'Funny money' or counterfeit instruments of financial exchange usually refer to paper bills. Each country or financial union has currency that may have varying amounts of counterfeit currency and security features on its currency, and some currencies have more security features than others.
The Euro is an example of a closely guarded currency as after 2005 it became equipped with both holograms and Radio frequency identification devices (RFID). These are small chips embedded within the currency to create a history of the money within the money itself. The U.S. dollar also introduced color into its currency beginning in 2003, a move that broke with the tradition of the two tone green back but also deters counterfeiters.
In addition to paper bills, other forms of paper and non-paper monetary exchange such as coins, personal, government, cashiers, bank and travelers checks, and money orders may also be fraudulent. Spotting counterfeit currency can simply involve becoming familiar with the special features built into a currency for the purpose of distinguishing it from counterfeit.
This can involve contacting local banks, and the national mint of one's country. In the United States the Federal Reserve is responsible for the printing and production of currency and has estimated only 1% of 1% or 1/10,000th of the U.S. money in circulation to be counterfeit.
Identifying counterfeit currency
The following security features pertain largely to U.S. currency and are obtained from the Federal reserve bank, however other global currencies may have similar features designed to protect it from being falsely reproduced.
Security strip under ultraviolet light
US-PD
Paper currency:
• Texture and feel: Paper currency may contain cotton that adds life and strength to the paper. The feeling of real paper currency containing cotton will have a slight fabric like quality to it.
• Watermarks and micro-printing: These are security features placed into currency by the national mint. Watermarks enable the image of a national leader to be visible on the reverse side of the currency. The micro printing is a very fine print, sometimes only detectable with a magnifying glass that requires precision printing technology.
• Serial numbers: Serial numbers are unique to the face value of the paper money, and its production series. For example, no two $20.00 bills produced between 2003-2013 will have the same serial numbers depending on when the next series of $20.00 bills is produced.
• Ultraviolet and light sensitive features: Special printing on U.S. currency enables certain features to change color under different light conditions and angles. Viewing the money under these conditions can help determine the validity of the currency.
• Age of currency: As time passes the likelihood counterfeit currency will stay in circulation declines. This places the odds in favor of counterfeit currency being new or recently produced.
• Denomination: Certain bills are counterfeited more than others. The $20.00 bill is the most fraudulently produced denomination because of it's inconspicuous yet relatively high value.
Coin Currency:
• Type of metal: The metal(s) used in the creation of a fake coins may produce a weight differential since different metals have different weights.
•Size of coin: The size of the coin may also be different from real coins in both diameter and width.
• Texture of metal: Counterfeit coins produced using methods other than stamps may also have bubbles or fine lines within the metal that indicate the use of an alternative method of production.
• Type of coin: Since coins are often worth less that paper currency, counterfeit artists may be more motivated to produce copies of valuable coins such as collector coins, precious metal coins, and rare coins.
Counterfeit detection tools and resources
There are several ways to discover if money is counterfeit in addition to actual familiarity with visual and tactile features of the currency in question. These tools can be especially important if a business or individual is in the practice of handling money for professional or career related purposes. Some of the additional methods for detecting counterfeit currency include the following:
• Metallurgists or appraisers: These are persons skilled and knowledgeable in analyzing metals and fine features of valuable objects.
• Money counters and scanners: Some money counters come equipped with Ultra violet lights and sensors that can detect false money. There are also specific pieces of equipment designed solely to detect counterfeit money.
• Banking professionals: Bankers and money handlers are often trained in identification of false money. When in doubt contacting a banker before a large monetary exchange to verify the validity of currency could prove helpful.
• Magnifying glass and Microscope: Both these pieces of equipment can allow one to detect the finer features of both metal and paper money such as micro printing and smoothness of the metal.
Summary
In summary, spotting counterfeit currency is a achievable through a combination of being familiar with various features on a currency, using the right detection equipment, knowing which currency and coin is most likely to be counterfeited and being able to go to the right sources when in doubt.
While counterfeit currency is a worldwide problem, countries frequently redesign their currency every decade or so in addition to employing specific task forces such as the U.S. secret service to prevent such currency from entering the money supply. These currency re-designs and task forces in addition to mindful and trained money handlers greatly reduce the amount of counterfeit money in circulation.
Sources:
1. http://www.eetimes.com/story/OEG20011219S0016
2. http://www.federalreserve.gov/newsevents/press/other/20061025a.htm
3. http://tinyurl.com/63ydwrm
4. http://www.ustreas.gov/usss/money_technologies.shtml
5. http://tinyurl.com/cnpdgb
6. http://library.thinkquest.org/J003358F/trivia.html
7. http://rscott.org/bullion/counter.htm
8. http://creditfederal.com/counterfeit-money.html
9. http://www.cbc.ca/canada/story/2006/11/20/counterfeit-bills.html
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