Technology advancements have produced some of the most advanced, unforgeable currencies ever. However, these same technological advancements keep counterfeiters closely following the most recent round of security upgrades and efforts to stave them off.
In the globe, the US dollor is among the most widely used. The great Greenback is still regarded as the most secure store of wealth despite its recent setbacks and is used more abroad than at home. According to one estimate, more than 75% of the roughly $600 billion in $100 notes in circulation are found outside of the United States. The $100 bill is one of the most often counterfeited coins due to its popularity, but it’s also one of the trickiest.
A number of years ago, a convicted counterfeiter was interviewed for a slideshow on the website popsci.com about his views on the reliability of the US dollar. The presentation highlights many vulnerabilities that counterfeiters try to take advantage of while demonstrating the complexity of the systems used to secure the banknotes. For instance, by blending glitter in a blender, counterfeiters may create color-changing ink. They may also make copies of difficult-to-create photos with the use of high-quality printers and scanners.
Since both currencies share the same picture, another popular counterfeiting technique is removing the watermark from a $100 bill and attaching it to a $5 bill. Small pictures and security threads are also easily reproduced, but the Federal Reserve intends to include even more images in order to remain ahead of the curve.
The International Association of Currency Affairs (IACA) presents an awards event every year to recognize currencies and people who have made significant contributions to safeguarding the integrity of currencies and the technology used to produce and create them. The Bank of Uganda won the award for best new banknote in 2011 from the IACA.
The Bank of Uganda emphasized the addition of security elements and the first significant makeover in more than 20 years. The bank identified security elements on the notes that are both obvious and covert. These characteristics include raised printing, serial numbers, watermarks, and an internal security thread that bears the note’s denomination.
When the coin is held at an angle, some “iridescent” characteristics become obvious. The Central Bank of Sri Lanka and the Central Bank of the Philippines were among the runner-ups for 2011’s finest new banknote. The honor was given to Scotland’s Clydesdale Bank in 2010.
Awards were given by the IACA for significant new security features. Holograms with “depth and movement” and pixel watermarks with a three-dimensional appearance that may alter depending on angle and illumination were two of the more intriguing developments in security. The currencies that combine cutting-edge technology with challenging-to-forge characteristics are the most resistant to counterfeiting. The hardest-to-fake currencies in 2011 were believed to include those from the United States, Kazakhstan, Mexico, Sweden, and Hong Kong.
The IACA awards offer some of the greatest information on the and counterfeit-prevention technology. Even while currencies may never be completely immune to counterfeiting, these security improvements should cause some currency thieves to reconsider their line of work since it could be more lucrative for them to focus their efforts and attention on making money lawfully.