More than 750,000 counterfeit euro banknotes withdrawn in 2010

The European Central Bank (ECB) said that in the first six months of last year, some 387,000 counterfeit banknotes were withdrawn. In the second half of the same year, this number decreased 5.9% to 364,000.

“When compared with the increasing number of genuine euro banknotes in circulation (on average 13.6 billion during the second half of 2010), the proportion of counterfeits remains very low,” the ECB said.

Nevertheless, the Eurosystem ‑ i.e. the European Central Bank (ECB) and the 17 national central banks of the euro area ‑ continues to advise the public to remain alert with regard to the banknotes received in cash transactions, the ECB said.

The Eurosystem advised that genuine banknotes can be easily recognised using the simple “FEEL-LOOK-TILT” test described on the euro pages of the ECB’s website and the websites of the Eurosystem national central banks.

“In case of doubt, however, a suspect banknote should be compared directly with one that is known to be genuine,” the ECB said. “Anyone who suspects that they may have received a counterfeit should contact either the police or – where national practice allows – the relevant national central bank.”

According to the Eurosystem, the €20 and €50 denominations continue to be the most counterfeited.

“During the past six months, the share of counterfeit €20 banknotes decreased and the share of €50 banknotes increased,” the Eurosystem said, claiming the two most counterfeited denominations together accounted for 81.5% of the total during the second half of 2010.

“The €100 banknote is the third most counterfeited denomination at 13.5% of the total. The share of the other denominations (€5, €10, €200 and €500) is very low.”

The majority (97%) of counterfeits recovered in the second half of 2010 were found in euro area countries, with only around 1.5% being found in EU Member States outside the euro area and 1.5% being found in other parts of the world.