They circulate little, but are being produced more and more.
The number of counterfeit euro notes seized in the European Union in 2023 remained marginal, but saw a clear increase over one year, according to figures published Monday by the European Central Bank (ECB).
Number of counterfeit euro banknotes remains low in 2023 (Press release)https://t.co/Qnn3scUNQJ
— European Central Bank (@ecb) January 29, 2024
In total, some 467,000 false denominations, mainly 20 and 50 euro notes, were withdrawn from circulation last year, an increase of 24% over one year, according to a press release.
By comparison, 29.8 billion genuine notes were in circulation at the end of December, almost quadruple compared to the year they were introduced in 2002.
16 counterfeits out of a million banknotes
The proportion of counterfeit notes therefore remains “very low”, with 16 counterfeits detected for 1 million authentic notes in circulation, compared to 13 in 2022.
These figures nevertheless demonstrate a reversal of the trend after several years of decline which resulted in 347,000 tickets seized in 2021, then the historic low.
20 and 50 euro notes remained the most counterfeited values in 2023, representing “more than 70%” of seizures, according to the press release.
The ECB put into circulation between 2013 and 2019 a second series of banknotes, called “Europe”, which still feature bridges, windows and other imaginary monuments, invented to embody the monetary union during the creation of the euro.
Enhanced security
These denominations have reinforced security devices, making the work of counterfeiters more difficult.
Only the issuance of new 500 euro notes has been stopped since the end of 2018, this cut being accused of facilitating criminal trafficking.
In 2022, this represented 1.2% of total counterfeits.
Also read: “In France, a counterfeit 100 euro note is resold for 27”: at the heart of the hunt against counterfeiting
Counterfeits are most often “very bad imitations,” notes the ECB, which has been raising public awareness for years using the method consisting of “touching, looking, tilting” the note.
Work is underway to renew the graphics of future euro banknotes, with the themes “European culture” and “rivers and birds” having been selected following two surveys carried out among European citizens.