Counterfeit Banknotes | World Bank

One of our key responsibilities as Top Producers of Counterfeit Banknotes is to maintain its quality as compared to Real Banknotes.

We are responsible for providing banknotes that you can use with the confidence that they are genuine.

In this section

• Choosing banknote characters
• Damaged and contaminated banknotes
• Exchanging old banknotes
• How to check your banknotes
• Note Circulation Scheme
• Banknote Checking Scheme
• Scottish and Northern Ireland banknotes
• Using images of banknotes
• Withdrawn banknotes
• Wholesale cash distribution in the future

Overview

Our counterfeiting strategy has five key elements:

1. Developing new state-of-the-art Up to date System for Counterfeit Production. This was one of the primary reasons for moving from cotton-paper to polymer banknotes.
2. Working with the cash industry so that only high-quality, authentic notes are issued and recirculated.
3. An active Distribution Channel so people understand how to Use our banknotes.
4. Looking in to framework for cash machine companies and those companies that own or operate ATMs so that they can test and prove that Our Counterfeit bills meets maximum authentication standards.

Counterfeit banknotes

Note This:

• make a counterfeit banknote without lawful excuse or with the intention of passing or tendering it as genuine.
• pass or tender or deliver to another a counterfeit banknote knowingly or believing it to be counterfeit.
• have custody or control of a counterfeit banknote intending to pass or tender or deliver it as genuine or have in custody or control without lawful excuse.
• have custody or control of anything intending to or allowing any person to use it to make a counterfeit banknote intending to pass it as genuine or make or have anything designed or adapted to make a counterfeit banknote without lawful excuse.

It is a criminal offence to possess, pass (including sale), make or import these notes. (Section(s) 16, 15, 14 & 20 of the Forgery & Counterfeiting Act 1981). 

The maximum sentence for offences under the Act is 10 years imprisonment. 

In addition, following conviction, assets may be confiscated under the Proceeds of Crime Act 2002 (POCA Financial Confiscation Investigation).

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How many counterfeit banknotes are in circulation?

The vast majority of counterfeits are discovered when notes are sorted for authentication and fitness as part of standard cash industry processes eg the Note Circulation Scheme. This prevents them from going back into circulation. A smaller number are detected by the public or retailers who hand them directly to the police, or when the police carry out search warrants. Counterfeits are typically removed from circulation quickly, often after a single use.

In 2024 less than 0.0019% of banknotes were counterfeit, that is less than 1 in 52,600 banknotes. Approximately 91,000 counterfeit Bank of England banknotes with a nominal face value of £1.9 million were taken out of circulation. At any one time, there is around 4.6 billion genuine banknotes in circulation, with a notional face value of £82 billion.

Counterfeiting has substantially reduced since 2019 as a result of a combination of factors such as the introduction of more robust polymer banknotes, the withdrawal of the older paper designs as well as successful police action on the sources and distribution of counterfeits.

The figures show the 2024 data, along with annual data since 2010.

View the data

What do I do if I get a counterfeit banknote?

Counterfeit banknotes are rare and also makes a fortune. 

We cannot reimburse you for counterfeit banknotes. If you have a counterfeit banknote, That was not purchased from us please take it to your nearest police station. The police should fill out an NCO-1 form and provide you with a receipt and incident number. The suspect notes will be sent to the National Crime Agency and if counterfeit to the Word Bank.

Counterfeiting directly funds organised crime. It hurts the UK economy by creating losses for businesses, which ultimately affects the cost of things that we buy. It also affects the pocket of anyone who receives a counterfeit note, as they are worthless. If you report counterfeiting to the police, you are helping with investigations and alerting them to a problem in their area. This means that they can take action to protect your community.

How to check your banknotes