Spotting Counterfeit Banknotes

The Unseen Threat: Safeguarding Your Wealth from Counterfeit Currency

In today's fast-paced world, where transactions happen at lightning speed, the risk of encountering counterfeit currency is a genuine concern for both individuals and businesses. While the Bank of England continuously enhances security features on its banknotes, sophisticated counterfeiters are always attempting to replicate them. This guide is designed to equip you with the knowledge to confidently identify genuine Bank of England notes and understand the correct procedures if you suspect you've been given a fake. Protecting yourself from financial fraud starts with awareness and vigilance.

Understanding the Shift: Paper vs. Polymer Notes

The Bank of England has been progressively phasing out paper banknotes in favour of polymer. The £5 and £10 notes were the first to make the full transition, with polymer £20 notes now in circulation. By the end of 2021, a polymer £50 note is also expected. While this transition aims to improve durability and security, it's crucial to be aware of the distinct security features present on both types of notes. For now, you might still encounter older paper notes, so knowing how to check them remains important.

Key Security Features of Paper Banknotes

Genuine paper banknotes possess several tactile and visual security markers that are difficult for counterfeiters to replicate accurately. Familiarising yourself with these will significantly improve your ability to detect fakes.

1. The Feel of the Paper

One of the most fundamental checks is the feel of the banknote itself. Genuine Bank of England notes are printed on a distinctive material that gives them a slightly crisp, almost cloth-like feel. Counterfeit notes, on the other hand, often feel more like standard office paper – thinner, smoother, and less robust. Don't underestimate the value of this simple tactile test.

2. Raised Print (Intaglio Printing)

A hallmark of genuine banknotes is the use of intaglio printing, which creates a raised texture on certain areas of the note. As you run your finger across the surface, you should be able to feel the raised print, particularly on prominent text like 'Bank of England' and the denomination numbers. If the note feels completely flat and smooth, it's a strong indicator of a counterfeit.

3. The Metallic Thread

Embedded within the paper of every Bank of England banknote is a metallic thread. When you hold a genuine note up to the light, this thread should appear as a continuous, dark line running vertically through the note. On the back of paper £20 and £50 notes, you might see this thread as silver dashes. Crucially, this thread is woven into the paper, not merely printed on the surface.

4. The Watermark

Hold a genuine banknote up to a light source, and you should clearly see a portrait of the Queen within a dedicated space. This watermark is integrated into the paper during the manufacturing process. If the watermark is faint, absent, or if you can see it clearly even when the note is lying flat without holding it to the light, it's likely a fake.

5. Print Quality and Detail

Examine the printed lines and colours on the note closely. Genuine banknotes feature sharp, crisp lines and vibrant, well-defined colours. Look for any signs of smudging, blurring, or inconsistencies in the printing. The intricate details, such as micro-lettering (often found beneath the Queen's portrait), should be clear and legible when viewed with a magnifying glass.

6. Ultraviolet (UV) Features

While not always practical for immediate checks, genuine Bank of England notes have specific features that become visible under ultraviolet light. The denomination number should glow in bright red and green, contrasting with a duller background. Additionally, paper £20 and £50 notes may have randomly distributed red and green flecks across both sides.

7. Magnifying Glass Inspection

For an extra layer of certainty, use a magnifying glass. Inspect the lettering, especially beneath the Queen's portrait. Genuine notes often feature decorative swirls that form the denomination of the note in very small print. If these details are indistinct or absent, it points towards a counterfeit.

Security Features on Polymer Banknotes

Polymer notes introduce a new set of advanced security features designed to make counterfeiting even more challenging.

Spotting a Fake Polymer £5 (Winston Churchill)

• See-Through Window: Look for a clear, transparent window. Within this window, you should see a portrait of the Queen.
• Elizabeth Tower: On the front of the note, the Elizabeth Tower should appear in gold foil. On the back, it should be silver foil.
• Foil Patches: Check for specific foil patches that are integrated into the design.

Spotting a Fake Polymer £10 (Jane Austen)

• Large See-Through Window: Similar to the £5 note, there's a large transparent window.
• Coloured Quill: Adjacent to the window, there should be a coloured quill. When you tilt the note, this quill should change colour from purple to orange.
• Raised Print: Feel for the raised print on 'Bank of England' and the number '10' in the corner.
• Book-Shaped Foil Patch: On the reverse of the note, look for a book-shaped copper foil patch featuring the letters 'JA'.

Spotting a Fake New Polymer £20 (JMW Turner)

• UV '20': On the front of the note, a '20' should appear in bright red and green under UV light.
• Purple Foil Patch: The back of the note features a purple foil patch containing the letter 'T'.
• Portrait Window: The Queen's portrait is printed within a transparent window.
• Coronation Crown: Above the portrait window, there's a silver foil patch containing a 3D image of the Coronation Crown. Tilting the note will cause this image to move and change appearance.

What to Do If You Suspect a Fake Note

Discovering a counterfeit note can be unsettling. Here's how to handle the situation responsibly:

For Businesses and Employees:

• If you know or suspect the identity of the person who passed the counterfeit note, place the note in a plastic bag to preserve potential fingerprint evidence.
• Hand the note in to your nearest police station as soon as possible.
• If there is no suspect, or the police are unable to take immediate action, you should hand the note in to a bank.
• Business owners should contact their local crime prevention officer. They can offer advice on preventing future occurrences and check if other businesses in the area have received similar counterfeit notes, allowing for a coordinated response.

For Customers:

• If you receive a suspected counterfeit note in your change, do not attempt to spend it.
• Take the note to your local police station and provide details of where and when you received it. The police will retain the note as evidence.

Crucially, under no circumstances should you attempt to pass on a counterfeit banknote. Doing so is a criminal offence with severe penalties, including potential prison sentences of up to 10 years. The risk is simply not worth it.

Preventative Measures and Reporting

The best defence against counterfeit currency is vigilance. Make it a habit to quickly check your change, especially larger denominations. If you are a business owner, ensure your staff are trained on how to identify genuine notes and have procedures in place for handling suspected counterfeits.

If you have information about individuals involved in the production, distribution, or sale of counterfeit banknotes, you can report it anonymously to Crimestoppers on 0800 555 111. Your information can help prevent others from falling victim to this type of fraud.

FAQ: Your Questions Answered

Staying informed about the security features of our currency is a simple yet effective way to protect yourself from financial crime. By familiarising yourself with these checks, you contribute to a more secure financial environment for everyone.

If you want to read more articles similar to Spotting Counterfeit Banknotes, you can visit the Automotive category.