Counterfeit Notes...

[imamartian]

saw an item on the news about the coppers stopping a few hundred thousand pounds worth of couterfeit notes from entering the economy, but my question is... apart from the obvious crime of printing them, what's wrong with them?

What i mean is, a currency note in this country is not worth anything in principle, it is a promise by the bank of England to pay the bearer of the note the value written on the note (in gold i presume) if presented to the bank of England. And we are allowed to set up our own bartering systems.. aren't we? so surely if we find ourselves in possession of a dodgy £20, then we hand it over as an IOU... just as a real note is?

What gripes me is that if you get caught with one, you lose out...what we should really do is let the banks filter them out, and fine the fraudsters the same amount, and fund any loss with their fine...

PS did you know that our paper money is not made out of paper, but out of cotton?

 

[raebhoop]

PS did you know that our paper money is not made out of paper, but out of cotton?

That's what the Krauts thought in the last war when they tried to copy it...but they couldn't get it right...It just didn't feel right.

Then they discovered that the Mint wasn't only using cotton....but dirty recycled cotton.Typical tight fisted English.

The Germans sent their cotton rags to be used in a tank factory for cleaning purposes,then recycled it for banknotes...The 'feel' of the notes was then just like ours.

 

[ellal]

What i mean is, a currency note in this country is not worth anything in principle, it is a promise by the bank of England to pay the bearer of the note the value written on the note (in gold i presume) if presented to the bank of England.

Just a tad out of date aren't we!

Britain dropped the Gold standard in 1931.

A currency note now only promises to replace it in kind - another note!

 

[joe-90]

The crooks are helping our economy. It's called quantitative easing.

 

[imamartian]

What i mean is, a currency note in this country is not worth anything in principle, it is a promise by the bank of England to pay the bearer of the note the value written on the note (in gold i presume) if presented to the bank of England.

Just a tad out of date aren't we!

Britain dropped the Gold standard in 1931.

A currency note now only promises to replace it in kind - another note!

i could well be, i don't study the subject... my point was about counterfeiting, and the fact the note was an IOU....

yes i am wrong about the gold standard being dropped on april the 4th 1931 at 15:27pm...

 

[Burnerman]

I've had a few dud pound coins lately.....the trick is to pass them on so the receiver doesn't notice. On each one the gold paint was rubbing off
John

 

[imamartian]

the trick is to pass them on so the receiver doesn't notice.

that's my point in a nutshell.... until they are handed to someone with a UV pen, they serve exactly the same purpose as a real one !

 

[ellal]

my point was about counterfeiting, and the fact the note was an IOU....

In that you are right...

A banknote in itself is worthless, but since the gold standard was dropped, so is the promise written on it - that is the difference.

And that is what everyone is about to learn!

 

[raebhoop]

I was informed by the cops when I worked on markets...that it was my responsibility to seize any counterfeit notes I came across,hand them in at the nearest nick,and issue the customer with a receipt.

I told the cop in no uncertain terms that there was no way I was gonna tell some 6'6'' drunken Paddy that I was keeping his note...and would be giving him a paper receipt.

I told the cop...
"That mate is your job,and if you think I'm gonna do it for you,you've got another thing coming"

 

[joinerjohn]

Perhaps the government could use the counterfeit notes to bail out the Irish and Greek?? Van Pompey might just fall for that.

 

[Mickymoody]

What i mean is, a currency note in this country is not worth anything in principle, it is a promise by the bank of England to pay the bearer of the note the value written on the note (in gold i presume) if presented to the bank of England.

Just a tad out of date aren't we!

Britain dropped the Gold standard in 1931.

A currency note now only promises to replace it in kind - another note!

I don't understand this Gold standard? A banknote is worthless, it is a promise, so if presented for payment, the payment could be Gold Silver, pennies, whatever surely?

The relatively recent introduction of the silver hologram type marking on banknotes, caused a major malfunction of cash machines, as their suction mechanism couldn't adhere to this, so dispensed an incorrect amount of cash, to unwary users. So a late night withdrawal, means you might have been ripped off by an ATM...

The clever part is that you are presented by the £20's underneath, the £10's on top, and in student areas, a £5 on top of that. If you slip out the larger notes underneath, but leave the £10 in situ..eventually, the machine thinks you didn't take the cash, and retracts it. Thinking it took the lot. As it doesn't count it on the way back. So you are up £80 on a £100 withdrawal.

 

[libby lou lou]

When you live there, you learn later, gold paint, FSS, Do you know Bungle?

 

[Whitespirit66]

The crooks are helping our economy. It's called quantitative easing.

By crooks, I think you mean the government.

The ones who flooded the country with cheap foreign labour, and encouraged teenagers to breed in exchange for free money and council houses. Now they claim that all those on benefits are bankrupting the country.

The ones who benefitted from free university education and grants, then introduced fees and scrapped grants. Next, they promised they wouldn't raise fees, got elected, then raised fees.

Expenses fiddling crooks, one and all!

 

[libby lou lou]

good post, talked about the rip of gov.com for donkeys, the don't want to know on here.

 

[imamartian]

the trick is to pass them on so the receiver doesn't notice.

that's my point in a nutshell.... until they are handed to someone with a UV pen, they serve exactly the same purpose as a real one !

are you still here... i thought you had left....

I did leave..... but i came back again