More counterfeit money in circulation

In the first half of 2019, the Bundesbank withdrew more counterfeit money from circulation – an increase of 2.5 %.

The Bundesbank announced that the authorities withdrew around 27,600 counterfeit euro banknotes from circulation in the first half of ’19. These Banknotes had a nominal value of 1.6 million euros. This is an increase of 2.5 % compared to the second half of 2018.

“For the second half of 2019 we expect falling counterfeit money figures, as the investigating authorities have recently achieved significant successes against international counterfeit rings,” said Bundesbank board member Johannes Beermann.

The Bundesbank explains that already produced counterfeits are thrown onto the market more quickly as soon as the central banks put revised banknotes into circulation. Since the end of May, new 100- and 200-euro notes have been introduced and the number of hundreds of counterfeits promptly increased in Germany.

In addition, around 19,800 counterfeit coins were picked up, after around 16,100 in the second half of 2018. Around 87 % of these were two-euro coins.

In Europe, the number of counterfeit banknotes is declining.

The European Central Bank (ECB) reported that around 251,000 euro banknotes were withdrawn from circulation in Europe in the first half of 2019 – 16.6% less than in the same period last year. The loss amounted to 13.5 million euros.

Consumers are relatively unlikely to receive a counterfeit banknote. In Germany, there are seven counterfeits per 10,000 inhabitants. The European average is 15. Nevertheless, consumers should take a close look because counterfeit money is not replaced.

Source: Spiegel online/kko/Reuters/dpa

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