Counterfeit $50 notes - how big is the problem?

[SpacePete]

Earlier in the year there were stories about a flood of fake 50s, and descriptions of counterfeit notes so good that they were getting past tellers and banks: Australia flooded with fake $50 notes so good they fool banks, and even rumours (quickly shut down) that the problem was much larger than is generally being reported.

In a story today on the new $5 note there was a brief mention that:

In past months, banks and casinos have raised particular concerns about the number of fake $50 bills in circulation.
http://www.theaustralian.com.au/nat...k=9d4f7d07ad2719b04609db1cfcb96030-1472707340

And now stories about counterfeits showing up in WA and SA, e.g.

Fake $50 notes being passed in Coober Pedy and Port Augusta

BUSINESSES and residents in two of the state's country areas are being urged to look out for fake $50 notes being circulated.

http://www.adelaidenow.com.au/news/...k=9d4f7d07ad2719b04609db1cfcb96030-1472708032

So...what's the deal? Is this just your normal level of currency crime, or is the scale of it actually quite large?



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[Ipv6Ready]

What I want to know is, if you a coffee shop and got 1 fake, and you took it to bank, will the bank accept and replace or are you out $50

I suspect the later. If so sux to be them.

 

[aleks]

Sounds like a new set monetary policy tools for central banks.

Expands the money supply, increases the velocity of money because no one will want to hold onto cash and be left holding the bag with fake bills and scares the hoarders = meeting monetary policy targets.

Wheres my honorary economics doctorate I could be a board member of the RBA.

 

[ParanoidAndroid]

What I want to know is, if you a coffee shop and got 1 fake, and you took it to bank, will the bank accept and replace or are you out $50

I suspect the later. If so sux to be them.

The latter. If you find yourself with a fake then ditch it asap. Which I think is also against the law... screwed from every angle.

 

[Clawhammer]

Probably the only 'manufacturing' we'll be seeing from S.A. for a long while.

 

[Fat Penguin]

What I want to know is, if you a coffee shop and got 1 fake, and you took it to bank, will the bank accept and replace or are you out $50

I suspect the later. If so sux to be them.

I "am a coffee shop" and have in the past been given fakes.

a) You can report it, police come, look at it, then take it away, with no exchange $$$ for you.

OR

b)You can deposit it or just hand it to someone as change.


My honest nature insisted I went with a) showing that penguins are the most trustworthy of all the animals. And yes, it still sux to be one of us...

 

[SeverousSilver]

They are a problem in Hobart at the moment as well I recently witnessed an assault and was down at the cop shop giving a statement and got talking to the Constable down there and he was telling me they are a big problem and they were in the middle of setting up a sting at the time (he quickly looked to see if any of the other officers heard him and said I shouldn't have told you that haha!)

 

[fishtaco]

What I want to know is, if you a coffee shop and got 1 fake, and you took it to bank, will the bank accept and replace or are you out $50

I suspect the later. If so sux to be them.

In the UK in the late 90,s there were so many fake 20 pound notes in circulation that those caught out accepting them by mistake just past them back off to others rather than loose money. If you took them to a bank they were destroyed at your loss,if you took them to a police station they were confiscated at your loss,if you used one at a bar/ pub/shop/taxi and it was discovered they were ripped up in front of you at your loss! Ever seen a pom loose out on 20 quid? its an end of the world scenario for them.

Last time I visited UK every business had one or more counterfeit detection machine and if a cash till ended up with one or more fakes the employee paid out, this is because so many employees were slipping the fakes they got given by mistake into their employers cash tills rather than loose it!

The counterfeits were made in the UK then smuggled into Spain's main tourist areas then returned to the UK in peoples left over holiday cash.

 

[Au-mageddon]

Apparently a few fake $50s were found last week at the showbag stands at the Royal Adelaide Show, but no idea how good they were.

 

[fishtaco]

Apparently a few fake $50s were found last week at the showbag stands at the Royal Adelaide Show, but no idea how good they were.

Or where they are now! side show Bob wont hand them in and loose out thats for sure!