38 Counterfeit Bills Discovered in the First Half of This Year... Lowest Level Ever Recorded
Bank of Korea 'Counterfeit Banknotes Detected in the First Half of 2021'
Cash Usage Plummets Due to COVID-19... Counterfeit Banknotes Also Decrease
[Asia Economy Reporter Kim Eunbyeol] The number of counterfeit bills discovered in the first half of this year totaled only 38, marking the lowest level ever recorded for a half-year period. This decline is interpreted as a result of the sharp decrease in cash usage due to the spread of COVID-19.
According to the "2021 First Half Counterfeit Currency Discovery Status" released by the Bank of Korea on the 6th, the number of counterfeit bills found in the first half of this year was 38, a decrease of 123 bills compared to the same period last year (161 bills). It also decreased by 73 bills compared to the previous period (111 bills). The number of counterfeit bills discovered in a half-year period was the lowest since the Bank of Korea began compiling related statistics in the first half of 2000.
The total face value of counterfeit bills was 394,000 won, down 1,386,000 won from 1,780,000 won in the same period last year.
By denomination, 22 counterfeit 5,000-won bills were found, 8 counterfeit 10,000-won bills, and 4 each of 50,000-won and 1,000-won bills were discovered. The Bank of Korea explained, "Counterfeit 5,000-won and 10,000-won bills have generally continued to decline since major counterfeiters were caught in 2013 and 2017."
The entities discovering counterfeit bills were the Bank of Korea (19 bills), financial institutions (16 bills), and individuals (3 bills).
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Additionally, the Bank of Korea awarded commendations and prize money to two police stations that made significant contributions to catching counterfeiters. The Dongbu Police Station and Seongseo Police Station of Daegu Police Agency received awards for their active investigative activities such as inquiries, tracking, and stakeouts from December 2020 to May 2021, swiftly apprehending counterfeiters of 50,000-won bills and US $50 bills.
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