Counterfeit Detection: Wherever Paper Money Goes, Forgers Follow

Paper money has been used for centuries in China and Europe, and was well established in the New World by the 18th century. Wherever slips of paper are used in mass quantities for currency, there’s an incentive to try to counterfeit them.

Sometimes, these fake notes are convincing enough that they’ll circulate for quite some time. Additionally, they may offer collectors the opportunity to acquire something that looks very similar to genuine notes, which is helpful when real examples are few or nonexistent. At its sole discretion, PMG will certify contemporary counterfeits of banknotes that are of interest to the collecting community. Here are three examples being offered in separate sales by Stack’s Bowers Galleries.

New York Colonial Note 1771 3 Pounds

A Contemporary Counterfeit of a New York Colonial Note 1771 3 Pounds (top) and a genuine example (above) Click images to enlarge

This contemporary counterfeit of a 1771 3 Pounds issued in colonial New York is distinguished by its lack of detail, which is particularly noticeable in the vignette based on the seal of the city of New York. The letters at the periphery of the seal are sloppy on the counterfeit, as are the beavers in the shield and the jewels in the crown. (This particular note can be here.)

Close-ups of the counterfeit (left) and genuine note Click images to enlarge.

Denmark 1772-88 100 Rigsdaler Courant

Contemporary Counterfeit of a Denmark 1772-88 100 Rigsdaler Courant Click images to enlarge

Denmark was a pioneer of paper money in Europe, and this contemporary counterfeit of a 1772-88 100 Rigsdaler Courant is from the L. E. Bruun Collection. This well-executed counterfeit was produced on Jeloya, a Norwegian island 30 miles south of Oslo. Its spurious nature is revealed by the two short marks above the Danish word 'forlanges' in the top line. (This particular note can be found here.)

Close-up of counterfeit Danish note. Click images to enlarge

French Indo-China 1901 (ND 1909-21) 1 Piastre

A Contemporary Counterfeit French Indo-China 1901 (ND 1909-21) 1 Piastre (top) and a genuine note. Click images to enlarge

When a counterfeit is found in heavily circulated condition, that’s a testament to its craftsmanship. The opposite is true of this contemporary counterfeit of a French Indo-China 1901 (ND 1909-21) 1 Piastre graded PMG 65 Gem Uncirculated EPQ. Its crudeness can be seen throughout the note, including the large ‘$1’ in yellow ink on the front that was meant to pass for a watermark. Counterfeiters will often use glossy inks or thin areas of paper (with mechanical or chemical alterations) to create the illusion of a genuine watermark when observed head on or backlit.

Loss of detail is noticeable in the same area, including the word ‘Administrateur’ and the bundle of grain and leaves at the feet of the allegorical woman. (This note can be found at auction here.)

Close-ups of the counterfeit (left) and genuine note Click images to enlarge.

Paper money often includes statements about the punishment for counterfeiting; the death penalty is mentioned prominently on the New York colonial note, which must have been genuinely sobering for any counterfeiter to engrave. Interestingly, the counterfeit French Indo-China note (which includes a penalty of life in prison with hard labor) cites the wrong section of the French Penal Code. On genuine notes, it is correctly listed as L’Article 139.

Close-ups of the back of the counterfeit (left) and genuine note Click images to enlarge.

You can read more PMG Counterfeit Detection columns here.