Counterfeit money is the production of money without the legal sanction of the government. It is a form of forgery and fraud. It is as old as money itself. Some of the ill effects of counterfeiting is a reduction in the value of money. It also produces inflation due to there being more money being circulated.
Even though the U.S. Department of Treasury (as well as other finance ministries across the world) has placed more and more features on money, counterfeiters find ways around them. Everyday people can’t often detect counterfeit money without knowing what to look for. Some companies use counterfeit currency detectors to help quickly detect whether any money they bring in is a counterfeit. The most common counterfeit bill detectors that most retail stores use is a detection pen.
Detection pens work by applying an iodine-based ink to bills to determine whether the bills are authentic. They are not as expensive as the machines and they are simple to use. However, they are not always accurate.
History of counterfeit currency
As previously mentioned, counterfeiting is as old as money itself. Among the first instances of counterfeiting was when the coinage of money began in Greece in 600 B.C. Back then, the most common way of counterfeiting coins was by mixing base metals such as gold or silver. Another common practice was to “clip” (or “shave”) the edge of the coin; counterfeiters would be able to gather the precious metals from the coins doing this.
In these days, the punishment for counterfeiting money was quite extreme, about on the level of committing treason. For instance, when paper money was introduced in China in the 13th century, they were made with the wood from the mulberry trees; guards often stood guard at the mulberry tree groves to protect from counterfeiters. If caught counterfeiting, the penalty was death. A couple in England in the 17th century (1690) was caught “clipping 40 pieces of silver” and sentenced to death. The husband, Thomas Rogers, was hung, drawn, and quartered while his wife Anne was burned alive.
Who investigates counterfeit currency?
Besides their primary job of protecting the President, the United States Secret Service also has the important job of investigating counterfeit banknotes in the United States. They work with local and international law enforcement agencies to pursue counterfeiters. It also expands to Treasury checks and postage stamps. They also work alongside the Federal Reserve and the Bureau of Engraving and Printing to maintain the integrity of the United States Dollar and coins. Anyone can detect a fake bill, to say the least… iTestcash is a company that sells the highest quality counterfeit detector machines. Visit their site to get your detector today.