Billions of pre-2021 US dollars will remain valid currency after January 2023 contrary to claims on social media. People are posting warnings online about a supposed major change to the U.S. dollar in 2023.
Reads the November 5 Facebook post that was shared several times:
US Dollar Notes Below Year 2021 Will Not Be Acceptable From January 2023 – US Government – something is fishy.
But a spokesperson for the Treasury, which oversees the production of American currency, said the claim is baseless. The hundreds of billions of pre-2021 bills currently in circulation will continue to be valid.
The Treasury Department told USA TODAY the claim was false. Department spokesperson Julia Krieger said:
All U.S. currency remains legal tender. This will not change.
The website for the Federal Reserve, which sets the U.S.A’s monetary policy and maintains the stability of the financial system, also does not include any announcements about an impending change to American currency.
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The website does say that money is “taken out of circulation and destroyed” when it’s no longer in good condition. The estimated lifespan of a $1 bill, according to the website, is 6.6 years. That varies depending on the denomination, with the shortest being $5 at 4.7 years and the longest being $100 at 22.9 years.
More than 600 billion federal reserve notes from before 2021 were in circulation as of October, according to data from the Federal Reserve.
As long as those bills meet the Federal Reserve’s quality criteria, they will continue to circulate and remain valid.
The claim was also debunked by Check Your Fact and Africa Check.