Money counters still valuable during banknote updates
Even as bills themselves get more sophisticated to thwart counterfeiters, cash counters remain a valuable line of defense. Some countries are planning to issue redesigned bank notes to prevent illegitimate copies. New Zealand is the latest nation to prepare to modernize its currency to include better security measures, according to the Reserve Bank of New Zealand.
"Security features and the technology for designing and printing bank notes have advanced considerably since the current bank note series was first issued in the early 1990s," said Geoff Bascand, deputy governor of the Reserve Bank, in a speech. "While counterfeiting rates in New Zealand are low compared to the rest of the world, we need to stay one step ahead of the game."
While the size, polymer plastic material and denominations of the current series will stay the same in the new bank notes, the designs will be updated and released by denomination. The designs are projected to be released in November.
Some of the new features on the bills include color changing and parts of the note that vary to the eye, New Zealand publication 3 News reported. These design elements are expected to make the country's currency more difficult to counterfeit. The current New Zealand bills have a transparent window.
Money counters give businesses a way to better guard themselves against the risks of accepting counterfeit currency. Even though many countries are updating their currency, older bills will still be valid and will co-circulate with the new bank notes. In the U.S., counterfeiting has increased, and many of the people who are caught with fake bank notes have produced them on their own with a home printer. Cash counters offer more protection because some copies appear valid to the naked eye.
July 11, 2014