Counterfeit money will cause problems for you as well as for businesses; we show you how to spot fake notes and counterfeit coins so you know what to look for.
Did you know that it's illegal to use counterfeit money?
Of course, fake notes and coins probably pass through your hands on a regular basis without anyone noticing; but crucially the law means that you won't be reimbursed if the notes or coins you try to pay with get rejected.
If this happens you'll be left with cash you can't spend or trade in - even if you received the money from a bank originally. Your only real option is to hand it in to the police and stomach the loss.
Importantly, you have the right to request alternative payment if you suspect the money offered is actually illegal tender.
This means you need to protect yourself by understanding how to spot fake money before you walk out the shop door.
If you give your notes and coins a quick once-over before pocketing them, you may be able to spot a fake and save yourself a headache.
Useful guide, Bill. Thanks.
We discovered some fake coins circulating in the local pub. They were kept in a separate pot behind the bar and given out in change to regular customers who could then spend them again.
Strictly illegal I know but, as long as the landlord never actually banked them and the customers didn't try to spend them anywhere else, we had our own little bit of quantitative easing!
Well, if it's OK for the Bank of England........;-))
we are lucky here m8..over on the continent, passing on a fake note is a criminal offence with shopkeepers handing you over to the police!.....Be especially way of 50 euro notes.....!
What amazes me is that there is a 500 Euro note, which roughly equates to a 400 quid note. It's difficult enough to spend a £50 note here, which is our largest denomination.
Apparantly ,puss, use of these 500s is severely restricted these days because 90% are said to be in the hands of criminials/money launderers!.......I had one of these beasts once, and got looks of amazement in Madrid when I spent it! The 200s are quite rare also.
funny you know....the other week I was given a fake pound coin in my change at our local friendly Indian corner shop. I was none the wiser, but mum picked up on it when I passed it on to her to pay for some shopping.So I took it back to the same shop and spent it again with the friendly Indians.....Sometimes it works in our favour when people have only been in the country 5 minutes and don't know the difference!
There are so many fake £1 coins in circulation - some of them very good quality - it is hard to go shopping without collecting one. They are so common no-one really bothers about them anymore.
I'll go and have a look in my purse Bonz. If I find any I can, at least, launder them in the boozer!
I just used to put them in a coin bag with 18 or 19 good ones and pay them into a bank. They never picked up on it!!
That's interesting, Bonz. I thought I'd heard that they may be lighter in weight than real ones but, looking back, that's not mentioned in Bill's guide so I'm probably mistaken and you could easily get rid of them that way. Not that I would ever do such a thing, of course....;-))
Some of the early fakes were lighter, but those pesky crims have got smarter over the years!!
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