Counterfeit banknotes

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In 2021 the Bank of Italy identified 50,563 counterfeit euro banknotes which had been withdrawn from circulation (-22.5 per cent compared to 2020). This is the lowest figure since 2002, when the euro first started to circulate.

The most counterfeited denominations continue to be €20 and €50 notes, accounting for more than two thirds of the total.

Worldwide, 347,000 counterfeits were withdrawn from circulation, representing an annual decrease of 24.6 per cent. This too is the lowest figure since 2002. Most counterfeits (95.4 per cent) were discovered in euro area Countries.

The Bank of Italy, the other National Central Banks in the Eurosystem and the European Central Bank work closely with Police Forces to constantly monitor counterfeiting activity.

For further details, please consult the European Central Bank Press Release.

Counterfeits examined by Banca d'Italia by denomination 2017-2021

Year € 5
€ 10 € 20 € 50 € 100 € 200 € 500 Total
2017 471 3,792 71,950 69,050 15,295 781 233 161,572
2018 581 3,437 28,147 60,346 14,917 473 568 108,469
2019 1,343 3,741 29,406 37,917 17,200 298 284 90,189
2020 782 2,734 25,629 23,976 11,718 302 88 65,229
2021 787 3,767 13,934 21,059 9,029 1,900 87 50,563

Fight against counterfeiting

Counterfeiting, which is a crime under Italian law, is paid great attention by central banks since it could undermine the public's confidence in the currency if it is not kept under control.

The Bank of Italy cooperates with the other national central banks of the Eurosystem and the European Central Bank in the fight against the counterfeiting of banknotes. It also provides training on the recognition of counterfeit notes for Italian and foreign police forces and persons charged with handling large volumes of cash.

The continuous replacement of worn banknotes ensures that the cash in circulation is of a high quality and this makes it easier to detect and withdraw counterfeits.

To make the action taken to fight counterfeiting even more effective, the Eurosystem central banks have created a computerized system for the collection and monitoring of data on counterfeits (the Counterfeit Monitoring System) and organizational arrangements for bodies operating in each member state. The following are located within the Bank of Italy:

  • a National Analysis Centre, charged with examining suspect counterfeit notes, and
  • a National Counterfeit Center set up at each national central bank and charged with coordinating the actors involved in the system and determining third parties: right of access to the Counterfeit Monitoring System.

What to do if you have a suspected counterfeit banknote

A person who is doubtful about the legitimacy of a banknote should not try to spend it, because this would be a crime. He must have it examined by a teller of a commercial bank , Post Office or Bank of Italy branch.

If the teller thinks the note is a counterfeit, he or she must withdraw it from circulation and send it to the Bank of Italy's Head Office in Rome, where the suspected banknote National Analysis Centre (NAC) will establish whether or not it is a counterfeit.

When notes are withdrawn as suspected counterfeits, those who make the withdrawal draw up a report, a copy of which is given to the presenter of the note as a receipt. If the Bank of Italy finds the note to be legitimate, the presenter is reimbursed for the full amount with a BI cashier's cheque, otherwise the presenter receives nothing.

The Bank of Italy informs the entity that made the withdrawal (so-called "submitter") of the outcome of the examination.

Knowledge of the security features of banknotes is the most effective protection from counterfeit notes and the loss caused by accepting them.

Obligations regarding suspected counterfeit banknotes

Cash handlers (banks, Poste Italiane S.p.A. and other economic agents that engage in the sorting and distribution to the public of euro banknotes and coins as a professional activity) must withdraw from circulation banknotes that are not classified as genuine following authenticity checks performed automatically or, when permitted, manually, and consign them to the branches of the Bank of Italy.

The suspect banknotes must be handed over immediately and in any case not later than the twentieth business day following that on which they were received.

The consignment of the banknotes must be accompanied by the record of withdrawal containing the information referred to in Annex 5 of the Order of the Bank of Italy dated 22 June 2016.

The list of branches to which suspect counterfeit notes can be sent or delivered is published here.

Euro Check Web Site

The European Central Bank has set up the website "Euro Check Web Site" that provides information on counterfeit euro banknotes. Access to the site is reserved to users belonging to categories whose work makes this information necessary. These users must be designated by the organization they work for (professional cash handlers, law enforcement agencies, manufacturers of banknote handling machines, and must be specifically authorized by the NCBs, the ECB or by Europol.

Reference regulations

  • Council Regulation (EC) No. 1339/2001 of 28 June 2001pdf 80.3 KB Extending the effects of Regulation (EC) No 1338/2001 laying down measures necessary for the protection of the euro against counterfeiting to those Member States which have not adopted the euro as their single currency Extends the effects of Regulation (EC) No. 1338/2001 to the member states of the European Union which have not adopted the euro as their single currency, since the fight against counterfeiting of the euro cannot be conducted solely within the euro area. Publish date::17 September 2007
  • Council Regulation (EC) No. 1338/2001 of 28 June 2001pdf 100.1 KB Laying down measures necessary for the protection of the euro against counterfeiting Lays down measures necessary for the circulation of euro banknotes and coins in conditions such as to ensure their overall effective and consistent protection against counterfeiting; requires banks, Poste Italiane S.p.A. and other economic agents that engage in the sorting and distribution of banknotes and coins to the public as a professional activity to withdraw from circulation all euro notes and coins which they suspect of being counterfeit and to hand them over to the competent national authorities. Publish date::17 September 2007
  • Council Regulation (EC) No. 45/2009 of 18 December 2008 (external link) Amending Regulation (EC) No 1339/2001 extending the effects of Regulation (EC) No. 44/2009 to the member countries of the European Union which have not adopted the euro as their single currency
  • Council Regulation (EC) No 44/2009 of 18 December 2008 (external link) Amending Regulation (EC) No 1338/2001 laying down measures necessary for the protection of the euro against counterfeiting

Trends in counterfeiting

Related Topics

Checking suspected counterfeit notes

The service makes it possible to have suspected counterfeit notes examined; if they are found to be genuine, at the end of the examination reimbursement is given.