Counterfeit $100 dollar bills circulating across Cedar Rapids (2024)

FAQs

Counterfeit $100 dollar bills circulating across Cedar Rapids? ›

The counterfeit $100s are facing opposite directions and are different images. The counterfeit $100 bills have the watermark of Hamilton when it should be Franklin. All genuine bills should be crisp and clear.

All of which is why an estimated $70 million to $200 million in counterfeit bills are in circulation at any given time, according to the United States Department of Treasury.

Report suspected counterfeit currency to your local authorities. Law enforcement agencies, banks and cash processors will submit suspected counterfeit currency to the Secret Service through our USDollars website.

Check the watermark.

Hold the bill up to the light and look for a watermark. Newer bills should have faces. Older bills may just have what looks like a faded spot. If there is no watermark or if the watermark “face” does not match the “face” on the bill, then it is probably counterfeit.

Examine the serial numbers.

Make sure that the serial numbers on a bill match, and look at them carefully. Fake bills may have serial numbers that are not evenly spaced or that are not perfectly aligned in a row. If you received multiple suspicious bills, see if the serial numbers are the same on both bills.

The United States' counterfeit problem is mostly limited to its paper bills, with coin counterfeiters mostly focusing on collectible coins. The $20 bill is the most commonly counterfeited banknote in the U.S., while overseas counterfeiters are more likely to make fake $100 bills.

If you do receive counterfeit currency, bring it to your financial institution for next steps and reporting the currency.

Whether your bank will swap out a bogus bill for a genuine one is up to its discretion.

When iodine is applied to the unique blend used by genuine US cash, there is no discoloration due to the lack of starch. However, the same effect can be accomplished by using hairspray on commonly used papers since it will create an invisible barrier between the starch and iodine from the pen.

In genuine currency, both the watermark image and the portrait are the same person AND are facing in the same direction. The counterfeit $100s are facing opposite directions and are different images. The counterfeit $100 bills have the watermark of Hamilton when it should be Franklin.

How can you tell the difference between fake money and counterfeit money? ›

Feel the paper: Genuine currency is typically printed on special paper that has a distinct texture and feel. It should feel slightly rough to the touch, not smooth or glossy like regular printer paper. Check for watermark: Hold the banknote up to the light to see if it has a watermark.

Responsible for producing and distributing an estimated 60 percent of the world's counterfeit U.S. notes, more fake American money comes from Peru than any other country, according to the Secret Service, which has been combating the currency's rise since 2003.

According to the United States Department of Treasury, an estimated $70 million in counterfeit bills are in circulation, or approximately 1 note in counterfeits for every 10,000 in genuine currency, with an upper bound of $200 million counterfeit, or 1 counterfeit per 4,000 genuine notes.

They are rarely counterfeited, and if you work in a store, it will probably annoy most customers if you check over one dollar bills with a magnifier. Looking closely for a second or two should be enough.

Counterfeit banknotes are rare and also worthless. We cannot reimburse you for counterfeit banknotes. If you suspect that you have a counterfeit banknote, please take it to your nearest police station. The police should fill out an NCO-1 form and provide you with a receipt and incident number.

Frank Bourassa counterfeited and sold $250 million in fake US currency until he was nabbed in an undercover operation. Now he runs a security company and works with the police to catch other counterfeiters. This is part one of a two-part episode.