Counterfeit Money. The chances are, you've exchanged fake money at some point in your life. Most likely you haven't realized it, as counterfeits are getting harder and harder to spot. Last year, the Secret Service seized almost $89 million in counterfeit money, and the problem is only getting worse. Consider the following 10 facts about counterfeit money — they may encourage you to look a little harder at the bills in your wallet or purse.
The 100-dollar bill is the most forged banknote in circulation.
You may have heard that the 20-dollar bill is the most forged, which makes sense. When you hand over a $100 bill, it will be subject to stricter scrutiny. But the 20-dollar bill is usually taken without any security checks. Even the 50-dollar bill can be read again, so why is the 100-dollar bill ranked first? A detailed study by the Federal Reserve Bank of Chicago broke it down, but basically it all boils down to the quality of the bill. The fake $20 is easier to detect and can be easily removed from circulation. But the quality of fakes for $100 is much higher.
Coins are ribbed to deter counterfeiters
Have you ever wondered why coins such as 12 cents and 1 dime have those small ribs on the edges? Well, it all stems from the measures to protect you from counterfeit products. In the past, when coins were made of gold and silver, people cut the edges of the coins and collected debris. In time, they will have enough money to make other gold and silver coins, and most people do not notice coins that lack diameter or girth. The ridges added to the pressed coins prevent the orbit of these coins from being cut. Of course, modern thieves have found new ways to make crested coins, and every year there are millions of counterfeit coins in pound coins.
Counterfeit currency has become a strategy of war
Another "strange but true" fact, but very powerful. During the war, the country will produce counterfeit currency from the country it is at war with as a simple way to collapse the opponent's economy. A well-known case involved the British government flooding the United States with counterfeit currency during the War of Independence of 1776. The British did this again during World War II and Japan printed Chinese currency in the 1930s and 1940s. Why? Well, there are many reasons. The most obvious is creating hyperinflation. Counterfeit currency can also be used to pay informants and buy ammunition. (See also: 5 cases of hyperinflation)
Bank that issues counterfeit notes
Do not believe that obtaining banknotes directly from the bank can prevent fraud. They can even become victims of counterfeit currency, especially the counterfeit $ 100 bills mentioned above. Last year, a grandmother named Arlyne Lorenz withdrew $ 300 from her bank in New York and deposited it in her stepdaughter's bank less than an hour later. At that point the forgery was discovered and the issuing bank refused to refund her loss (the local news station managed to correct the situation for her, but she may not be so lucky). So what can you do about it? Well, although this can be painful, ask the bank to verify the money they gave you before you leave. Once you walk out the door, that's your problem.
Anyone can produce high quality counterfeit currency
Technology has changed the way of producing counterfeit currency. Just 20 years ago, 99% of counterfeit currency was made by complex methods, large printers, and counterfeit printing plates. Today, 60% of counterfeit banknotes are made using standard inkjet printers and laser printers, which can be purchased at any retail store. Recently, a woman forged counterfeit banknotes worth $20,000. Simply soak the $5 bill in a degreaser, remove the ink, and print scanned images of $50 and $100, all using cheap HP printers. Completed.
Falsification was once sentenced to death.
Currently, according to the seriousness of the crime, the counterfeiter can be fined (although the amount is large). But in the 18th century, the situation was different. Benjamin Franklin himself printed a warning on the 20 shilling note, stating that "counterfeiting is death." Those who were caught counterfeiting currency in England in the 17th century were hanged, drawn and divided.
The Secret Service was established to deter counterfeiters.
Do you think the Secret Service is a government agency responsible for protecting the President of the United States. But they did not begin to hold this position until 1902, a year after President William McKinley was assassinated. Prior to this, the Secret Service was responsible for dealing with the issue of counterfeit currencies in the United States; they were created by President Abraham Lincoln to accomplish this task. At that time, one third of the currency in circulation was fake. In the case of the country falling into a financial crisis, this is a vital role.
Counterfeit money is easy to buy on the dark web
You may not be familiar with the dark web, but it is becoming more and more popular every week. The dark web is the underground of the Internet and the main reason for the invention of Bitcoin; basically untraceable money for untraceable products. On the dark web, you can get weapons, drugs, explosives, bullets, and fake money. For those who are stupid enough to take chances, the price of quality counterfeit bills is only a fraction of the real money - five counterfeit $20 bills can cost $ 20. Of course, if you are caught while purchasing or using these products, you are expected to be severely punished.
Today, most counterfeit coins simulate the rare
coin. Because the cost of materials and production methods is much higher than that of printed banknotes, there is only one way to profit from coins: counterfeit coins. Very rare. The free half dollar of the 1920s can change hands for $40,000! This kind of money will attract criminals from all over the world. In contrast, it is not worth all the time and energy to mass produce coins, five cents and dimes.
Sometimes Even Obvious Fakes Are Accepted
Would you accept a $200 bill with President George W. Bush's picture on it? Well, of course not. But a clerk at a Dairy Queen in Kentucky did in 2004, and happily gave the customer $198 in change. The bill was clearly a joke, and even the denomination is absurd. But it just goes to show, if you're not paying attention, mistakes can be made