through L) across both plants.
Series 2009A: The Geithner Exit and a New Signature
Timothy Geithner left as Treasury Secretary on January 25, 2013, replaced by Jack Lew, who was confirmed on February 27, 2013. This change produced a new signature combination for the $100 note: Jack Lew paired with Rosa Gumataotao Rios, who continued as Treasurer of the United States. Notes bearing this combination carry the Series 2009A designation. Critically, many of the first notes to actually reach public circulation in October 2013 were Series 2009A notes, because the BEP had worked through significant portions of the defective Series 2009 stock during the intervening years.
The coexistence of Series 2009 and Series 2009A notes entering circulation essentially simultaneously in late 2013 is unusual in modern currency history and gives collectors a genuinely interesting set to assemble. First-run Series 2009 notes from the very beginning of usable production sequences carry a collector premium, particularly in uncirculated condition.
To distinguish Series 2009 from Series 2009A at a glance, look at the signature on the lower left of the note’s face. “Timothy F. Geithner” indicates Series 2009, while “Jacob J. Lew” (Jack Lew’s formal printed name) indicates Series 2009A. Both share the Rios Treasurer signature on the right. First-prefix serial number blocks from Series 2009, particularly low-numbered notes in the AA block from any district, are worth seeking in CU (Choice Uncirculated) or better grades.
Star Notes: Replacements for the Recalled Stock
Star notes, those replacement notes bearing an asterisk at the end of the serial number, play an outsized role in the Series 2009 $100 story. When defective notes were pulled from circulation-ready stock, they needed to be replaced. The BEP printed star note replacements to fill gaps in serial number sequences. This created some star note runs for this series with relatively small print quantities compared to later production runs, particularly in the 2010 to 2012 printing windows before the main note was even released to the public.
The Federal Reserve Bank of New York (District B) and the Federal Reserve Bank of San Francisco (District L) tend to have the largest print runs for any denomination, including the $100. However, smaller Federal Reserve Districts such as Minneapolis (District I) and Kansas City (District J) produced far fewer notes, making their star replacements particularly scarce. A Minneapolis Series 2009 $100 star note in PMG 65 or higher is a genuinely difficult note to locate.
Security Features Every Collector Should Know
Part of what makes the Series 2009 $100 collectible beyond its production history is the genuine sophistication of its security architecture. The 3-D Security Ribbon, manufactured by Crane Currency and woven into the paper substrate, contains micro-lenses that create a three-dimensional shifting image of bells and 100s when tilted. This feature cannot be photocopied or digitally replicated with standard equipment. The Bell in the Inkwell uses color-shifting ink to make a copper-colored Liberty Bell appear and disappear within a copper inkwell image. These features were firsts for US currency and represent a genuine leap forward from the Series 1996 design.
For collectors, this means that high-grade examples of Series 2009 $100 notes are genuinely more complex objects than earlier issues. PMG and PCGS Currency graders pay attention to the ribbon’s condition, as excessive handling can cause the micro-lens surface to wear unevenly. A note graded PMG 66 Gem Uncirculated or higher will show crisp ribbon definition and full luster on the color-shifting elements.
When building a high-grade set of Series 2009 $100 notes by Federal Reserve District, prioritize the smaller-print districts first. Minneapolis, Kansas City, and Dallas notes in grades of PMG 65 EPQ or better are significantly harder to find than New York or San Francisco issues. Budget accordingly, and check major currency auction archives at Heritage Auctions and Stack’s Bowers for realized prices before buying from dealers.
Mule Notes and Transitional Varieties
As the BEP cleared through defective stock and resumed production between 2011 and 2013, certain back plate numbers were paired with face plates from different production windows. Collectors who track plate numbers on their notes, visible as small numbers near the lower right corner of the face and lower left corner of the back, can identify transitional pairings that represent short-run production combinations. While the Series 2009 $100 does not carry the classic “mule” designation applied to notes like the 1935A $1 Silver Certificate Julian/Morgenthau mule, the concept of mixed-generation plate pairings applies in a modern context.
