NEW YORK (CNN/Money) - A new $10 bill featuring color, new art and enhanced security will be unveiled Wednesday, and the government hopes it will take hold quickly as other new designs.

The Department of the Treasury, Federal Reserve and U.S. Secret Service will jointly announce the bill, which they expect will enter circulation in early 2006.

The redesigned $10 note -- which will still feature a picture of the nation's first Treasury Secretary, Alexander Hamilton -- is the third denomination in a new currency series that incorporates background colors and improved security features. A new $20 note was issued in October 2003, followed by a new $50 note in September 2004.

The government currently has no plans to redesign the $5, $2 or $1 notes.

The Bureau of Printing and Engraving notes that, because counterfeiters are becoming more advanced with digital technology, the government will try to stay ahead by updating the currency every 7 to 10 years.

American dollar bills are the world's most familiar and circulated currency, according to the Treasury Department.

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