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The Fed keeps rigorous track of every bill. They have a database with the serial number of every live bill. The money isn't valid until the serial is put into

The Fed keeps rigorous track of every bill. They have a database with the serial number of every live bill. The money isn't valid until the serial is put into the database, and any time a bank gets a bill, they have to verify the serial number is in the database. And if it's not they have to turn it in for a replacement that is.

wizzwizz4 1y ago
Is there anywhere I can find out more about this?
- jedberg 1y ago
  I learned it when I toured the Mint in Washington DC, but I suspect they have a web page somewhere.
  - ericvsmith 1y ago
    That’s actually the Bureau of Engraving and Printing, on 14th St. SW, which is indeed worth visiting. They print the paper bills (among other things). The U.S. Mint produces the coins. I think only the Philadelphia Mint still mints coins, but it’s also worth visiting.
    - dhosek 1y ago
      Denver also mints coins for circulation (mint mark D) and San Francisco does rarely, but mostly does proof sets (legal tender, but generally kept by collectors). Apparently there’s also a newer mint at West Point which uses a W mint mark and also mints coins for circulation.
gosub100 1y ago
20 years ago before there were as many erosions of personal privacy and before I realized how important privacy was, I thought of a similar system to detect counterfeit money. Scan it and upload the serial to a database. If that serial has been registered somewhere else, before a plane could possibly transport it there, flag both registers to inspect that bill. If the serial has already been registered as counterfeit, refuse the currency. If the serial was not issued by the US mint, refuse the currency. This would have the adverse effect of flagging valid currency too, but this could be worked around. I think it would make counterfeit much harder and have very little technical cost, since reading the denom and serial is trivial.
- SchemaLoad 1y ago
  Same thing can be done to detect fake number plates.
bboygravity 1y ago
The thing is that only a tiny amount of all money exists as physical bills. So they can track that all they want, it ain't going to make a dent in the total money supply :p

wizzwizz4 1y ago

Is there anywhere I can find out more about this?

jedberg 1y ago
I learned it when I toured the Mint in Washington DC, but I suspect they have a web page somewhere.
- ericvsmith 1y ago
  That’s actually the Bureau of Engraving and Printing, on 14th St. SW, which is indeed worth visiting. They print the paper bills (among other things). The U.S. Mint produces the coins. I think only the Philadelphia Mint still mints coins, but it’s also worth visiting.
  - dhosek 1y ago
    Denver also mints coins for circulation (mint mark D) and San Francisco does rarely, but mostly does proof sets (legal tender, but generally kept by collectors). Apparently there’s also a newer mint at West Point which uses a W mint mark and also mints coins for circulation.

gosub100 1y ago

20 years ago before there were as many erosions of personal privacy and before I realized how important privacy was, I thought of a similar system to detect counterfeit money. Scan it and upload the serial to a database. If that serial has been registered somewhere else, before a plane could possibly transport it there, flag both registers to inspect that bill. If the serial has already been registered as counterfeit, refuse the currency. If the serial was not issued by the US mint, refuse the currency. This would have the adverse effect of flagging valid currency too, but this could be worked around. I think it would make counterfeit much harder and have very little technical cost, since reading the denom and serial is trivial.

SchemaLoad 1y ago
Same thing can be done to detect fake number plates.

bboygravity 1y ago

The thing is that only a tiny amount of all money exists as physical bills. So they can track that all they want, it ain't going to make a dent in the total money supply :p