A nation of counterfeiters

I might recommend this book, called A nation of counterfeiters about the history of currency in America. One thing that I have noticed about counterfeiting operations, even if they are started by nations or national organizations, they sometimes start off with the intention of using counterfeiting as a means of warfare, but as far as I can tell no one has actually ever tried to destroy a currency. They always end up trying to pay for things with the fake currency.

The so called supernotes which are made with a technology that exceeds the originals first appeared in Dec 1989. Simpler techniques like bleaching a $5 bill and printing a $100 bill on the same paper can be caught by simply examining the bill and looking at the watermark or the security strip. The super notes use intaglio printers, copy the security strip with the correct infrared color, can reproduce the watermark, use the correct type of paper, can reproduce the microprinting, and have the same color shifting ink.

Several confiscations of up less than a million dollar apiece have been made. George W Bush was so convinced it was the North Koreans that he denounced them in a speech in Jan 2006.

There was a lot of doubt that the North Koreans could pull it off. Shots have been taken at everyone, including the CIA. The CIA is supposedly bankrolling overseas programs, and feels that they don't print enough notes to endanger the American economy. The few notes that float back here is acceptable collateral damage. Of course, many people feel that the CIA would not do such a thing.

So the poll question is who is responsible for the supernote?

The side question is if you find that somebody has slipped you a counterfeit $100 note. Do you pass it off to someone else; turn it in to the police; destroy it; or save it as a souvenir ?

I read in a travel blog from Thailand that an American find he could not spend his $100 note. The cashier would only accept $100 notes of series 2006 because of fear of supernotes. From what I gather, roughly 1/3 of the legitimate $100 bills in circulation are still from a series earlier than 2006.

North Korean personnel may be involved but that does not mean someone else is not involved. North Korea is like any businessman who wants to keep assets earning an income. Once a skilled unit is created for any reason, its abilities can be rented out for some reason.

For those interested in counterfeit notes, I noticed on NatGeo tonight, an episode of "Locked Up Abroad" deals with a man who tries to buy Mexican prescription pills with counterfeit money. Locally on at 6pm (and again at 9pm), with a new episode on at 7pm.

I have no clue about the poll question.

Quote: pacomartin

The side question is if you find that somebody has slipped you a counterfeit $100 note. Do you pass it off to someone else; turn it in to the police; destroy it; or save it as a souvenir ?

Frankly, unless it was a really bad counterfeit, I wouldn't notice.

If I passed it to a bank or a casino, and they noticed it during the transaction, they'd probably conficate it / turn it over to the police / whatever.

Otherwise, if it was discovered during a retail transaction, the cashier would probably refuse it, so I'd pay another way.

THEN, depending on how it looked, I'd either keep it as a souvenir, or try to pass it off to someone else.

Quote: pacomartin

There was a lot of doubt that the North Koreans could pull it off.

Seems like it'd be easier than making a nuclear bomb.

Quote: rxwine

Seems like it'd be easier than making a nuclear bomb.

That's a good point. A major counterfeiting operation would depend a lot on getting some critical people to sell you a trade secrets. Some of the ink, or some of the paper, or how to make the paper. Someone could sell you the technology behind the security strips. The US makes these banknotes for less than 10 cents apiece, so they don't contain anything precious.

Unlike building a nuclear bomb, which costs billions of dollars, here is a project that might make money for the country.

I remember an old guy years ago who made $1 bills in his basement and they were works of art, perfect. He only passed them in his neighborhood and got away with it for over 20 years, until somebody noticed the serial numbers were all the same.

Quote: EvenBob

I remember an old guy years ago who made $1 bills in his basement and they were works of art, perfect. He only passed them in his neighborhood and got away with it for over 20 years, until somebody noticed the serial numbers were all the same.

I never heard of counterfeiting a dollar bill


But I suppose if you had a big enough network of people selling street food you could make some serious money. The dollar bill has no modern anti-counterfeiting devices. They printed 9.632 bn $1 notes in the 2006 series and 7.776 bn $1 notes in the 2003A series and 7.155 bn notes in the 2003 series. The guess is that there are 9.7 bn $1 notes circulating today.

It was decades ago and he'd been doing it since the 40's. A dollar went a lot farther then, and he was careful not to spend more than $50 a month, I believe. In 1950, many mortgage payments were $50 a month. My dad bought a house in 1959 that had a $60 payment. So for $50 a month from 1947 to 1967, he could have paid for a house.