Use Of Counterfeit Bills Increase On St. Croix, Banks Say

ST. CROIX — Lieutenant Governor Osbert Potter, who also serves as chairman of the Virgin Islands Banking Board, is warning the territory’s residents, specifically on this island, to be mindful of counterfeit bills currently in circulation, according to a recent press release issued by Mr. Potter’s office. The Virgin Islands Police Department has issued multiple releases this year warning residents of the fake bills. However, local banks have reported to the Division of Banking and Insurance an increase in the circulation of those bills.

The counterfeit bills are being presented in $10, $20, $50 and $100 notes, according to the release, drawing similarities to former warnings issued by the government. On a single note, the serial numbers are the same, on multiple notes, the serial numbers are different, the release added. For example, all $20 notes will have the same serial numbers, and all $50 notes will have a different serial number.

The release made known that local banks adhere to strict policies and operational procedures when counterfeit bills are turned in by customers. This includes retaining the bills and submitting them to the United States Secret Service.  Individual banks have implemented an educational process with their staff about the proper procedures for handling counterfeit bills, it added. When a customer presents a counterfeit bill at a local bank, the bank accepts the bill, customers are informed that the bill cannot be exchanged; however a receipt for the retention of the bills is issued to the customers.

“The circulation of counterfeit bills in the territory is a very serious matter.  It is illegal to possess, produce, or use counterfeit money,” Mr. Potter said. “The public is urged to be cognizant of counterfeit bills and to report immediately to the Virgin Islands Police Department any bills that may be suspicious.”

The following methods can be used to help you identify counterfeit money:

• The portraits on counterfeit money can sometimes look different from the portraits on real bills. On a real bill, the portrait tends to stand out from the background. However, on a counterfeit bill, the portrait’s coloring tends to blend too much with the rest of the bill. In addition, the portrait tends to look “lifeless and flat” on counterfeit bills, according to the Secret Service.
• A real dollar bill will have Federal Reserve and Treasury Seals that are “clear, distinct and sharp,” according to the Secret Service. The agency points out that the seals on a counterfeit bill “may have uneven, blunt, or broken saw-tooth points.” One way to detect a counterfeit is by looking at the coloring. If the color of the Treasury Seal does not match the color of the serial number, the bill is fake.
• The outside border on real paper currency are “clear and unbroken,” according to the Secret Service. However, the agency notes the edges on a counterfeit bill can be “blurred and indistinct.” Because of the difference in printing methods between genuine and counterfeit bills, the border ink can sometimes bleed on a counterfeit bill.
• Serial numbers on a note must be the same color as the Treasury Seal. The numbers on counterfeit bills “may not be uniformly spaced or aligned,” Counterfeit bills usually have the same serial number.
• Real bills have tiny red and blue fibers embedded in the paper, and counterfeiters have tried to replicate those. Ink marks can be printed onto the paper to look like hairs. At close inspection, however, it is clear that the hairs are on the surface of the fake bill and not embedded into the paper.
• At many grocery and convenience stores, clerks will use an iodine-based counterfeiting pen. The pen reacts to the starch in the paper. If the bill is real, the ink turns yellow. But if the bill is counterfeit, it will turn a dark blue or black.
• The feel is probably the most common way that people detect counterfeit bills. Real currency has a “raised texture” to it because of the type of press used to produce the bills. Counterfeit bills feel flat because they are often made digitally or on an offset press. People who handle a lot of cash “can just notice that something doesn’t feel right.”
• The watermark is the shadow of the portrait that appears when you hold the bill up to light. The watermark portrait must actually match the printed portrait to be genuine.