The assertion: After January 2023, U.S. dollars issued before that date won't be genuine
People are posting cautionary messages online about a rumoured significant change to the U.S. dollar in 2023 in yet another round of social media claims concerning American cash.
The Facebook post from November 5 that was shared more than 200 times in less than two weeks states, "US Dollar Notes Below Year 2021 Will Not Be Acceptable From January 2023 - US Government - something seems odd."
Several hundred more people shared the claim in several iterations on social media.
However, a representative for the Treasury, which is in charge of managing the issuance of US money, claimed the assertion is unfounded. The hundreds of billions of pre-2021 bills that are currently in use will remain legal tender.
The value of American currency remains unchanged.
According to department spokesperson Julia Krieger, "all U.S. cash is legal tender." "This won't alter."
Additionally, there are no notifications regarding an upcoming change to American money on the website of the Federal Reserve, which establishes monetary policy for the country and upholds the integrity of the financial system.
When money is no longer in excellent condition, it is "removed out of circulation and destroyed," according to the website. The website estimates that a $1 bill will last for 6.6 years. Depending on the denomination, it can range from 4.7 years for a $5 bill to 22.9 years for a $100 bill.
As of October, the Federal Reserve reported that there were more than 600 billion Federal Reserve Notes issued prior to 2021 in circulation. More than 200 billion $1 banknotes, almost 50 billion $5 bills, and approximately 150 billion $20 bills are included in this.
These bills will circulate and be considered legal tender so long as they satisfy the Federal Reserve's standards for quality.
Our rating: False
According to our study, the assertion that US currency from before 2021 won't be usable after January 2023 is rated as FALSE. There won't be any changes to the legal tender status of American dollars, according to a Treasury Department official. The hundreds of billions of dollars that were printed before 2021 and are still in use will continue to be accepted as legal tender.
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