Walmart’s new policy states that it will not accept any worn or damaged dollar bills. This measure is aimed at something much deeper and more complex: the growing incidence of currency counterfeiting, which has become a major issue in the U.S. economy. An increase in fake currencies in circulation, reported by the U.S. Secret Service, has compelled a number of retailers, e.g. Walmart, to implement more stringent currency acceptance rules. Worn-out, also referred to as “mutilated” currencies tend to be more difficult to verify, hence the discontinuation to accept them by Walmart. Such bills are usually the ones that are quite old and have been spent the good part of their life in circulation, typically with a few corners missing, washed out colors, making their verification difficult.
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Conventional cause of damage to currency bills involves extreme conditions such as submersion in a washing machine. As a result of this immersion, there is a high chance the banknote could lose some of its original characteristics such as color and stiffness. This makes it difficult to ascertain the validity of the banknote which could pave way for the use of fake banknotes which are claimed to be real. Despite the fact that Walmart has stopped accepting damaged currencies, the same remains a legal toll and can be changed in the bank. Replacing worn out currency with new one of the equivalent value is also possible with the help of bank tellers who can check the bills’ genuineness.
With over $70 million in counterfeit bills circulating in the U.S., the problem is serious, as it undermines the value of the currency and poses a risk to consumers who may unknowingly receive fake money. As a result, it’s important for consumers to be vigilant when handling cash. Experts recommend checking bills carefully before accepting them, especially when receiving change.
There are several methods for detecting fake money. The Bureau of Engraving and Printing (BEP) has designed U.S. dollar bills with several features aimed at avoiding replication. One is the actual material of the bill, which is made of a cotton-linen mix. If the bill feels smooth and has no texture, it could be a fake. Another aspect to look at is the watermark. Real banknotes carry a portrait aligned with a watermark that is easily seen on both sides of the note. If the watermark is missing, or placed off-center then the bill is suspect. The security thread is another useful indication; larger denominations such as $5 and above have a watermark with ‘USA’ embossed on a vertical thread within the note. This feature is often omitted in counterfeit notes especially if they are printed on bleached one dollar bills.
There are also various ways of determining whether the banknotes are fakes because the genuine banknotes also contain ink which is called color shifting that will change its color from copper to green depending on the angle of sight. Such ink is easy to fake and therefore its absence is very suspicious. The digits on authentic banknotes are in lines that are parallel and far away from each other unlike the fake notes where the numbers are often slanting or uneven. Low and behold, this also involves a close-up inspection of the minute microprinted writing found on the peripheries, which will show some signs of blurring if the bill is fake.
Especially now with the advent of counterfeit money, it is of great necessity for the members of the public to pay attention to these aspects and scrutinize their notes prior to accepting them.
