Garda had announced urgent warning on the influx of fake €50 notes which are widely circulated. Local business people and shop owners are urged to double check the currencies before accepting and giving these.
To address the challenges that are made by the counterfeit currencies, The National Analysis Centre examines these counterfeit currencies which were sent to the Central Bank of Ireland and have recorded and monitored these.
Professional cash handlers, customs officials, Garda and other socio-legislative bodies are under training of the NAC to detect the counterfeit currencies. Euro banknotes are very hard to recreate as there are many security features incorporated in each note.
A Feel-Look-Tilt test is effective in checking the genuinity of notes manually.
In the feel test, we can feel the firmness and crispiness of notes and raised ink areas on the front side.
In the look test, hold the notes up to a light;
- Check the architectural design similar to the main design of the note. A number watermark could be seen underneath, barcode watermark in the center (Euro series 1 notes) and Europa portrait (Euro Series 2 notes).
- Security thread down the center of the note with perforations of denominations.
- Perforations in the holographic foil indicating the denomination, euro symbol and Europa portrait ( Euro Series 2 notes).
- A see through number at the top left side of the note ( Euro Series 1 notes).
Tilt test shows us the:
- Holographic stripe or patch will change images and colours.
- The iridescent stripe on the back of the lower denominations will shine and fade (Euro Series 1 notes).
- The opti-variable link covering the numerals on the back of the high denominations will change its colour (Euro Series 1 notes).
- The emerald number in the bottom left corner of the banknotes’ front side displays an effect of the light that moves up and down. The colour changes from emerald green to deep blue (Euro Series 2 notes).
To know the genuinity of coins, we must carryout:
A visual inspection with a magnifying glass or lens. A fake coin will have:
- Poor quality detail of the image.
- Different colour ring or core.
- Missing in edge letters and incorrect spelling and different fonts.
- Change in sizes.
- Change in thickness and diameter.
- Change in weight.
A hardness test where bending of a coin will help us know the fake one. Counterfeit coins may not have the strength of a real coin and may bend slightly.
A magnetic test which shows:
- A slight magnetic effect of genuine €1and €2 coins.
- The coin can be lifted using a magnet and it could be shook of the magnet with ease.
- Genuine 50 cents coins are not magnetic.
- Fake coins are generally very magnetic or non magnetic.
- Comparison with a genuine currency will help you find out the fake one.
If you think you have a counterfeit currency with you, submit it to your nearest financial institution, Garda or to the Central Bank’s NAC. Make sure you collect the receipt of your submission as no refund will be done at the time of submission. If the currency is found fake, the value of your submission will be given to you by the institution from where you got the submission receipt.