Fake Euro notes rising, fake coins decline

European Central Bank(ECB) had just releasing their biannual information on euro banknote counterfeiting on 17 January 2011. From the report, it look like fake Euro notes a rising in circulation and fake Euro coins are declining. In the second half of 2010 a total of 364,102 counterfeit euro banknotes were withdrawn from circulation. This is a decrease of 5.9% on the quantity recovered in the previous six months. When compared with the increasing number of genuine euro banknotes in circulation (on average 13.6 billion during the second half of 2010), the proportion of counterfeits remains very low.

Picture by REUTER:A vendor inspecting 20 euro she received.

Nevertheless, the Eurosystem (i.e. the European Central Bank (ECB) and the 17 national central banks of the euro area) continues to advise the public to remain alert with regard to the banknotes received in cash transactions. Genuine banknotes can be easily recognised using the simple “FEEL-LOOK-TILT” test described on the euro pages of the ECB’s website and the websites of the Eurosystem national central banks. In case of doubt, however, a suspect banknote should be compared directly with one that is known to be genuine. Anyone who suspects that they may have received a counterfeit should contact either the police or (where national practice allows) the relevant national central bank.

The €20 and €50 denominations continue to be the most counterfeited. During the past six months, the share of counterfeit €20 banknotes decreased and the share of €50 banknotes increased. The two most counterfeited denominations together accounted for 81.5% of the total during the second half of 2010. The €100 banknote is the third most counterfeited denomination at 13.5% of the total. The share of the other denominations (€5, €10, €200 and €500) is very low.

The majority (97%) of counterfeits recovered in the second half of 2010 were found in euro area countries, with only around 1.5% being found in EU Member States outside the euro area and 1.5% being found in other parts of the world. The Eurosystem invests considerable effort in ensuring that the public is well informed about how to recognise a counterfeit banknote and, for professional cash-handlers, that banknote-handling and processing machines can reliably identify and withdraw counterfeits from circulation.

Source: European Central Bank

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