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Counterfeit Money

History

Example of counterfeited 50000 cruzeiros banknote.

Counterfeiting is probably as old as money itself. Before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. Also, individuals would "shave" the edges of a coin. This was known as "clipping." While not itself counterfeiting, the exponents were able to use these precious metal shavings to create counterfeits. A fourre is an ancient type of counterfeit coin, in which a base metal core has been plated with a precious metal to resemble its solid metal counterpart. Rulers often dealt very harshly with the perpetrators of such deeds. In 1162, Emperor Gaozong of Song had promulgated a decree to punish the counterfeiter of Huizi to death and to reward the informant. The English couple Thomas and Anne Rogers were convicted on 15 October 1690 for "Clipping 40 pieces of Silver." Thomas Rogers was hanged, drawn and quartered while Anne Rogers was burnt alive. The extreme forms of punishment were due to the pair's acts being construed as treason, rather than simple crime.

In the United States, counterfeiting was once punishable by death. Paper currency printed by Benjamin Franklin often bore the phrase "to counterfeit is death." The theory behind such harsh punishments was that one who had the skills to counterfeit currency was considered a threat to the safety of the state, and had to be eliminated - another explanation is the fact that issuing money that people could trust was both an economic imperative, as well as a (where applicable) royal prerogative - therefore counterfeiting was a crime against the state or ruler itself, rather than against the person who received the fake money. Far more fortunate was an earlier practitioner of the same art, active in the time of the Emperor Justinian. Rather than being executed, when Alexander the Barber was apprehended, the Emperor chose to employ his talents in the government's own service.[citation needed]

Modern counterfeiting begins with paper money. Nations have used counterfeiting as a means of warfare. The idea is to overflow the enemy's economy with fake bank notes, so that the real value of the money plummets. Great Britain did this during the Revolutionary War to reduce the value of the Continental Dollar. Although this tactic was also employed by the United States during the American Civil War, the fake Confederate currency it produced was of superior quality to the real thing.[citation needed]

Instances

An 18th century Pennsylvania Four Pound Note warns of the death penalty for counterfeiting

A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions. An example of this is the Portuguese Bank Note Crisis of 1925, when the British banknote printers Waterlow and Sons produced Banco de Portugal notes equivalent in value to 0.88% of the Portuguese nominal Gross Domestic Product, with identical serial numbers to existing banknotes, in response to a fraud perpetrated by Alves dos Reis. Similarly, in 1929 the issue of postage stamps celebrating the Millennium of Iceland's parliament, the Althing, was compromised by the insertion of "1" on the print order, before the authorised value of stamps to be produced (see Postage stamps and postal history of Iceland.)

In 1926 a high-profile counterfeit scandal came to light in Hungary, when several people were arrested in the Netherlands while attempting to procure 10 million francs worth of fake French 1000-franc bills which had been produced in Hungary; after 3 years, the state-sponsored industrial scale counterfeit operation had finally collapsed. The League of Nations' investigation found Hungary's motives were to avenge its post-WWI territorial losses (blamed on Georges Clemenceau) and to use profits from the counterfeiting business to boost a militarist, border-revisionist ideology. Germany and Austria had an active role in the conspiracy, which required special machinery. The quality of fake bills was still substandard however, due to France's use of exotic raw paper material imported from its colonies.

During World War II, the Nazis attempted to implement a similar plan (Operation Bernhard) against the Allies. The Nazis took Jewish artists in the Sachsenhausen concentration camp and forced them to forge British pounds and American dollars. The quality of the counterfeiting was very good, and it was almost impossible to distinguish between the real and fake bills. The Germans could not put their plan into action, and were forced to dump the counterfeit bills into a lake. Most of the bills were not recovered until the 1950s.

Today the some of the finest counterfeit banknotes are called Superdollars because of their high quality, and likeness to the real US dollar. The source of the supernotes is disputed, with North Korea being vocally accused by US authorities. Recently, on May 23, 2007, the Swiss government has raised some doubt as to the ability of North Korea to produce the "Superdollars". Bulgaria and Colombia are also significant sources of counterfeit currency.

There has been a rapid growth in the counterfeiting of Euro banknotes and coins since the launch of the currency in 2002. In 2003, 551,287 fake euro notes and 26,191 bogus euro coins were removed from EU circulation. In 2004, French police seized fake 10 euro and 20 euro notes worth a total of around 1.8 million from two laboratories and estimated that 145,000 notes had already entered circulation.

In the early years of the 21st century, the United States Secret Service has noted a substantial reduction in the quantity of forged U.S. currency, as counterfeiters turn their attention towards the Euro.

