129 Counterfeit Bills Discovered in First Half of This Year... Lowest Ever Recorded

[Asia Economy Reporter Eunbyeol Kim] The number of counterfeit banknotes discovered continues to decline.

According to the "2020 First Half Counterfeit Banknote Discovery Status" announced by the Bank of Korea on the 5th, the number of counterfeit banknotes found or reported during the currency handling process in the first half of this year was 129, a decrease of 31 compared to the same period last year (160). It also decreased by 3 compared to the previous half-year period, the second half of last year. This is the lowest level since statistics began in 1998.

The Bank of Korea explained that the discovery of counterfeit banknotes has been continuously decreasing since the second half of 2017. In fact, in the first half of 2017, the number of counterfeit banknotes discovered reached 945.

The Bank of Korea stated, "The number of counterfeit banknotes discovered has steadily decreased, centered on the 50,000 won bills," and added, "The total face value of counterfeit banknotes is 1.4 million won, a decrease of 1.26 million won (-47.4%) compared to the same period last year (2.66 million won) as the proportion of 50,000 won bills declined."

By denomination, 10,000 won bills were the most at 60, followed by 5,000 won bills at 48, 50,000 won bills at 11, and 1,000 won bills at 10. In terms of the decrease compared to the same period last year, 50,000 won bills decreased the most by 24, 5,000 won bills by 11, and 10,000 won bills by 1. On the other hand, 1,000 won bills increased by 5.

The Bank of Korea analyzed, "10,000 won bills are relatively easier to counterfeit compared to 50,000 won bills, and have a higher face value than 5,000 won and 1,000 won bills, which provides a relatively greater incentive for counterfeiting," and added, "5,000 won bills have continued to decline since a large-scale counterfeiter was apprehended."

The number of new counterfeit banknote serial numbers discovered in the first half of this year was 20, a decrease of 14 compared to the same period last year (34). This is evaluated as a steady decline in new counterfeiting attempts. By denomination, the number of 50,000 won serial numbers decreased by 13 compared to the same period last year (19). The 10,000 won serial numbers also decreased by 3. The 5,000 won and 1,000 won serial numbers each increased by 1.

By discoverer, counterfeit banknotes were found as follows: 38 by the Bank of Korea, 87 by financial institutions, and 4 by individuals, mainly discovered during the currency handling process at financial institutions.

Among counterfeit banknotes discovered by financial institutions (87), 68 were found in the metropolitan area, accounting for the majority (78.2%).

Meanwhile, on the 3rd, the Bank of Korea awarded the governor's prize to police stations that made significant contributions to the arrest of counterfeiters. The recipient of this award for outstanding performance in apprehending counterfeiters was the Cheonan Seobuk Police Station. From December last year to May this year, the Cheonan Seobuk Police Station conducted active investigations including inquiries, tracking, and stakeouts, swiftly arresting counterfeiters of 50,000 won bills.