Do casinos check bills for counterfeits?
Quote: EvenBobThe vast majority of it that goes on in this country is by college students using copying machines in their dorm rooms to make 5's and 10's to pass at the pizza joint and in the college book store.. The big stuff goes on in places like N Korea, where they print millions in 100's and pass them off in foreign countries. The majority of that gets caught somewhere in the process, before we ever have to make good on it.
Many overseas people are not accepting the $100 banknotes with serial numbers older than 2006. There are wide rumors of a supernote made in North Korea that copies the watermark, the security thread (even changing to red under ultraviolet), and the microprinting. It makes the bleached $5 banknote operations pale in comparison. However, it makes very little sense to me to reject notes by series number. If the counterfeiting operation were that good, then the easiest thing to change would be the series number and the signatures.
When someone is counterfeiting our money, we want them to stop doing that Bush said on Jan. 26, 2006.
Casino personnel were supposed to be getting training in the new 2009 series of $100 bill, with the latest anti-counterfeiting features. This complete shutdown of printing operations at the bureau of engraving and printing could end up being quite the catastrophe if it takes years to resolve. In the meantime, they are printing a new series starting in January 2011 with the old signatures (series 2006A) to keep up with demand. However, there won't be much demand if people don't trust the banknotes.
These are production numbers for big headed $100 notes. They normally last 5-7 years, but that depends on wear and tear. There was $700 billion still in circulation in $100 banknotes on 31 December 2010.
| Series $100 | $billions | Secretary | Treasurer | Notes |
|---|---|---|---|---|
| 2006A | $12 | Henry Paulson | Anna Escobedo Cabral | Jan-April 2011 |
| 2009 | Timothy Geithner | Rosa Gumataotao Rios | Production disaster | |
| 2006 | $452 | Henry Paulson | Anna Escobedo Cabral | Jan 2007 - Mary 2010 |
| 2003A | $153 | John W. Snow | Anna Escobedo Cabral | |
| 2003 | $102 | John W. Snow | Rosario Marin | |
| 2001 | $115 | Paul O'Neill | Rosario Marin | mostly destroyed |
| 1999 | $51 | Lawrence Summers | Mary Ellen Withrow | mostly destroyed |
| 1996 | $421 | Robert Rubin | Mary Ellen Withrow | almost all destroyed |
As I said earlier, they will have to replace the majority of the $700 billion notes already in circulation, since the new note will quickly become the only one accepted. They printed $110 billion of the new notes before they discovered the flaw. So even if they figure out a solution, it will take well over a year to print enough to start circulating them. Prior to fiscal year 2009, they never printed more than $120 billion in $100 notes in a single year.
Quote: pacomartinMany overseas people are not accepting the $100 banknotes with serial numbers older than 2006. There are wide rumors of a supernote made in North Korea that copies the watermark, the security thread (even changing to red under ultraviolet), and the microprinting.
The rejection of $100 bills overseas is a particularly severe problem in dollarized countries, those that have adopted U.S. currency in place of one of their own.
Quote: SanchoPanzaThe rejection of $100 bills overseas is a particularly severe problem in dollarized countries, those that have adopted U.S. currency in place of one of their own.
I understand that counterfeiting was a particular nasty problem in Ecuador when they dollarized. Many people were not familiar with US currency.
The El Salvadorans were more familiar with the currency, and were a little more savvy.
