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It happens more than you may realize. Someone takes out $20 from an instant teller and is unable to spend it when the coffee shop refuses to accept it. Your friend tries to buy a new DVD player only to have the cashier call the police as he is paying with bogus money; he leaves with no cash and no electronics. At the local pub, your ten dollar bill gets spilled on and the ink starts to run. You are asked leave. It happens every day in Canada.

According to Ginette Crew, a Senior Analyst at the Bank of Canada (the only organization allowed to issue Canadian paper money), “In 2004 there were 552,980 counterfeit notes passed in Canada compared to over 1.4 billion genuine notes in circulation ($13 million in counterfeits compared to $41 billion in genuine). Counterfeits were a very small fraction of one percent of genuine notes in circulation (4/100ths of one per cent).”

The most common denomination of counterfeit money in Canada is usually the $20 bill. This can vary from year to year but it is usually either the $10 or the $20 bill.

Why Should I Care About Counterfeit Money?

All financial losses are traced back to you, the consumer, who must pay higher prices for goods as a result of counterfeiting. When retailers receive counterfeit bills, they are not compensated for the money they lose and must eventually increase their prices to make up for the loss. We all pay in the long run for the activities of counterfeiters.

As well, the higher cost of making money is passed on to you. Ginette Crew explains, “The Birds of Canada series $20, $50 and $100 bills (the previous series of bank notes) cost 6.5 cents each to produce; the new Canadian Journey series $20, $50, and $100 bills, and the upgraded Canadian Journey $10 note, cost 9 cents each. Most of the increased cost is for improved security features in the bank notes. We feel this is money well spent to protect the Canadian cash supply, and worth it every time someone avoids getting stuck with a fake bill.”

Another reason to always be on the lookout for counterfeit bills is that if you have one, there is no way to get your money back for it.

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