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Thread: Counterfeit $1 Bills Seized

  1. #1
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    Counterfeit $1 Bills Seized

    International Falls Minnesota

    $900,000 in $1 bills was stopped at the boarder.

    My question is did they find it all.

    My next question is the few stories read from the links above do not give any indication of what people should look at on the fake bills to find them if any have reached circulation.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

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    A failure like that may result in a lot of inoccent residents being arrested, as well as the system having nothing in place to help them get their money back.

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    Counterfeit $1 bills? Crooks must plan to spend in volume at McDonalds drive thru

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    Quote Originally Posted by Pat Barry View Post
    Counterfeit $1 bills? Crooks must plan to spend in volume at McDonalds drive thru
    It'd be lower risk than using twenties.
    ~mike

    happy in my mud hut

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    how exactly do you make money doing this. you spend real money to make them and ship them here, and then you have to spend them to get them into the system, you don't just go to the bank with 900000 1 dollar bills all crispy and trade them for 20's, you buy a cheese burger, you eat at a discount, but how does the "boss" of the operation actually increase his wealth? sell the counterfeits for 50% of face value?

    or is china just trying to manipulate our currency, though they will have to step up the game to beat the fed at printing money!

  6. #6
    Recently there was an article about "Movie Money" making it into circulation. A friend once owned a shipping store. Customer wrote them a bad check. He required customer to pick up check. Customer comes in, and is told to go to the bank, which happens to be across the parking lot, and get cash, which she does. Comes back in store with money in an envelope from bank, and picks up check. Payment included a couple of hundred dollar bills. He deposits money next day, in the same bank. Following day, bank notifies him the two hundred are counterfeit. Remember customer picked them up at the same bank the day before, but he was on the hook for losses.

  7. #7
    Back in the days when I was a manager for Petco, one our stores took a bogus $100 bill. The Secret Service apparently showed up and took it. I really wanted to see the phony bill but never got a chance.

    Erik
    Ex-SCM and Felder rep

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    This is disturbing. If there's money to be made in counterfeit ones, there's a lot more than $900k worth out there.
    "A hen is only an egg's way of making another egg".


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    Quote Originally Posted by glenn bradley View Post
    This is disturbing. If there's money to be made in counterfeit ones, there's a lot more than $900k worth out there.
    Even at.. say... 30 cents on the dollar, there's a lot of money to be made out there. No one checks ones.
    ~mike

    happy in my mud hut

  10. #10
    There was a movie several years ago, forget the name, one of you will probably remember - the counterfeiters had a clever way to make money from low $ bills:

    All paper money 'in the system' eventually ends up incinerated. After making up their bogus bills, they broke into the place where pallets of cash about to be incinerated was stored- they swapped in their bad cash for good cash. They made a ton of money watching their bogus money burn up, and nobody was the wiser...
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    Quote Originally Posted by Bill Jobe View Post
    A failure like that may result in a lot of inoccent residents being arrested, as well as the system having nothing in place to help them get their money back.
    People who have accepted counterfeit, hopefully unknowingly, do not have any legal recourse for compensation. This helps to keep cashiers and individuals on the watch. A couple of times it has been my choice to refuse a bill that looked 'funny' to me.

    Quote Originally Posted by Pat Barry View Post
    Counterfeit $1 bills? Crooks must plan to spend in volume at McDonalds drive thru
    Quote Originally Posted by Adam Herman View Post
    how exactly do you make money doing this. you spend real money to make them and ship them here, and then you have to spend them to get them into the system, you don't just go to the bank with 900000 1 dollar bills all crispy and trade them for 20's, you buy a cheese burger, you eat at a discount, but how does the "boss" of the operation actually increase his wealth? sell the counterfeits for 50% of face value?

    Counterfeit is often sold for 10¢ on the dollar value.

    or is china just trying to manipulate our currency, though they will have to step up the game to beat the fed at printing money!
    The Chinese presses likely run just as fast as the fed's. If there were 45 boxes in one container, how many other containers have boxes in them?

    Quote Originally Posted by Bruce Wrenn View Post
    Recently there was an article about "Movie Money" making it into circulation. A friend once owned a shipping store. Customer wrote them a bad check. He required customer to pick up check. Customer comes in, and is told to go to the bank, which happens to be across the parking lot, and get cash, which she does. Comes back in store with money in an envelope from bank, and picks up check. Payment included a couple of hundred dollar bills. He deposits money next day, in the same bank. Following day, bank notifies him the two hundred are counterfeit. Remember customer picked them up at the same bank the day before, but he was on the hook for losses.
    How does your friend know the person giving him the counterfeit didn't have it with him before he went into the bank? Though it isn't an unknown history of bank employees being in on a counterfeit passing scheme.

    Quote Originally Posted by glenn bradley View Post
    This is disturbing. If there's money to be made in counterfeit ones, there's a lot more than $900k worth out there.
    You can bet sweet parts of your anatomy on that one.

    Quote Originally Posted by mike stenson View Post
    Even at.. say... 30 cents on the dollar, there's a lot of money to be made out there. No one checks ones.
    The older folks here may remember an old move, Mr. 880. It is based on the story of a man considered to possibly be the most successful counterfeiter of U.S.Curency. He only counterfeited $! bills.

    From Wikipedia:

    Emerich Juettner (January 1876 – January 4, 1955), also known as Edward Mueller or Mister 880, was an Austrian-American immigrant known for counterfeiting United States $1 bills and eluding the United States Secret Service for a decade, from 1938 to 1948.[1] When caught, he openly admitted his actions, adding that he had never given more than one bill to anyone, so no person had lost more than one dollar.[1] He was sentenced to one year and one day in prison, and a one-dollar fine, and later sold the rights to his story which was made into the 1950 film Mister 880.
    Keep an eye on the $1 bills you receive in change. Maybe keep an eagle eye on any cash you receive.

    I remember many years ago a retailer related to me how he received a $1 bill with the corners from $10 bills pasted to the corners. He discovered it later and called the police. By the time the police got there one of his cashiers had given it out in change thinking it was a ten.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

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    It'd be a good time to go to $1 coins, but this will never happen in the US.
    ~mike

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    Quote Originally Posted by Kev Williams View Post
    There was a movie several years ago, forget the name, one of you will probably remember - the counterfeiters had a clever way to make money from low $ bills:

    All paper money 'in the system' eventually ends up incinerated. After making up their bogus bills, they broke into the place where pallets of cash about to be incinerated was stored- they swapped in their bad cash for good cash. They made a ton of money watching their bogus money burn up, and nobody was the wiser...
    There was a twist on that in an episode of Elementary. The thieves went a bit further and broke into the facility where the cash was to be destroyed.

    We will likely see another in the future as often entertainment story lines that excite audiences tend to be recycled.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

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    Quote Originally Posted by mike stenson View Post
    It'd be a good time to go to $1 coins, but this will never happen in the US.
    The $1 coin would actually save the treasury money by not having to deal with the hassle of printing and then recycling bills.

    There are $1 coins. Most people would rather not deal with them. From 1970 - 1981 there was the Susan B Anthony dollar. It suffered in circulation due to its size. Most people thought it was a quarter.

    Almost 100 years earlier another coin suffered the same fate, the 20¢ piece was a little bit smaller than a quarter. One of these came my way in change back in the 1950s.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

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    Quote Originally Posted by mike stenson View Post
    Even at.. say... 30 cents on the dollar, there's a lot of money to be made out there. No one checks ones.
    Someone is checking, at least enough to write and make videos about it. Google how to detect counterfeit 1$ bills

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