Damon Mcknight
Counterfeit money is fake currency made to look like the real thing. In Australia, it is an offence to knowingly possess counterfeit currency, and those found guilty can face up to 12 years in jail. In 2021, about 17,000 counterfeit notes were handed in to the Reserve Bank of Australia (RBA), adding up to more than $1.3 million. Here are some ways to check if your money is fake or real.
| Characteristics | Values |
|---|---|
| Texture | Real money is made of polymer, a type of plastic. |
| Shape | A real banknote should return to its original shape after being scrunched up. |
| Tearability | Banknotes are difficult to tear. |
| Printed name | Banknotes without the printed name below the portrait are counterfeit. |
| Signatures | The Governor's signature should be printed above that of the Secretary to the Treasury. |
| Serial number | The first two numerals of the serial number indicate the year of printing. |
| Security window | The security window should have an image with a light and dark effect. |
| Holograms | The $50 note has a clear holographic strip. |
| Watermark | An image or mark in a sheet of paper, usually put there by the maker of a product, that can be seen under special light. |
| Coat of arms | When held up to the light, a real banknote will show the Australian Coat of Arms. |
| Diamond patterns | Diamond-shaped patterns printed inside a circle on both sides of the banknote form a seven-pointed star when held up to the light. |
| Printing quality | The printing on a real banknote should be sharp with no irregularities. |
| Fine line patterns | Fine, multi-coloured line patterns should be present on each side of the banknote. |
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What You'll Learn
Check the texture
Australian banknotes are printed on polymer, a type of plastic, and this has been the case since 1992. This makes them difficult to tear and gives them a distinctive texture. A counterfeit banknote will feel noticeably thicker or thinner than a real one.
The Reserve Bank of Australia (RBA) recommends checking the texture of the dark printing on the banknote. You should be able to feel this with your hands. If you can't feel it, the note may be fake.
The RBA also recommends checking the clear security window for texture. This window should have a light and dark effect, and the security features cannot be rubbed off. The area around the window should be smooth.
In addition to texture, there are other ways to check the authenticity of a banknote by looking at its physical characteristics. A real banknote should return to its original shape after being scrunched up. You should also look for fine line patterns on each side of the note that are multicoloured.
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Look for security features
Australian banknotes are considered some of the hardest in the world to counterfeit due to their security features. Benjamin Franklin, an American inventor in the 1700s, first came up with the idea of printing security features into banknotes to make them unique and hard to replicate.
If you suspect you have a counterfeit banknote, you should handle it as little as possible and put it in an envelope. Then, make a note of how it came to be in your possession and report the counterfeit to the police.
- If you hold a real banknote to the light, you should see the Australian Coat of Arms.
- On older currency, hold the banknote up to the light to see if the diamond patterns form a seven-pointed star.
- The clear security window is an important part of the note and should have an image with a light and dark effect. The security features in the window cannot be rubbed off, and the area around the window is usually smooth.
- If you tilt a real $50 banknote, the bird's wings will move and change colour.
- Real banknotes are made of polymer, a type of plastic, and will bounce back if scrunched up.
- Banknotes are also difficult to tear and have fine line patterns on each side that are multicoloured.
- The first polymer series, or Australia's older currency, will have a printed name below the portrait.
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Identify the year of production
The year of production of a banknote can be identified through its serial number, signatures, and security features.
Serial Numbers
The serial number ranges for Australian banknotes printed each year can be referenced to identify the year of production. However, it is important to note that not all denominations are produced annually. Instead, they are printed based on demand to replace unfit currency. Additionally, the serial number information available may be incomplete, as it does not account for serial numbers on destroyed or unissued banknotes.
Signatures
The signatures on the front of Australian banknotes typically change when a new person is appointed to specific roles. Since the dates of these appointments are usually publicized, you can determine a start and finish date range for the banknote's production.
Security Features
The Reserve Bank of Australia (RBA) has implemented innovative security features to combat counterfeiting. For example, the RBA introduced polymer banknotes, starting with a $10 commemorative banknote in January 1988, which are more secure and durable than paper notes.
Additional Changes
Other changes in the design of Australian banknotes over the years include:
- The title change from "Commonwealth of Australia" to "Australia" in 1974.
- The introduction of the $50 note in 1973 and the $100 note in 1984.
