Shoppers warned to beware of counterfeit notes

CHRISTMAS shoppers were told yesterday to be wary of forged notes as the Central Bank put into circulation €11 billion, an all-time high since the euro was introduced almost three years ago.

As the Christmas shopping season gets into full swing, Central Bank spokesperson Elaine Mannix warned: “As demand for cash always increases significantly at this time of year, there is a corresponding increase in the opportunities for counterfeiters to pass off counterfeit bank notes to unsuspecting consumers.”

The amount of money in circulation is up by almost one-fifth on the average amount at any other time of the year.

“This is an ideal time of the year for counterfeits to enter circulation,” said Ms Mannix.

The euro is the second-largest currency in circulation after the US dollar.

In the first half of 2004, over 300,000 counterfeit euro bank notes were withdrawn from circulation throughout Europe.

However, the Central Bank said most counterfeit notes could be easily distinguished from the genuine ones by a number of features which can be identified in a simple ‘feel-look-tilt’ test.

Firstly, the printing processes give bank notes their unique feel, which includes raised print.

Secondly, when the bank note is held up to the light, a picture and the value of the bank note become visible as a watermark, while the security thread can also be seen as a dark line.

Finally, on the lower denomination notes, a hologram appears on the foil stripe on the front, while on the reverse an iridescent stripe shines and changes colour slightly.

On the higher value notes (€50 and upwards) a hologram appears on the foil patch on the front while, on the reverse of the bank note, when tilted, colour-shifting ink makes the value numbers change from purple to olive green, or brown.

“The euro is produced to the highest standards and is a very difficult bank note to counterfeit,” said Ms Mannix.

“The great majority of all counterfeit notes we have come across have been generally of a poor quality.

“It should be relatively easy to spot counterfeits and we would encourage consumers to keep a particular eye out over the Christmas period,” she said.

Knowingly passing on a bank note is illegal and anyone who suspects they have a counterfeit bank note should pass it over to their local gardaí. “Unfortunately, it’s the ordinary, honest people in the street that pay,” said Ms Mannix.