The next denomination in line for a redesign is the $10 bill. Treasury announced 2026 as the issuance date for it, and the design and testing work had been running for years before that. The hard deadline is the last six to eight months, when the machines that take cash have to be updated and the public has to be taught what the new note looks like.
No single agency owns the note. Treasury approves the design and the BEP engraves and prints it. The Federal Reserve orders the notes, issues them and runs the public campaign. The Secret Service advises on deterrence and enforces the currency laws.
Threats to the current note get analyzed first. The security features that answer them are tested and built into the design.
The BEP prints billions of notes against the Fed’s annual order. The stock is built years before anyone can spend one.
Vendors update their machines. The public education campaign starts.
The Federal Reserve issues the note through financial institutions, and it goes into circulation.
The machines that take notes and hand them back out have to be taught the new bill before it arrives.
The campaign runs so that cashiers and customers recognize the note the first time they see one.