Is U.S. money secure?

Discussion in 'Coin Chat' started by Joshua Lemons, Apr 3, 2018.

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Is US bullion/domestic currency secure?

  1. Yes

    2 vote(s)
    25.0%
  2. No

    3 vote(s)
    37.5%
  3. Bullion isn't

    0 vote(s)
    0.0%
  4. Domestic currency isn't

    1 vote(s)
    12.5%
  5. Still ill after moderate consumption of easter sweets

    3 vote(s)
    37.5%
Multiple votes are allowed.
  1. Joshua Lemons

    Joshua Lemons Well-Known Member Supporter

    I recently read an article in coin world about the mint not doing enough to thwart counterfeiting of its bullion. Some say changing money designs too often reflect instability, which could be true. You and I both know many counterfeit american eagles ( gold and silver) and paper notes are flooding in to the US. To me compared to other countries, our current currency and bullion are too easily counterfeited. So, what do we do? Would you feel comfortable with a polymer note in hand with enhanced security features? Should we abolish the cent and take the money we are losing and invest it in research to make our domestic money more secure? I know Americans hate change in a lot of things, but three times in the last year, the local news station here in rural Kentucky has announced the presence of counterfeit $100 and $20 bills in the community. What do y'all think?
     
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  3. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    We are being held captive in the U.S. by our paleo-thinkers, those who have only one gear - Reverse. We need to radically improve our "game" regarding counterfeiting, but right now, we can't even get law enforcement agencies to even treat it as a serious crime. Meanwhile, if we DON'T get our "game" up to snuff, metals will disappear as a valid IRA account vehicle, not that that's a bad thing.
     
  4. sakata

    sakata Devil's Advocate

    I think it is secure enough, but not 100%. I don't think that the average man in he street, who probably does not use $100 bills, needs to worry. If you do get an occasional one and it is discovered then you are out a small amount - but not enough to lose sleep over.
     
  5. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    ^^^^ Speaking of paleo-thinkers... ^^^^
     
  6. Clawcoins

    Clawcoins Damaging Coins Daily

    US Dollars are printed on machines imported from Germany.
    You could actually buy a used one if you know where to look for them. So think about that ... now you need to knowledge (and paper sheets) to print your own money.

    With coin currency, and computers, it becomes fairly easy to counterfeit your own currency. You don't even have to be 100% accurate. How many cashiers look at the change and would know the difference ??

    The problem is US Currency is the world's defacto currency. Thus if you are going to counterfeit it it would be the prime target, along with UK, German and possible french.

    Would one counterfeit Venezuela currency? that would be a losing concept.

    But there does need to be more to thwart it. I would love if all websites that had counterfeit US (or UK, german, etc) currency was banned as much as possible around the world.

    let them make Bolivar instead and sell it.
     
  7. GDJMSP

    GDJMSP Numismatist Moderator

    Counterfeiting is a problem that has existed as long as coins, and notes, have existed. For coins, that's about 3,000 years, for notes, over 2,000 years. And over the entire time it has never gone away. As long as coins and notes exist they will be counterfeited. And if we figure out a new way to combat it they will figure a new way to do it.

    Security of currency, no matter what form it comes in, and there are many, is and always will be a matter degree. And it will never be a 100% secure.
     
  8. Clawcoins

    Clawcoins Damaging Coins Daily

    I remember when the first home HP ScanJets first came out. People started copying money. That was 30 years ago.

    Even around here there has been an increase in counterfeit cash being used. Of course, it's not quite 100% so they're getting arrested. But someone is printing the stuff.
     
  9. afantiques

    afantiques Well-Known Member

    Polymer (plastic) notes are horrible. We have them in England for £5 and £10 and they really do not feel like money. Younger people may disagree or not care.
     
  10. -jeffB

    -jeffB Greshams LEO Supporter

    Look at the global movement to abolish high-denomination notes. Listen to all the propaganda implying that since criminals use high denominations, high denominations encourage crime. Look at the lack of progress on security measures, especially in the US.

    I don't expect the US to introduce more durable and secure currency. I don't expect the US to do anything to encourage cash transactions.
     
    sakata likes this.
  11. chrisild

    chrisild Coin Collector

    As far as I know, most banknote printers in the world use KBA NotaSys machines. Right, the parent company Koenig & Bauer (KBA) has its HQ in Germany. But KBA NotaSys, formerly Giori, is based in Lausanne, Switzerland, I think.

    Basically agreed, except I do not see a difference between French and German paper money. :)

    Christian
     
  12. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    There it is - The Circle of Life.

    The less obvious, but no less serious, problem is counterfeit bullion.
     
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