The General Accounting Office wants the Federal Reserve Board to change the way it accounts for all denominations of currency.

The GAO said in a report last month that the Fed currently relies too heavily on each note's serial number when calculating the amount of cash in circulation. Relying on serial numbers, which identify the reserve bank that issued the currency, made sense when the law required the Fed to back each note with gold, the GAO said. But today it just wastes money, the GAO said.

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