In 2006, a Pakistani government printing press in the city of Quetta was accused of churning out large quantities of counterfeit Indian currency, The Times of India reported based on Central Bureau of Intelligence investigation. The rupee notes are then smuggled into India as 'part of Pakistan's agenda of destabilising (the) Indian economy through fake currency,' the daily said. The notes are 'supplied by the Pakistan government press (at Quetta) free of cost to Dubai-based counterfeiters who, in turn, smuggle it into India using various means,' the report said. This money is allegedly used to fund terrorist activities inside India. The recent blasts in Mumbai were allegedly funded using fake currency printed in Pakistan.[citation needed]

Effect on society

Some of the ill-effects that counterfeit money has on society are:

Reduction in the value of real money

Increase in prices (inflation) due to more money getting circulated in the economy - an unauthorized artificial increase in the money supply

Decrease in the acceptability (satisfactoriness) of money - payees may demand electronic transfers of real money or payment in another currency (or even payment in a precious metal such as gold)

Companies are not reimbursed for counterfeits. This forces them to increase prices of commodities

At the same time, in countries where paper money is a small fraction of the total money in circulation, the macroeconomic effects of counterfeiting of currency may not be significant. The microeconomic effects, such as confidence in currency, however, may be large.

Anti-counterfeiting measures

Anti-counterfeiting features on an old U.S. $20 bill

A fake pound coin and a badly worn real pound coin, the left coin shows poor surface clarity, irregular reeding and no side lettering. The right coin demonstrates damage.

Traditionally, anti-counterfeiting measures involved including fine detail with raised intaglio printing on bills which would allow non-experts to easily spot forgeries. On coins, milled or reeded (marked with parallel grooves) edges are used to show that none of the valuable metal has been scraped off. This detects the shaving or clipping (paring off) of the rim of the coin. However, it does not detect sweating, or shaking coins in a bag and collecting the resulting dust. Since this technique removes a smaller amount, it is primarily used on the most valuable coins, such as gold. In early paper money in Colonial North America, one creative means of deterring counterfeiters was to print the impression of a leaf in the bill. Since the patterns found in a leaf were unique and complex, they were nearly impossible to reproduce.

In the late twentieth century advances in computer and photocopy technology made it possible for people without sophisticated training to easily copy currency. In response, national engraving bureaus began to include new more sophisticated anti-counterfeiting systems such as holograms, multi-colored bills, embedded devices such as strips, microprinting and inks whose colors changed depending on the angle of the light, and the use of design features such as the "EURion constellation" which disables modern photocopiers. Software programs such as Adobe Photoshop have been modified by their manufacturers to obstruct manipulation of scanned images of banknotes. There also exist patches to counteract these measures.

For U.S. currency, anti-counterfeiting milestones are as follows:

1996 $100 bill gets a new design with a larger portrait

1997 $50 bill gets a new design with a larger portrait

1998 $20 bill gets a new design with a larger portrait

2000 $10 bill and $5 bill get a new design with a larger portrait

2003 $20 bill gets a new design with no oval around Andrew Jackson's portrait and more colors

2004 $50 bill gets a new design with no oval around Ulysses S. Grant's portrait and more colors

2006 $10 bill gets a new design with no oval around Alexander Hamilton's portrait and more colors

2008 $5 bill gets a new design with no oval around Abraham Lincoln's portrait and more colors

The Treasury had made no plans to redesign the $5 bill using colors, but recently reversed its decision, after learning some counterfeiters were bleaching the ink off the bills and printing them as $100 bills. It is not known when the $100 bill will be redesigned in this format, but the new $10 bill (the design of which was revealed in late 2005) entered circulation on March 2, 2006. The $1 bill and $2 bill are seen by most counterfeiters as having too low of a value to counterfeit, and so they have not been redesigned as frequently as higher denominations.

In the 1980s counterfeiting in the Republic of Ireland twice resulted in sudden changes in official documents: in November 1984 the 1 postage stamp, also used on savings cards for paying television licences and telephone bills, was invalidated and replaced by another design at a few days' notice, because of widespread counterfeiting. Later, the 20 Central Bank of Ireland Series B banknote was rapidly replaced because of what the Finance Minister described as "the involuntary privatisation of banknote printing".

In the 1990s, the portrait of Chairman Mao Zedong was placed on the banknotes of the People's Republic of China to combat counterfeiting, as he was recognised better than the generic designs on the renminbi notes.

In 1988 The Reserve Bank of Australia, released the world's first long lasting and counterfeit resistant polymer (plastic) banknotes with a special Bicentennial $10 note issue, the problems discovered were addressed and in 1992 a problem free $5 note was issued. In 1996 Australia became the first country to have a full series of circulating polymer banknotes. On 3 May 1999 the New Zealand Reserve Bank started circulating polymer banknotes printed by Note Printing Australia Limited.. The technology developed is now used in 26 countries. Note Printing Australia is currently printing polymer notes for 18 countries.

The Swiss National Bank has a reserve series of notes for the Swiss Franc bill, in case widespread counterfeiting were to take place.

Famous counterfeiters

"Look 'erehis arf-crown won't do, it's got no milling on its hedge." "Blimy! Nor it 'as! I knew I'd forgotten somefink."

Cartoon in Punch magazine 25 August 1920. A half crown was a coin worth one-eighth of a pound.

