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SuperNotes Counterfeit Currency: What You Need to Know
Counterfeit currency is becoming a huge problem. With the emergence of the so-called "Supernote" -- counterfeit currency so good that it can often escape detection -- training of financial institution employees and education of commercial customers is more critical than ever before.
This week, the Federal Reserve Board announced plans to release the next generation of redesigned notes, with improved security features to deter counterfeiting, referred to as NexGen. The purpose of the currency redesign is to stay ahead of advanced computer technologies used for some types of counterfeiting. According to the U.S. Secret Service, $47.5 million in counterfeit money entered into circulation in fiscal year 2001. Of this amount, 39 percent was computer generated, compared with only 0.5 percent in 1995.
The NextGen plan affects the $100, $50, and $20 notes. Circulation of the NexGen series could begin as early as fall 2003 with the introduction of the redesigned $20 note. The $100 and $50 notes will follow in twelve to eighteen months. Read more about it.
Resources relating to Supernotes and counterfeiting generally:
Copyright, 2002, BankersOnline. All rights reserved. First published on BankersOnline.com 6/20/02.
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