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353,000 fake euro notes found over six months
Economics

353,000 fake euro notes found over six months

13.01.2014 From our online archive
Around 353,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2013, according to figures from the European Central Bank.

Around 353,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2013, according to figures from the European Central Bank.

But, while this figure may seem high, it represents a small proportion of the notes in circulation, considering that there are over 15 billion genuine banknotes at any one time.

To coincide with Monday's unveiling of a new, counterfeit-busting 10-euro note, the European Central Bank has published the following statistics.

  • Over 75% of the counterfeits are €20 and €50 banknotes. The number of €10 counterfeits increased, but only represented 6.3% of the total;
  • Any euro banknotes can be easily verified using the “feel, look and tilt” method;
  • the €20 and €50 continued to be the most counterfeited banknotes.
  • During the second half of 2013, the proportion of counterfeit €20 notes increased and that of counterfeit €50 notes decreased.
  • Together, they accounted for 78% of the counterfeits;
  • The number of €10 counterfeits rose, but this denomination still only comprised 6.3% of thetotal;
  • The most (98.0%) of the counterfeits were found in euro area countries. Only around 1.5% were found in EU Member States outside the euro area and 0.5% were found in other parts of the world.