Big Bucks

In April 2009, the Secret Service, a government agency set up in 1865 to suppress currency counterfeiting, seized $8.4 million in $100 bills in Peru.

To confound forgers the Treasury unveiled a redesigned $100 bill last month, the largest denominated note it currently issues, and the note most frequently counterfeited outside U.S. borders. The new note has additional security features such as a 3D security ribbon designed to make it easier to identify and harder to copy.

But the notes most often removed from circulation by authorities are those with a face value of $20. These notes have the advantage of being frequently exchanged and have a high enough value to cover the costs of counterfeiting.

The amount of counterfeit cash in circulation remains small. The £20 ($29) notes removed from circulation by the Bank of England in 2008 (whose highest-denominated note is £50) amounted to just 0.05% of circulation or 514 fakes for every million genuine notes.

View a chart that details the amount of counterfeit cash in circulation by denomination.

Source: The Economist