Yahoo News How to spot fake King Charles III banknotes as they start to appear in UK circulation
New banknotes bearing the likeness of King Charles III have started to appear in circulation this month.
While it might be a while before they become a common sight in everyday transactions, there's an immediate concern as counterfeit versions are reportedly being circulated by scammers. The Bank of England and Raisin UK have released data indicating that in 2023, around 116,000 fake banknotes with a face value of £2.5 million were taken out of circulation.
Despite the introduction of new security measures on the polymer notes which make spotting fakes easier, people are still advised to remain cautious.
Kevin Mountford, savings expert and co-founder of Raisin UK, is calling on the public to be vigilant, especially when using cash at retailers and independent businesses. He said: "For the foreseeable future, both Queen Elizabeth II and King Charles III banknotes will be circulating."
Mountford highlighted that all these notes include security features that can help identify authentic currency: "Security features are present on all of these notes, allowing you to check notes to prevent forgeries."
He provided tips on how to verify if a banknote is real:
When you tilt the note, look for the changing words that reflect the note's denomination in the hologramfor instance, a £5 note will alternate between displaying "Five" and "Pound".
The see-through window should contain a metallic image that changes colourgold for the £5 and £10 notes, gold and blue for the £20, and gold and green for the £50. Additionally, the window should display a portrait that corresponds with the printed image of the monarch.
"Familiarise yourselves with the look and feel of the new notes," he advised. "Forgeries are often much easier to detect now these banknotes have improved from previous paper ones - however, criminals may still attempt to exploit the changes."
Despite the rarity of counterfeit banknotes, they hold no value and cannot be reimbursed if encountered. If you come across what you suspect is a counterfeit note, it should be taken to the nearest police station for it to be forwarded to the National Crime Agency for examination.
"Most retailers regularly check banknotes, so it's unlikely you will come across a counterfeit when shopping with trusted retailers," Kevin noted. "You should be more cautious about accepting cash from markets, online marketplaces like Facebook, and any cash-in-hand jobs."
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