The recent introduction of the new banknotes featuring King Charles III’s portrait has inadvertently given scammers a fresh opportunity to circulate counterfeit notes. Although these notes are still infrequent in wallets and purses, an urgent warning has been issued regarding their forgery.
Data from the Bank of England and Raisin UK reveals that in 2023 116,000 counterfeit banknotes equivalent to a nominal £2.5 million were taken out of circulation. Despite the inclusion of new security features on plastic banknotes to detect forgeries easier, it is crucial to stay vigilant.
Raisin UK’s savings expert and co-founder Kevin Mountford advises people to thoroughly examine their notes, particularly when dealing with cash transactions at retailers and sole traders, reports Plymouth Live.
In Kevin’s words: “For the foreseeable future, both Queen Elizabeth II and King Charles III banknotes will be circulating. Security features are present on all of these notes, allowing you to check notes to prevent forgeries.”
Kevin also outlined methods to verify genuine banknotes:
By tilting the note side to side, one should observe a change between the note’s value wording on the hologram image. For instance, on a £5 note, the text alternates between “Five” and “Pound”.
Another feature that can be checked is the see-through window. The metallic image over this window should sport specific colours – gold for the £5 and £10 notes, a combination of gold and blue for the £20 note, and fold and green for the £50 note.
Furthermore, the window should also display a portrait that matches the printed monarch.
“Familiarise yourselves with the look and feel of the new notes,” he advised. “Forgeries are often much easier to detect now these banknotes have improved from previous paper ones – however, criminals may still attempt to exploit the changes.”
Despite their rarity, counterfeit banknotes are worthless, and there is no reimbursement for any counterfeit notes you encounter. If you suspect a note is counterfeit, it should be taken to your nearest police station where it can be forwarded to the National Crime Agency for further investigation.
“Most retailers regularly check banknotes, so it’s unlikely you will come across a counterfeit when shopping with trusted retailers,” Kevin added. “You should be more cautious about accepting cash from markets, online marketplaces like Facebook, and any cash-in-hand jobs.”
