Countefeit Money

Thanks for sharing this!

Do you know why the US Secret Service was formed in 1865? Nope, not presidential protection.

The answer: To combat counterfeiting. During America’s Civil War, burgeoning production of fraudulent copies of the national currency posed a threat to the economy. In response, Congress created the Secret Service to enforce anti-counterfeiting laws. Even today, in conjunction with local, state and foreign law enforcement agencies, the Service investigates every case of counterfeiting.

Unfortunately, there’s still plenty to investigate. Modern technology has provided counterfeiters with new and improved ways to print phony bills, and counterfeiting is on the rise. According to the Federal Reserve Bank of San Francisco, counterfeit currency made up about .01 percent of all US currency in circulation in 2001. That may sound insignificant—until you consider the amount of currency in circulation then was approximately $600 billion.

Although the Secret Service is still on the job, prevention also has an important role to play in preventing counterfeiting. That’s why the Department of the US Treasury’s Bureau of Engraving and Printing redesigns currency, such as the recently released $10 bill, every 7-10 years.

Do you want to assist Uncle Sam? Educational brochures, posters and Internet downloads are available to help you become more familiar with what your money should look like. Take the time to educate yourself. The dollars you save could be your own—and joining the Secret Service is not required.

You might also like these posts

Article – Preparing for Hurricane Season The Atlantic hurricane season begins June 1. While the 2014 season is expected to be a mild one, mild doesn’t mean storm-free. Getting ready early...
Article — Locked Out What’s on your computer? Your manuscripts? Work? Photos? What would you do if you were denied access to those files—if you were locked out by rogu...
Article — Tax Identity Theft Awareness Week Taxes are scary enough, without adding tax identity theft to the mix. The costs—$3.6 billion a year according to an estimate by the US Treasury In...

We write. Visit us in Carpenter Country, a magical place that, like our stories, is unreal but not untrue.

Tagged with: ,