According to figures published by the European Central Bank on Friday, January 22, the number of counterfeit bills, mainly 20-euro and 50-euro bills, seized in 2020 reached its lowest level ever recorded, in proportion to the number of denominations in circulation.
Counterfeit banknotes seized: down more than 17
In 2020, 460,000 counterfeit bills were withdrawn from circulation, including 220,000 in the second half of the year, representing a 17.7% decrease on 2019. This is the lowest level ever recorded for the number of notes in circulation.
Two-thirds of these counterfeits were 20- and 50-euro bills, and 94.5% of these counterfeits were seized in euro zone countries, compared with 2.8% in non-euro zone European Union countries, and 2.7% in other regions of the world.
For every 1 million genuine banknotes in circulation in 2020, only 17 were counterfeit, which represents a very low risk of receiving a counterfeit. 25 billion genuine banknotes were in circulation in 2020.
The European Central Bank reminds us of the current recommendations for identifying counterfeit bills, based on the "touch, look, tilt" technique.
The main points to check are listed on the Banque de Franc website. They include
- the crispness of the bill,
- relief printing on the front,
- of the holographic tablet,
- color-changing ink used to indicate the bill's value.
Increased security and reduced use of cash
Several factors may explain this historically low number of counterfeit bills seized. Firstly, security features have been strengthened, making the task more complex for counterfeiters.
The last banknotes to be renewed for this enhanced security were the 100- and 200-euro bills in 2019. The only banknotes not renewed were the 500-euro bills, in line with a decision taken in 2016 to combat terrorism and organized crime, which made extensive use of them.
The new 100 and 200 euro banknotes in the "Europe" series feature several new security features. For example, the portrait of Europe, a figure from Greek mythology, is integrated into the hologram and becomes visible on both sides when the banknote is viewed through the hologram.
A series of small lines on the right and left edges of the banknotes is printed in relief, and the value ink changes color when the denomination is tilted.
Another reason for the historically low number of counterfeit bills seized is the decline in the use of cash, a trend accentuated by the Covid-19 pandemic and the rise of contactless payment, recommended by health authorities to reduce the risk of transmission of the virus.