Eric "Klipping" V - The King of Denmark (1259-1286). The king nickname refers to lipping of the coin.

Frank William Abagnale Jr., - Worked under 8 identities, including his first as Pan American Airlines Pilot Frank Williams, in more than 5 years, passing over $2.5 million in bogus checks in more than 26 countries and all 50 states. He was arrested in France at an Air France ticket counter when an agent recognized his face from a wanted poster, and then was extradited to Sweden and then back to the United States. The movie Catch Me if You Can was loosely based on his life.

Anatasios Arnaouti - a British counterfeiter of more than 2.5 million in fake money, sentenced in 2005

Abel Buell - American colonialist who went from altering five-pound note engraving plates to publishing the first map of the new United States created by an American.

Mary Butterworth - a counterfeiter in colonial America

William Chaloner, - A successful British counterfeiter convicted by Sir Isaac Newton and hanged, drawn and quartered on 23 March 1699.

Alves dos Reis - By the end of 1925, Reis had managed to introduce escudo banknotes worth 1,007,963 at 1925 exchange rates into the Portuguese economy, which was equivalent to 0.88% of Portugal nominal GDP at the time.

Stephen Jory - Great Britain's most renowned counterfeiter started his career by selling cheap perfume in designer bottles. He later established his own illegal printing operation to produce and distribute an estimated five billion pounds in counterfeit currency throughout the United Kingdom.

"King" David Hartley - was the leader of the Cragg Vale Coiners of rural 18th century England. Producing fake gold coins, he was eventually captured and hanged at Tyburn near York on April 28, 1770 and buried in the village of Heptonstall, W Yorks. His brother, Isaac, escaped the authorities and lived until 1815.

Catherine Murphy was convicted of coining in 1789 and was the last woman to suffer execution by burning in England.

Samuel C. Upham - the first known counterfeiter of Confederate money during the American Civil War. His activities began or became known in early July 1862.

Edward Mueller - Documented in Mister 880, he was possibly the longest uncaught counterfeiter in history. For ten or more years he eluded government authorities while he printed and spent fake $1 bills in his New York neighborhood.

Wesley Weber - was sent to prison for counterfeiting the Canadian hundred-dollar bill.

Albert Talton - was sent to prison for counterfeiting the one hundred U.S. dollar bill and the twenty U.S. dollar bill. Produced over 7 million dollars in counterfeit US currency using standard inkjet printer. Convicted and sent to prison in May 2009

Arthur Williams - was sent to prison for counterfeiting the one hundred U.S. dollar bill

Mike DeBardeleben - was sent to prison for counterfeiting the twenty U.S. dollar bill

Money art

A subject related to that of counterfeiting is that of money art, which is art that incorporates currency designs or themes. Some of these works of art are similar enough to actual bills that their legality is in question. While a counterfeit is made with deceptive intent, money art is not - however, the law may or may not differentiate between the two. See JSG Boggs, the American artist best known for his hand-drawn, one-sided copies of US banknotes which he spends for the face value of the note.

See also

Coin counterfeiting

FBI

Money Laundering

Organized Crime

Triad (underground societies)

United States Secret Service

Currency detector

References

^ "Counterfeiting of American Currency". p. 13. http://homepages.gac.edu/~wolfe/J-term/money-2004/talks/nfarlee.ppt. Retrieved 2007-06-12. 

^ "Counterfeit Money, Who Takes the Hit?". William F Hummel. http://wfhummel.cnchost.com/counterfeiting.html. Retrieved 2007-06-12. 

^

^ a b http://www.librarycompany.org/BFWriter/images/large/3.7.jpg

^ Malkin,Lawrence "Krueger's Men: The Secret Nazi Counterfeit Plot and the Prisoners of Block 19" (2006) ISBN 0-316-05700-2 ISBN 978-0-316005700-4

^ Pakistan printing fake Indian currency - Times of India at Forbes

^ "Counterfeiting of American Currency". p. 13. http://homepages.gac.edu/~wolfe/J-term/money-2004/talks/nfarlee.ppt. Retrieved 2007-06-12. 

^ "Counterfeit Money, Who Takes the Hit?". William F Hummel. http://wfhummel.cnchost.com/counterfeiting.html. Retrieved 2007-06-12. 

^ "Counterfeit Banknotes" (PDF). Parliamentary office of Science and Tech., UK. http://www.parliament.uk/post/pn077.pdf. Retrieved 2007-06-12. 

^ Photoshop and CDS

^ Powerhouse museum

^ New Zealand Reserve Bank

^ Securency

^ Note Printing Australia

^ http://www.dinepride.com/forum/viewtopic.php?p=19993&sid=2f90dc0177a7a3de2f903bc9a843ddfc

^ http://www.americanvision.org/osafarchive/april2005.asp

Categories: Money forgery | Numismatics | Counterfeit money | DeceptionHidden categories: All articles with unsourced statements | Articles with unsourced statements from September 2008 | Articles with unsourced statements from August 2008 | Articles with unsourced statements from February 2007
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