YEAR OF THE UGLY DOLLAR

Only the Russians, it would seem, are concerned about the promised change in the design of our paper currency. The C-note, the first to be altered, is the favorite in the old Soviet Union. There, no less than $ 15 billion circulate, mostly in $ 100 bills. By contrast, Americans have been conspicuously silent on the matter.

The Treasury’s excuse for the change: easy counterfeiting thanks to laser copiers and improved digital machines. Among the obstacles contrived to discourage counterfeiters are a new large portrait of Benjamin Franklin with lines that smudge when copied and a water-mark of Franklin visible when the note is placed against a light.