$2.8 million of the notes seized per year, versus $762 billion in false cash out there
What is the effect of the so-called "supernote," or expertly-forged 100 USD bill, on the U.S. economy? According to the latest data from the United States Secret Service (USSS), in charge of tracking the counterfeit notes, the total amount of supernotes confiscated has been about 50 million USD (an annual average of 2.8 million USD) since they were first found in the Philippines in 1989, not a significant portion of all faked bills.
For example, the amount is far less than the 380 million USD that was confiscated after being forged in Colombia during the same period. Colombia is known as home to the most counterfeiters in the world. Currently, about 762 billion USD in fake bills are thought to be circulating in the world, two thirds of that amount outside the U.S.
According to the USSS, the amount of counterfeit currency confiscated across the world totaled 56 million USD in 2005, compared to 63 million USD in 2004. Of about 14.7 million USD in forged bank notes confiscated in the U.S. in 2005, about 44 percent were printed out of the nation and 46 percent were made using digital technology within the U.S. The origin of the remaining 10 percent was not determined.
The USSS said that due to the superior quality of supernotes, it is difficult to verify their authenticity. The notes cause serious problems by lowering public confidence in the dollar in smaller economies, they said.
After supernotes were found in Taiwan in 2004 and in Peru in 2005, use of the 100 USD bill was avoided. In connection with forging or distributing supernotes, the USSS said, more than 170 persons from about 130 nations were arrested since they have been circulating. Agent Scott Johnson of the USSS said to a hearing of the House Finance Committee that the Department of Justice had found a distinct connection between the elaborate supernotes and North Korea, based on investigation and precise analysis of the notes. The supernotes are circulating after being printed under the North Korean government’s supervision, he said.
