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GGD-83-98 1 (1983-08-15)

handle is hein.gao/gaobabncq0001 and id is 1 raw text is: I~ 14O-0- _ 6-4 UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 GVENMAL GOVERNM9NT B-207023 AUG 15 1983fl 122331 The Honorable Jake Garn Chairman, Committee on Banking, Housing and Urban Affairs RESTRICTED -No fo be reea-o oo*fi'- l United States Senate AcuTingTOffice o '. Dear Mr. Chairman: .* Office of Co . o RELEASED Subject: S. 1120: An Administration Proposal to Print the Backs of One Dollar Notes by Other Than the Intaglio Method (GAO/GGD-83-98) At your request we have examined the Department of the Treasury's proposal to print the backs of one dollar notes by the offset printing rather than the current intaglio printing method. (See enc.) Simply stated, the intaglio method uses high pressure to force blank currency paper into the lines of an engraved plate to pick up the ink whereas the offset method prints the ink on the surface of the paper as it passes a revolving drum. Our report was requested after your committee hearings on June 22, 1983, when Treasury officials testified that the pro- posed conversion to offset printing would result in annual savings of $5.4 million and would assure that the Bureau of Engraving and Printing (the Bureau) could continue its satisfac- tory service to one of its principal customers, the Federal Reserve System. You asked us to evaluate the Bureau's capacity to produce currency using either the intaglio or the offset method, evaluate the reasonableness of the Bureau's savings pro- jections, and comment on the general advisability of changing to offset printing. The proposal is opposed by some of the Bureau's employee unions and favored by others. The Bureau probably has sufficient capacity to meet the sharply increasing need for currency for the next 2 years, as indicated by the Federal Reserve banks, whether the backs of one dollar notes are printed by the offset method or by the intaglio method. However, offset currency printing would increase the Bureau's production capacity in fiscal year 1985 and would therefore more surely meet maximum currency requirements. Furthermore, offset printing probably !!)uld save in the range of $5 million to $6 million in fiscal year 1984. In addition, other factors discussed in this report favor the change to offset printing. (233102)

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