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The One Dollar Counterfeiter

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Re: The One Dollar Counterfeiter

#101

Post by dataflow »

HarHarVeryFunny wrote: post #55
gradschool wrote: post #26

Earlier quoted context omitted.

A small leak can sink a ship. The fake dollars weren't knowingly accepted. If public confidence in the value of money is lost, we're all in big trouble. The Secret Service was right to pursue the case zealously.

I think the public take a pretty pragmatic view on this and don't care as long as they are not losing money on it. A few years ago it was estimated that 3% or so of the 1 pound coins in the UK were fake (there is now a more secure coin type); AFAIK the quality was pretty good, so they weren't glaringly obvious, and it seems no-one really cared - if the supermarket or pub would accept it, then it's effectively money,…

> if the supermarket or pub would accept it, then it's effectively money, right?

Only long as you both accept the same shared understanding of what it is. If one of you believes it's counterfeit and the other doesn't (whether it actually is or isn't!)... then it's not effectively money, no. For example, I don't know about you, but I sure as hell wouldn't knowingly pass off a counterfeit on the basis that the supermarket would accept it.

Re: The One Dollar Counterfeiter

#102

Post by cenamus »

gosub100 wrote: post #82
cenamus wrote: post #41

Earlier quoted context omitted.

Also a fascinating read: The Nazi counterfeiting operation, intended to devalue the Pound and crash the British economy https://en.wikipedia.org/wiki/Operation_Bernhard

north korea has been doing it against the US for decades. they are better at printing our currency than we are.

I suppose mostly to fund their "ventures"?

Re: The One Dollar Counterfeiter

#103

Post by kleton »

spwa4 wrote: post #30
rz2k wrote: post #25

Earlier quoted context omitted.

Since they were silver certificates he could have redeemed them for a 26.73g coin composed of 90% silver and 10% copper. In 2026, the value of the silver has fluctuated between about $46 and $94 (and the value of the copper content has stayed a little over 3 cents).

If you swap them in stores, maybe. But taking counterfeit bills to the national bank is just stupid, even if very well made.

Any quarters and dimes he would have received in change would have been about 90 per cent silver.

Re: The One Dollar Counterfeiter

#104

Post by ljf »

bhickey wrote: post #54
forinti wrote: post #50

About 20 years ago there was a gang that made fake Brazilian R$1 coins (they must have been worth 50 US cents then, I don't recall precisely). And I have collected a couple of very shady R$0,50 coins that I'm pretty sure are fake. I collect commemorative coins so I always check my change carefully. I don't think the materials are expensive, but the electricity required might be. So my guess is that this might make se…

This was pretty common with £1 coins until they moved to bimetallic coinage. The fakes would be rejected by vending machines. The biggest tells were poor reeding quality and slightly soft detailing. On very low quality fakes, the face and obverse weren't aligned, though I never encountered one of these in the wild.

Back in the 2000s/10s I had a little jar of various £1 and a couple 50p I was certain were fake. Interestingly the fake £1 I got most frequently were -from- vending machines - I wonder if those refilling them slipped them in?

Sadly not sure where they are now, they were also mixed in with a good few £5 coins I bought, I used to love paying for things with a £5 coin. Hope I find them again!

Re: The One Dollar Counterfeiter

#106

Post by bananamogul »

albert_e wrote: post #95
dgacmu wrote: post #78

Earlier quoted context omitted.

The US penny and nickel are the only bits of currency we use that cost more to produce than their face value.

I meant the cost of counterfeiting If I hypothetically set out to create a single fake one dollar bill that can pass for real ... i would have to spend a lot more than one dollar on the materials ro pull it off, surely?

Now let's take that up a notch with the story of Francis Henning, who counterfeited nickels.

https://coinweek.com/a-collectible-counterfeit-the-story-of-...

Granted, a nickel was worth more in the 1930s...but not that much more.

It's illegal to own these counterfeit nickels because it's illegal to own any counterfeit currency, but they pop up from time to time in collector circles. I don't think the Secret Service cares at this point.

Re: The One Dollar Counterfeiter

#107

Post by c22 »

albert_e wrote: post #95
dgacmu wrote: post #78

Earlier quoted context omitted.

The US penny and nickel are the only bits of currency we use that cost more to produce than their face value.

I meant the cost of counterfeiting If I hypothetically set out to create a single fake one dollar bill that can pass for real ... i would have to spend a lot more than one dollar on the materials ro pull it off, surely?

Probably, but if you want to make a second one you'll have all the stuff right there still.

Re: The One Dollar Counterfeiter

#108

Post by c22 »

bananamogul wrote: post #106
albert_e wrote: post #95

Earlier quoted context omitted.

I meant the cost of counterfeiting If I hypothetically set out to create a single fake one dollar bill that can pass for real ... i would have to spend a lot more than one dollar on the materials ro pull it off, surely?

Now let's take that up a notch with the story of Francis Henning, who counterfeited nickels. https://coinweek.com/a-collectible-counterfeit-the-story-of-... Granted, a nickel was worth more in the 1930s...but not that much more. It's illegal to own these counterfeit nickels because it's illegal to own any counterfeit currency, but they pop up from time to time in collector circles. I don't think the Secret Service ca…

It's not illegal to own fake currency. It's only illegal to possess with intent to defraud: https://www.law.cornell.edu/uscode/text/18/472

Re: The One Dollar Counterfeiter

#109

Post by shrubble »

kristianp wrote: post #11

One dollar in 1943 is worth about $19 today's dollars. He started in 1938 and was arrested in 1948: 1938 23.42 1943 19.09 1948 13.70 Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment. https://www.in2013dollars.com/us/inflation/1948?amount=1

A shabby NYC apartment in the 1940s could be rented for $30/month. So producing just 1 bill a day would be enough to meet the rent.

Re: The One Dollar Counterfeiter

#110

Post by forinti »

ljf wrote: post #104
bhickey wrote: post #54

Earlier quoted context omitted.

This was pretty common with £1 coins until they moved to bimetallic coinage. The fakes would be rejected by vending machines. The biggest tells were poor reeding quality and slightly soft detailing. On very low quality fakes, the face and obverse weren't aligned, though I never encountered one of these in the wild.

Back in the 2000s/10s I had a little jar of various £1 and a couple 50p I was certain were fake. Interestingly the fake £1 I got most frequently were -from- vending machines - I wonder if those refilling them slipped them in? Sadly not sure where they are now, they were also mixed in with a good few £5 coins I bought, I used to love paying for things with a £5 coin. Hope I find them again!

Aren't 5 pound coins worth more than the face value?
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