- The replacement of the $1 note with a $1 coin in 1984 and the $2 note with a $2 coin in 1988.
- The inclusion of the names of individuals pictured on the banknotes starting in 2002, except for the $5 note featuring the Queen.
- The addition of a tactile feature to assist the visually impaired community in determining the value of a note, introduced after 2015.
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Know your rights
If you suspect that you have been handed a counterfeit banknote, you are well within your rights to refuse to accept it. It is an offence to knowingly possess counterfeit money, so it is important to know what to do in this situation. Firstly, try to handle the note as little as possible and store it in an envelope. Note down any relevant information, such as how the banknote came into your possession, and report the matter to the State or Federal police. You can also photograph the note, ensuring that you capture the serial number. It is important to remember that counterfeits have no value, and you will not be reimbursed. However, if the note is proven to be genuine, you will receive its full value.
It is crucial to prioritize your safety when dealing with suspected counterfeit money. Under no circumstances should you take any actions that may put yourself or others at risk. If you accept cash payments, it is a good idea to familiarize yourself with the security features of genuine Australian banknotes, so you can confidently identify potential counterfeits.
Australian banknotes have several security features that make them difficult to counterfeit. These include watermarks, tiny indigo-dyed threads, and small amounts of crystals in the paper, which create unique and challenging-to-replicate patterns. Genuine notes are made of polymer, a type of plastic, and will bounce back if scrunched up. They also have a clear security window with an image that exhibits a light and dark effect. This window should be part of the banknote, not an addition, and the image should not be easily scratched off.
If you come across someone trying to use counterfeit money, it is important to report this to the authorities. Making or using counterfeit money is a serious offence in Australia, with penalties of up to 12 years in jail.
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Report counterfeits
If you come across a banknote that you suspect is counterfeit, you should handle it as little as possible. Place it in an envelope or other container and note down any relevant information, such as how it came into your possession. You can then report it to the State or Federal police, either at your nearest police station or via the Australian Federal Police website. It is important to note that counterfeits have no value, and you will not be reimbursed. However, if the banknote is proven to be genuine, you will receive its full value.
It is an offence in Australia to knowingly possess counterfeit currency from any country. This includes replicas and other products made to resemble genuine Australian currency. The Reserve Bank of Australia (RBA) is the only authorised body to destroy counterfeit currency. After court proceedings have concluded, the counterfeit currency and a copy of the court result should be returned to the RBA for destruction.
If you are unsure whether a banknote is counterfeit, you can refer to the RBA's counterfeit detection guide. This guide provides information on how to spot counterfeit Australian banknotes. Additionally, you are within your rights to refuse to accept a banknote if you have concerns about its authenticity. However, under no circumstances should you take actions that may jeopardise your safety or that of others.
If you have accidentally accepted a counterfeit banknote, you can still report it to the police. While you may not be able to get your money back, reporting it can help authorities track down the source and prevent further circulation of counterfeit currency.
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Frequently asked questions
Counterfeit money is fraudulent money that has been made to look like real money. In Australia, it is illegal to possess counterfeit currency, and you can be sent to jail for up to 12 years for making or using fake money.
The Reserve Bank of Australia (RBA) recommends inspecting a range of features on the banknote. These include:
- Checking for a clear window that is part of the banknote, not an addition.
- Looking for security features such as watermarks, holograms, and fine line patterns.
- Checking that the note is made of polymer, a type of plastic, and is difficult to tear.
- Checking that the note has not been easily scratched or rubbed off.
- Looking for the Australian Coat of Arms when holding the note up to the light.
- Checking for irregularities in printing, such as blurred patterns or colour differences.
If you suspect that you have received a counterfeit banknote, you are within your rights to refuse to accept it. You should handle the note as little as possible, place it in an envelope, and report it to the police. You can also report it to the RBA by calling their hotline or sending an email.
Counterfeiting money is a serious offence in Australia and can result in significant penalties. Those found guilty of counterfeiting can face up to 12 years in jail.
While Australian banknotes are considered some of the hardest to counterfeit due to their advanced security features, it is still an issue. In 2021, about 17,000 counterfeit notes were handed in to the RBA, amounting to more than $1.3 million. However, this number has decreased since 2015 due to police efforts in targeting counterfeiting operations.
