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CounterfeitingCounterfeiting, as it pertains to currency, is any fraudulent creation or alteration of currency designed to replicate legal tender. For about as long as humans have been using money, they have been counterfeiting it—and facing serious consequences when caught. The amount of counterfeit US currency currently in circulation is estimated to be anywhere between $15M to $30M as of 2025.
In 1690, for instance, an English husband and wife were sentenced to death for “coin clipping,” the early counterfeiting practice of shaving the edges off coins to decrease their weight and keep the valuable metal for themselves.
Today, in the United States, both the Bureau of Engraving and Printing and the US Mint are tasked with implementing security features into the designs of their respective notes and coins to combat counterfeiting. Among other things, the US Mint adds tough-to-replicate small ridges on quarters and dimes called “reeds” to prevent counterfeiting, while the BEP takes steps like ensuring each of its printed bills has its own serial number.Explore Counterfeiting
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Pre-coin currencies like shells were subject to counterfeitingWhile it is difficult to pinpoint the very earliest form of money that was used, a type of shell called cowrie shells were used as currency as far back as 3300–2000 BCE. These shells were imitated using ivory, bone, clam shells and more. RBA.gov.auToday, in the US, people can face years in prison for counterfeiting moneyThere are both federal and state laws that punish people who use or create counterfeit money. The crime can not only trigger hefty fines, but could also lead to decades behind bars. Law InfoGovernments have historically used counterfeiting for economic warfareInserting fake currency into an economy can help destabilize it. During the American Revolution, for instance, the British distributed counterfeit “Continental Dollars” in an effort to devalue the currency being used in the US at the time with the goal of undermining America’s growing financial credibility. The Nazis also ran an extensive counterfeiting scheme during WWII. Berlin ExperiencesThe Secret Service was originally formed to combat counterfeitingBy the 1860s, an estimated one-third of US currency in circulation was counterfeit. In 1865, the Secret Service was created specifically to combat the country’s serious counterfeiting problem, which had led to widespread financial instability. This was partly due to the lack of federal currency standardization in the country at the time. Secret ServiceSome coin denominations have ridges on their sides in part to prevent counterfeitingYou may have noticed that dimes and quarters feature small ridges on their sides that other coins, like pennies and nickels, don't have. This video can help you learn more about why the practice, called "reeding," was first started—and why it's still used today. Insider TechA mysterious man named Emmerich Juettner once produced thousands of counterfeit $1 billsAfter his wife died in 1937, Juettner fell into financial trouble and soon began replicating $1 bills. These bills aren’t typically prime targets for counterfeiting given their low value. The HustleThe Australian $5 bill has an image of a bird that glows when exposed to UV lightThat’s just one of the many anti-counterfeiting security measures that the Australian government implements on its currency. Popular banknotes from around the world all include their own unique security features—this infographic outlines a few unique ones. Visual CapitalistThomas and Anne Rogers were famous counterfeiters in 17th-century EnglandThe pair used a practice called “coin clipping,” shaving the edges off silver coins to decrease their weight before sending them back into circulation. When banknotes rather than coins gained popularity, counterfeiting methods evolved—in the 1700s, an early banknote
counterfeiter named Mary Butterworth created counterfeit paper money using starched cloth and a hot iron to transfer the pattern of a banknote onto paper. PBSAI could be increasing the opportunities for financial fraudSystems that can reproduce near perfect counterfeits of legitimate financial documents are increasingly prevalent and sophisticated. The international Association of Certified Fraud Examiners estimate organizations lose about 5% of revenue to fraud each year. The ConversationThe $1 bill hasn’t been redesigned in over 60 yearsFrom a counterfeiting and forgery perspective, this makes the $1 bill one of the least secure American banknotes. In this video, the Wall Street Journal sits down with a leading currency expert to explore the techniques used to keep cash safe and figure out what's going on with the $1 bill. The Wall Street JournalEvery printed bill has its own unique serial numberIn the US, each bill also has its own plate number, series year, Treasury seal, and more. Each design helps track money and combat counterfeiting. US Currency Education Program
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