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Did counterfeit currency ever deceive you? Here is a complete guide to ensure your safety!!

How to Identify Counterfeit Australian Dollars

The Australian Dollar (AUD) is the official currency of Australia and its union territories. The Australian Dollar is the world’s fifth most-traded currency. AUD was established in 1966.

History of Australian Currency

The Australian pound served as Australia’s currency until the establishment of the Australian Dollar in 1966. Twenty shillings made up one Australian Dollar, divided into 12 pence, just like the British pound. The Australian pound entered circulation in 1910 at parity with the pound sterling. Following a currency depreciation in 1931, its value diverged from the pound sterling.

The Decimal Currency Committee advocated that a new currency be used in February 1963. The introduction was modelled on the substitution of the South African pound with the rand in South Africa in its August 1960 report endorsing decimalization.

In 1988, the Reserve Bank of Australia released polymer banknotes for the first time, particularly polypropylene polymer, to commemorate the 100th anniversary of the European colonization of Australia. The Australian currency is now only issued in polymer notes. The nation was the first to manufacture and use polymer notes.

What is the counterfeiting of money?  

Counterfeiting currency or bank notes is making or issuing the exact copy of the original money without the legal sanction of the government. It is one of the oldest techniques of forgery to deceive the recipient.

Its creation and distribution are prohibited. Real money loses value as a result. The high circulation of money in the market increases the prices of groceries and goods. The person receiving the money never understands the faking and loses all the money. In addition to that, the recipient will be penalized.

Today there are several anti-counterfeiting measures taken to identify duplicating fake currencies. One should always check the money for its originality. This blog is all about identifying a fake Australian Dollar.

Spotting counterfeit AUD

Around 1.5 billion Australian banknotes, worth nearly $73 billion, are currently in use nationwide. Do you know the numerous characteristics of these banknotes intended to thwart counterfeiting attempts?

Counterfeiting/faking currency is punishable under the Crimes Act 1981. Offenders can face penalties of up to 14 years in jail. 

How can you protect yourself from spotting counterfeit AUD?

 

  • Checking the texture: Australian banknotes have been printed on polymer-like material since 1992. A counterfeit AUD will be either thick or thinner than the original one. Original banknotes are difficult to tear along the edges. So if you find any of them, inform the authority soon. 
  • Light Test: The light test is a test to see the originality of the banknotes. You have to hold the note to a light to see the ‘Australian Coat of Arms & ‘7-star pointed star diamond-shaped patterns printed inside a circle. In short, any of these things will be missing for fake currency.
  • Clear Window: Checking the clear window can help detect a fake note. If the images in the window rub off easily, it is supposed to be fake note. A genuine $10 note will have a wavy pattern on it. $20,$50 and $100 banknote shows the note’s value on the window. 
  • Dark Printing: Original banknotes are printed with special ink, which you can feel with your hands. If you cannot feel it, it may be a suspect.

  • Print Quality:The print quality will be sharp, and the colours may differ in a fake currency.
  • Printing: On real currency, you can see microprinted tiny but precise words that can be spotted with a magnifying glass. 
  • UV light: The serial numbers and a patch on the notes that shows their value should glow when held up to a UV light, but the remaining note shouldn’t.
Epilogue

Falsifying money is punishable under the law. Every citizen of the country is responsible for checking the currency they receive before passing it to others. If anyone comes across such fake currencies, report it immediately to the authority.

Remitforex by Unimoni is an online platform wherein you can send money to Australia with the best exchange rates. We serve you over 300+ branches across India. All the transactions are approved by RBI and done in the most secure method. 

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