Slightly off topic, Vladimir Nabakov wrote a beautiful, sad story about a guy like this -- a lonely counterfeiter that made a small number of individually crafted bills. It is called The Leonardo.
The One Dollar Counterfeiter
121–130 of 152 posts
Re: The One Dollar Counterfeiter
#122> 10 years went by and the search for Mister 880 turned into the largest and most expensive counterfeit investigation in Secret Service history. The article doesn't explain why the Secret Service made this their biggest case, and it doesn't make much sense to me. If the dollars were accepted by the general population, it would cause an infinitesimal increase in inflation of no consequence to others. And if shopkeeper…
To set an example, as a deterrent to larger operations. If they go after even the smallest impact counterfeiters, it leaves no room for a plausible level at which an operation can safely run under, no matter how small.
Re: The One Dollar Counterfeiter
#123Re: The One Dollar Counterfeiter
#124Moral of the story: It's ok for the govt to print as many notes as is needed to satisfy the govt's needs needs but it is not ok for the common Joe to do the same. One is labeled as inflation or quantitative easing and the other is labeled a crime
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Re: The One Dollar Counterfeiter
#125If you want to know more, there is a much better and very entertainingly written series of articles about this, from a 1949 issue of the New Yorker: https://www.newyorker.com/magazine/1949/08/27/old-eight-eigh...
That article had an unsatisfactory and anti-climatic ending. It ended right when the Secret Service arrested the counterfeiter, where a normal reader would expect more discussion of how the Secret Service found the man and how they questioned the man after the arrest.
Re: The One Dollar Counterfeiter
#126Re: The One Dollar Counterfeiter
#127[flagged]
Or perhaps, you're posting AI generated comments and should bugger off!
Accusing someone of using AI is a pretty bad thing to do. It's even worse when it's qualified by "perhaps". If you have something meaningful to say, try responding to the meat of the comment, not to who or what authored it.
Re: The One Dollar Counterfeiter
#128Earlier quoted context omitted.
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?
Really? Man that's a shame, you used to be able to 'buy' them at the post office for £5 - so I'd get at least £50worth a month and spend them around east London, I seemed to find it hilarious at the time - but after a quick chat I don't remember anyone refusing them anywhere.
Re: The One Dollar Counterfeiter
#129Earlier quoted context omitted.
> 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 supermar…
I think it depends... if everyone else was treating the counterfeits same as genuine coins, so you're continually getting a mix in change, and no-one is rejecting them when you pass them on, then I think most people would just do the same. If you are not going to get in trouble by spending one (assuming you even noticed in the first place - probably not), and can be pretty much 100% assured it'll be accepted, then it…
> I think it depends... if everyone else was treating the counterfeits same as genuine coins, so you're continually getting a mix in change, and no-one is rejecting them when you pass them on, then I think most people would just do the same.
I think you're directly affirming this: it's fine as long as you both accept the same shared understanding of what it is.
Re: The One Dollar Counterfeiter
#130Earlier 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,…
£1 coins are a small proportion of the value of cash in circulation and cash is a small proportion of the money supply. Coins are easier to counterfeit than notes so even if other coins have similar rates of counterfeits its a small problem in context.