10 Fun Facts You Didn't Know About Counterfeit Money

You have probably come across counterfeit money at least once in your life. Most likely, you never understood this, as counterfeits are becoming more and more difficult to detect. Last year, intelligence agencies seized nearly 89 million counterfeit dollars, a problem that is getting worse. Let's take a look at 10 facts about this issue and perhaps after that you will pay closer attention to the notes in your wallet.

1.100 dollars - the most common counterfeit banknote in circulation

You may have heard that the most common counterfeit is the $ 20 bill, and that makes a lot of sense. When you hand someone a $ 100 bill, it gets a closer look. $ 20 is usually accepted without such careful scrutiny. Even $ 50 bills are not checked every time, so why is $ 100 in first place in such cases? In taking a closer look at this issue, the Federal Reserve Bank of the City of Chicago made it clear that the main reason lies in the quality of the banknotes. Counterfeit $ 20 is much easier to spot and easy to remove, while counterfeit $ 100 is of higher quality.

2. To stop counterfeiters, a ribbed surface appeared on the rim of the coins

Have you ever wondered why coins like ten and twenty cents have ribbed rims? This was invented for the purpose of protecting money from counterfeiting. In the olden days, when they were made of gold and silver, people cut the edges of coins and collected shavings. Over time, they accumulated enough metal to produce other gold and silver coins, while most people did not notice that they changed slightly in diameter. The ribbed bezel, invented for stamped coins, has put an end to this practice. Of course, in modern times, fraudsters have invented new ways of making coins with ribbed rims, such as the British pound, which counterfeits are in the millions every year.

3. Counterfeit money was part of military strategy

There is another "strange but true" fact, although very convincing. In the process of waging wars, countries issue counterfeit currency to an enemy country, which is the easiest way to destroy its economy. One such famous case occurred when the British government flooded America with counterfeit currency in 1776 during the Revolutionary War. The British did it again during World War II, and the Japanese printed Chinese currency in the 1930s and 1940s. Why did they do this? Of course, they had dastardly intentions. The most obvious is the fact of creating hyperinflation. The counterfeit money could also be used to pay informants and buy ammunition.

4. Banks also issue counterfeit bills

You do not need to be sure that you are protected from fraud by receiving banknotes from your bank. Even he can fall prey to deception, especially in the cases of the counterfeit $ 100 mentioned earlier. Last year, an elderly woman named Arlene Lorenz withdrew $ 300 from her New York City bank account and, less than an hour later, deposited it into her stepdaughter's account at another bank. It was then that the counterfeit banknotes were discovered, and the bank that issued them refused to compensate her for the damage (the local news station helped her in this situation, but not everyone can be so lucky). So what should you do in such a situation? While this can be problematic, ask the bank officer to verify the money for authenticity before leaving. As soon as you leave the premises, in the future it will be only your problem.

5. Anyone can create quality fakes

Thanks to modern technology, the way counterfeit money is produced has changed dramatically. Just 20 years ago, 99% of forgeries were created using sophisticated techniques, large-scale printing presses and dies. Today, 60% of counterfeit banknotes are produced using standard inkjet and laser printers, which can be purchased at any retail store. Recently, a woman counterfeited $ 20,000 by simply dipping $ 5 bills in a cleaner, removing the ink, and inscribing the numbers 50 and 100 on them. All this was done on the most basic cheap printer.

6. At one time counterfeiting was punishable by death

Nowadays, depending on the severity of the crime, counterfeiters can only be subject to a fine (albeit a hefty amount). But in the 18th century, things were different. Benjamin Franklin himself printed a warning on twenty shillings, which read: "Counterfeiting of money is punishable by death." In 17th century England, such people were hanged, burned, or quartered.

7. A secret service was created to search for counterfeiters

You think the Secret Service is the government agency responsible for protecting the President of the United States. But she only began to fill this role in 1902, a year after the assassination of President William McKinley. Prior to this, America's Secret Service helped solve the counterfeit money problem, and it was for this purpose that President Abraham Lincoln was created. In those days, almost a third of the money in circulation was counterfeit. During the financial crisis, the activities of this service played a key and important role.

8. Counterfeit money can be easily found on the dark web

You may still not know about it, but every day it becomes more and more famous. The dark web is the underground internet and was the main reason for the invention of the digital currency bitcoin. Basically, it is not tracked and is used to carry out the sale and purchase of illegal products. In the dark web, you gain access to weapons, drugs, explosives, bullets, and counterfeit money. Those dumb enough to take the risk can purchase five quality counterfeit $ 20 bills for $ 20. Of course, if you get caught buying or using them in the circulation, then rest assured that the punishment for this will be severe.

9. Today, most counterfeit coins mimic rare coins.

Since the cost of materials and methods of production of coins is much higher than when creating paper money, there is only one way to make a profit - to counterfeit very rare copies. A half dollar depicting 1920s Freedom Walking could change hands for $ 40,000! This type of money attracts scammers from all over the world. By comparison, wasting time mass-producing five, ten, and twenty-five cents just isn't worth the effort.

10. Sometimes even obviously counterfeit money is accepted

Would you take $ 200 featuring President George W. Bush? Well, of course not. However, in 2004, an employee of the Dairy Queen restaurant in Kentucky happily handed over $ 198 change to a customer. The bill was clearly a ridiculous joke. But it just goes to show that carelessness can lead to mistakes.