So the other day I was passed the incredibly poor quality fake dollar bill below (hence the blog title – the U.S. Secret Service is responsible for counterfeiting). How this thing managed to enter circulation eludes me the quality of the craftsmanship leaves something to be desired (looks like the copier at Kinko’s slipped…).
I actually only noticed that it was fake when a vending machine spit it back – it lacked any metal in it (real money has slivers of metal in it – the vending machines actually use magnets to read it – or the lack of it). And that’s led me to do a little bit of research on counterfeiting:
- Apparently the British were the original counterfeiters of American currency, starting in the Revolutionary War (and inflating it to a worthless level). In fact, it was widespread counterfeiting of various regional bank-printed currencies that led to the introduction of a national currency in 1862. Source: Secret Service
- Only 0.03% – or 1 in 33,000 notes is actually counterfeit. I’m feeling lucky now, so maybe I’ll go buy a MegaMillions ticket now. Source: Federal Reserve Bank of Atlanta
- One of the major counterfeiters of American money is North Korea. At least $45 million of bogus $100 bills have been found and it’s estimated that they earn around $10-15 million per year doing this. I’m not sure, but that doesn’t sound like a really good return on investment given that it’s helped make them #1 on America’s most despised list. Source: FAS