When the colorized Series 2006 $5 Federal Reserve Note enters circulation March 13, there will be a ceremonial ?first spend? event in Washington, D.C.
A new $5 will be spent at the gift shop of President Lincoln?s Cottage at the Soldiers? Home in Washington, D.C.
Participants were not known at press time, but are expected to include representatives of the Treasury Dept. and Bureau of Engraving and Printing, the Federal Reserve and the Secret Service, which is part of the Dept. of Homeland Security.
The venue, recently restored and open to the public, was used by President Lincoln as a retreat, according to a Bureau of Engraving and Printing press release.
In the first 15 days after the release of the new $5, Federal Reserve banks will pay out only colorized $5s to their bank customers. At least 180 million new $5 bills are planned to be in Federal bank inventories for this payout. After those 15 days, Federal banks will resume paying out pre-colorized $5s that are fit for circulation, as they remain legal tender.
The new $5 FRNs will be dated Series 2006 and carry the signatures of Treasury Secretary Henry M. Paulson Jr. and U.S. Treasurer Anna Escobedo Cabral.
For more about the colorized $5, see www.moneyfactory.gov/newmoney.