reddit nixes new subreddit advertising high-end counterfeit US dollars

$225 in bitcoins buys you $500 in rare supernotes made by one "Willy.clock."

Read the whole story

 

[C Boy]

The User[/url]":379benhl]

flunk[/url]":379benhl]

Smeghead[/url]":379benhl]

A 2010 paper authored by two economists at the Federal Reserve Bank of Chicago said that counterfeiting is extremely rare. “In particular, we find that an upper bound on the stock of counterfeit currency in circulation, as a share of genuine, would still be less than 3 in 10,000,” the authors wrote.

Compare that with the mess the pound coin finds itself in back home. When discussing the new version to be introduced in a few years' time, the BBC quoted the Chancellor in stating that over 3% of all such coins in circulation are forgeries:

http://www.bbc.co.uk/news/uk-politics-26632863

I'm amazed anyone would bother counterfeiting a 1 pound coin, I would have thought the cost of the molds and the work necessary to get the scult right combined with the (fairly) expensive materials would put people off that.

http://www.telegraph.co.uk/finance/curr ... de-of.html

Not only does one have to get blanks that are produced using an alloy with the proper electrical properties, one would also have to counterfeit a die and strike the coins. This is a process that has taken years to refine and perfect, so I cannot see how one could actually profit much by counterfeiting. That is unless a state actor or well organized criminal network with industrial scale resources is behind the counterfeits. Perhaps North Korea sharing the love with our friends across the ocean?