A recent article said that the New York subways took in about $70k in counterfeit money, about 0.002% of their total. It got me to wondering if that was a normal percentage. Tell me about counterfeit money.
Is counterfeit money something that we probably have had in our possession without our knowledge? Do people who suspect (or know) that a bill is counterfeit try and pass it to vending machines (like subway ticket vending machines), or was the NYC subway take a normal percentage? And if the banks knew the money was counterfeit, couldn’t the NYCTA vending machines detect bad bills?
How do counterfeiters spend the money? It probably isn’t possible to put 400 fake $20 bills into one’s checking account. What’s the fence rate for fake money? They certainly aren’t going to pay 80% of face value.
So I googled “Counterfeit money”. I couldn’t believe there are people who advertise that they sell counterfeit cash. Of course they could be scammers selling Monopoly money. The purchaser would have no recourse as courts don’t help crooks.