Twenty years ago, the first series of The name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. notes became a reality for 300 million Europeans. At the 2002 launch of the The money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange., 7.8 billion notes were issued in 12 countries with a total population of 308 million. By the end of 2021, the number of banknotes in circulation stood at 28.2 billion and the euro area now brings together 19 countries and 340 million people.
Some 347,000 The reproduction or alteration of a document or security element with the intent to deceive the public. A counterfeit banknote looks authentic and has been manufactured or altered fraudulently. In most countries, currency counterfeiting is a criminal offence under the criminal code. euro banknotes were withdrawn from circulation in 2021 (180,000 in the second half of the year), a decrease of 24.6% when compared with 2020. €20 and €50 notes continued to be the most counterfeited banknotes, jointly accounting for about two-thirds of the total. 95.4% of counterfeits were found in euro area countries, while 4.2% were found in non-euro area EU Member States and 0.4% in other parts of the world.
There is little likelihood of receiving a counterfeit, as the number of counterfeits remains very low in proportion to the number of genuine euro banknotes in circulation. In 2021, 12 counterfeits were detected per 1 million genuine banknotes in circulation, which is a historically low level (see the chart below).
According to the ECB “Low-quality reproductions are continuously withdrawn from circulation. Counterfeits are easy to detect as they have no security features, or only very poor imitations of them. The public does not need to be concerned about counterfeiting, but should nevertheless remain vigilant. You can check your notes by using the simple “feel, look and tilt” method described in the dedicated section of the ECB’s website and on the websites of the In general, the expression refers to the central banks of different countries. of the euro area. The The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. also helps professional Money in physical form such as banknotes and coins. handlers by ensuring that banknote-handling and processing machines can reliably identify counterfeits and withdraw them from circulation.”
The Eurosystem has a duty to safeguard the integrity of euro banknotes and to continue improving A banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. technology. The second See Family of banknotes. – the Europa series – has been introduced gradually between 2013 and 2019 and benefit from new security features which offer better protection against counterfeiting. In December 2021, the ECB announced the launch of a redesign process for the next euro banknote series. “After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds.” said ECB President Christine Lagarde. A multidisciplinary group has been set up to advise the ECB on new themes. A final decision is expected in 2024.