The number of counterfeit banknotes in circulation has more than doubled in the past year
Brits are being urged to stay vigilant with their money as the volume of fake banknotes circulating has surged dramatically. Even worse, if you don’t spot them fast enough, you could lose out financially – and potentially face criminal charges.
Fresh data from the National Crime Agency revealed that last year saw more than double the amount of counterfeit notes in circulation compared to 2024. Particularly, £20 and £10 notes have emerged as the most frequently forged denominations across the UK.
Manufacturing counterfeit notes, knowingly passing them on or possessing fake currency with the intention to deliberately use or pass it off as genuine constitutes a criminal offence. The maximum penalty can reach up to 10 years behind bars and seizure of assets.
That said, some individuals may end up with dodgy notes in their possession without having any idea they’re fake. This risks leaving them seriously out of pocket, as counterfeit banknotes are “worthless” according to the Bank of England, which cannot compensate you if you realise you’ve accepted a fake note after the fact.
BBC Breakfast’s probe into the issue uncovered the genuine impact this can have on people who unknowingly receive “worthless” cash. One postmaster interviewed by the programme, Imran Khan, described how some small businesses may have customers paying in cash, but when the owners attempt to bank it, the post office’s machine “spits it out and says no, this is a fake.”
Receiving a counterfeit note by mistake is fairly uncommon. The Bank of England points out that at any given moment, there are approximately 5 billion authentic UK banknotes in circulation, set against the most recent estimated figure of 200,000 fake notes, reports the Mirror.
While you won’t receive compensation if you’re stuck with a counterfeit note, the crucial step to protecting your money’s worth is verifying whether it’s fake before you accept it. Should you inadvertently take a forged note, the cash’s value may be gone but you can hand the counterfeit note over to the police, where it can be assessed by the National Crime Agency and the Bank of England.
Several security features that might reveal whether your banknote is authentic:
- There is a silver foil patch at the bottom that reads ‘pounds’ when tilted to one side and the value of the note when tilted to the other
- A 3D image of the coronation crown appears above the main see-through window.
- On the front of the notes, you can feel raised print
- There is a large see-through window with either King Charles III or Queen Elizabeth II
Additional security features are available on the Bank of England website to assist you in confirming if your cash is legitimate. The Bank of England also encourages the public to flag up any online advertising they encounter claiming to supply counterfeit notes. It states: “Counterfeiting directly funds organised crime.
“It hurts the UK economy by creating losses for businesses, which ultimately affects the cost of things that we buy. It also affects the pocket of anyone who receives a counterfeit note, as they are worthless. If you report counterfeiting to the police, you are helping with investigations and alerting them to a problem in their area. This means that they can take action to protect your community.”







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