Counterfeiting money — one of the oldest crimes in history — has now trended to a new five-year high, according to the Secret Service who has exclusive jurisdiction in protecting US currency.
While no where near a historical peak set during the Civil War when one-third to one-half of notes were counterfeit, fake bills in 2008 accounted for some 64.4 million dollars. That marks a 5 percent increase over 2007 and a new level not seen since 2004. Read the rest of this entry »
The number of counterfeit £1 coins in circulation has doubled in the last five years, according to new figures released by the Royal Mint and reported by the BBC. Two percent or 1 in 50 pound coins are fake, and based on production, that would account for some 30 million counterfeit £1s circulating.
In its last Annual Report, the Royal Mint indicates it conducts two yearly surveys and collects a "representative sample base." They noted an upward trend in fake coins, which they "shared with the Police who have had some notable successes in closing down illegal operations during the year."
With the actual figures now made public through the BBC, concern has risen according to news reports. As one cited example, Robert Matthews, former Queen’s Assay Master, said:
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The European Central Bank (ECB) reported an increase in counterfeit activity for the first half of 2008, which is on the heals of 2007’s latter half increase. 312,000 fake banknotes were removed from circulation representing an increase of 5.4 percent.
The ECB noted counterfeit banknotes increased since the second half of 2007 by 5.7 percent. However, they went on to say:
"When the figures…are compared with the number of genuine euro banknotes in circulation (on average 11.5 billion during the first half of 2008), the quantity of counterfeits is very small indeed.
Excluding 2007, the trend has been a reduction in fake notes during a year’s second half. Should that happen, total counterfeits in 2008 could decreased compared to previous years. However, that would appear unlikely given this year’s already high numbers.
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A news article today recounted how China’s leading online game operator, The9 Ltd., will begin suspending the accounts of players who steal and then resell virtual coins used within the extremely popular and worldwide online game, World of Warcraft®.
With a world subscription base of over 10 million players who each pay a monthly fee, the news is positive for that particular online community. But what about the real world where coins and their holders are counterfeited and then sold?
In recent months, two of the top coin certification companies have issued consumer advisories regarding counterfeit replica coin holders used to help sell fake or counterfeit coins through online auctions such as eBay®.
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The European Central Bank (ECB) reported an increase in counterfeit activity for the second half of 2007. 296,000 fake banknotes were removed from circulation for an increase of 31,000 notes over the first six months of 2007.
The ECB noted counterfeiting was also up in the second half of 2007 compared to the second half of 2006. However, they went on to say:
… it is still within the bounds of the pattern established over the last few years …
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