Serious variety collectors cross-reference the BEP’s Federal Reserve Note production records, published quarterly as the Currency Production figures on the BEP website, against serial number ranges to pinpoint printing windows. This level of research separates advanced specialists from general collectors and can uncover varieties that have not yet been formally catalogued in the Standard Catalog of United States Paper Money or the Friedberg Paper Money of the United States.
Collector Values and the Raw vs. Graded Debate
In circulated grades, Series 2009 $100 notes trade near or at face value, as one would expect for a relatively modern note with billions of examples printed. The collector value is concentrated in three areas: high-grade uncirculated singles (PMG 67 or 68 EPQ commands $150 to $400 depending on district and facility), low-numbered serial numbers (notes below 00001000 in any district block attract significant premiums), and star notes from low-print districts. A Minneapolis or Kansas City Series 2009 $100 star note in PMG 65 EPQ has realized between $200 and $600 at major auction, depending on the specific serial range.
The raw vs. graded debate is particularly relevant here because the Series 2009 $100 is new enough that many examples in dealer stocks are ungraded. For notes where condition is the primary value driver, third-party grading from PMG or PCGS Currency provides essential authentication and grade certainty. For star notes where rarity is the driver, grading matters somewhat less, but authentication still adds value given the note’s complexity.
| Series / Variety | District or Facility | Approx. Print Run | Rarity |
|---|---|---|---|
| Series 2009 (Geithner/Rios) | New York (B) – Washington | Est. 400+ million | Common |
| Series 2009 (Geithner/Rios) | San Francisco (L) – Fort Worth | Est. 300+ million | Common |
| Series 2009 (Geithner/Rios) | Minneapolis (I) – Washington | Est. 6.4 million | Scarce |
| Series 2009 (Geithner/Rios) | Kansas City (J) – Washington | Est. 9.6 million | Scarce |
| Series 2009 Star Note | Minneapolis (I*) | Est. 640,000 or fewer | Rare |
| Series 2009 Star Note | Kansas City (J*) | Est. 960,000 or fewer | Rare |
| Series 2009 Star Note | New York (B*) – Fort Worth | Est. 3.2 million | Scarce |
| Series 2009 Creasing Error | Any District – certified example | Unknown survivorship | Key Date |
| Series 2009A (Lew/Rios) | Any District, low serial block | Varies by district | Scarce |
| Series 2009, Serial No. below 00000100 | Any District | Fewer than 100 per district | Key Date |
Assembling a Series 2009 $100 Collection
There are several logical approaches to building a meaningful collection around this series. A twelve-piece set, one note from each Federal Reserve District in a consistent grade of PMG 64 or better, is achievable within a modest budget and tells the complete story of the note’s geography. A more ambitious collector might pursue the same set from both the Washington and Fort Worth facilities, making it a 24-piece challenge with significantly higher difficulty for the smaller districts. Adding matching star notes from each district transforms the project into a lifetime pursuit.
Thematic collectors who focus on the production history might instead hunt for documented error notes, first-day-of-issue notes (some banks and the BEP itself sold special presentation packs on October 8, 2013, though these carry no distinguishing serial ranges from ordinary stock), or notes with particularly interesting serial numbers such as radar notes, repeaters, or solid serials.
The Broader Historical Significance
The Series 2009 $100 stands as a cautionary tale about the complexity of modern security printing. The creasing defect cost taxpayers an estimated $120 million in sorting costs and delayed a critically needed currency upgrade by nearly three years. It exposed the tension between the BEP’s need to print enormous quantities quickly and the zero-defect standards demanded by sophisticated new security substrates. The episode ultimately led to investments in improved detection equipment and tighter quality control protocols that continue to shape BEP production today.
For collectors, the story adds genuine depth to what might otherwise seem like just another modern Federal Reserve Note. Behind every crisp Series 2009 $100 in your collection lies a production saga involving billions of dollars in printing costs, government warehouses full of quarantined currency, and a years-long quality control battle that tested one of the world’s premier security printing operations. That history does not appear in a serial number or a plate position, but it is present in every note, waiting to be understood by those who take the time to look.
