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How much does it cost to produce new money?

How much does it cost the taxpayers to produce new money? The answer is 12 cents – that's how much it costs to make one bill.

So what happens if something goes wrong in the printing of new money? The taxpayers eat the cost and then pay to have the faulty money destroyed.

This is exactly what recently happened when our government tried to roll out a new re-design of the $100 bill.

According to Fox News:

“The Bureau of Engraving and Printing has reportedly hit a production snafu at one of the country’s two currency factories …”

“As a result, the Federal Reserve is returning more than 30 million $100 bills while another $30 billion in bills awaits examination …”

“That error, according to The Atlantic Wire, is a $3.79 million mistake since the bills cost 12 cents each to produce and will cost another $12,000 to destroy them.”

Not only will this cost taxpayers additional money, but in typical government fashion, the bills were supposed to be ready for circulation … in 2011.

(Fox News)