Banknotes and fake coins in circulation

Banknotes and fake coins: how many are in circulation?

The datas released by the Bank of Italy, which reports a drop in false banknotes and fake coins circulation, are interesting because it’s necessary not to lower the guard.

In fact, in the first half of 2018, around 55,000 fake banknotes and an unspecified number of counterfeit coins were found.

What to do if my coin sorter or my bill counter runs into counterfeit money

The “scammers” favourite banknotes and coins are those from 50, 20 and 2 Euro, because of easy sorting. Even if the data reveal a decrease compared to the second half of 2017, the alarm remains.

In fact, a few months ago news of the seizure of 9,000 2-euro coins in the Naples area, ready for the “market” of non-European tourists has been reported. The fake money was extremely difficult to distinguish from the real one for them because they are “far” from their trading world.

But the Bank of Italy does not limit itself to signaling the problem, because it also indicates what to do in the event that we find ourselves with this nasty surprise.

Before listing what action you need to do immediately, let us suggest that maybe is better if you prepare yourself before the event happens. In fact the various categories of merchants should have banknote counters and coin counters that work also as a money detector machine while they collect from anyone.

In fact, the Bank of Italy reimburses those who are scammed, but only if the fact is reported and proved true and then proceeds to remove counterfeit notes and coins from circulation.

What to do in case of fake coins or banknotes according to the Bank of Italy

However the Bank of Italy suggests:

• verify banknotes and coins as soon as possible (especially those who deal with trade and receive and circulate a lot of money). To carry out this check, we strongly advise you to use a banknote detector;
• avoid putting counterfeit notes and coins (or at least “doubtful”) into circulation. This act constitutes a crime in itself;
• immediately transmit “dubious” banknotes and coins to the Central Administration of the Bank of Italy;
• await checks by the Bank of Italy, which, once the “fraud” has been ascertained, will reimburse in a fraudulent person;
• inform yourself and “train” yourself on the specific characteristics of counterfeit banknotes and coins, compared to the real and current ones.

All this, of course, in order to avoid economic losses that might otherwise occur.