http://money.cnn.com/2017/04/04/news/economy/euro-banknote-50-secure/index.html?iid=Lead
A new 50 euro note went into circulation Tuesday and it includes a number of new security features, including a "secret window." The new bill shows a portrait of Europa, a figure in Greek mythology, when held up to the light. The interesting part about the new bills is that they are printed on pure cotton fiber paper rather than tallow, a substance that comes from animal flat. The UK faced criticism from vegan and religious groups when they introduced a new 5 euro note last November, and a petition against the bill reached 130,000 signatures. This forced the Bank of England to review the note and they instead decided to go with palm oil in the future.
The 50 euro note currently makes up 45% of all banknotes, with over 9 billion in circulation it is more than the 5, 10 and 20 note put together. The 50 euro banknote is also the number one choice for counterfeiters, which is why it has enhanced security features. Along with the portrait of Europa on the bill, are features that disappear when viewed under UV light allowing for easy authentication. The 50 euro note is the 4th new note to be introduced in the second generation of Euro banknotes, after the 5, 10 and 20.
It will be interesting to see how this new bank note will affect the economy and whether or not it will stop counterfeiters. The pound and euro are currently the first and third most counterfeited currencies in the world. 1 in 30 British sterling pounds were found to be fake, while every 1 in 23,000 was also found to be fake. Maybe these new security features will help decrease the amount of counterfeits in circulation and can be something that the United States adopts. The United States has a counterfeit rate of 1 in every 10,000 dollars ranking 2nd in the world. I also find it interesting that the notes used to be made with animal fats and that Canada and Australia also have currency containing animal fat.
2 comments:
When people choose to print counterfeit bills, they increase the amount of money supply in the economy, which reduces the real value of money and causes inflation. Although the counterfeiters are printing more money, in the long run they are damaging the value of their own money.
I wonder how much it cost the UK to have to change the material of the currencies. I find it kind of funny that they wouldn't consider the amount of animals it could be harming. It's positive that they are receptive to changing it. I am curious what dollar bill amounts are the most counterfeited in America and how these are injected into the economy. Are these counterfeit dollars mainly introduce into the market from the black market/illegal sale of goods/services? What are the measures that are taken to be able to differentiate between real and counterfeit dollars? I also wonder how this may differ across countries with their respective currencies.
Post a Comment