How to Check Fake Peso Bills With These 9 Ways

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Money is the basic requirement of the life without which one cannot imagine a healthy and peaceful life.

We need money even buying a little needle. In the modern time, where growth of civilisation is going very fast and following western culture, we need more money because of the increasing prices of everything.

Earlier there was a system called barter system in which one was allowed to exchange things to get goods however, in the modern one need only money to buy everything.

The importance of money is increasing day by day as the living has become so costly. The significance of money has increased to a great extent in the field of production, consumption, exchange, distribution, public finance and etc.

It plays a very crucial role in determining the input, income, employment, output, general price level of anything, etc.

But the importance of this paper bill will fade and has no longer value if it is FAKE. This is different story, and we are going to share you the significance on how to determine a fake bill from a real one.

Although it is very hard to tell, you should be aware of what features to look at. In order to make sure you are getting real Philippine paper bills, take a look with the things you can do.

1. You Should Always Pay Attention to the Color and Serial Number

Fake ones would either be lighter or brighter in color, compared to real peso bills. You should make sure to check for any discrepancies when receiving cash. Besides check for duplicate serial numbers, as this almost always signifies that the bills you have are fake.

2. You Must Check the Texture

Basically, a real Philippine peso bills are made of abaca and cotton fibers, which add to its security features. Typically, counterfeiters would not be able to replicate the real bill’s subtly rough texture so fake peso bills will come out smoother.

3. Always Look for Raised Text and Images

Aside from the texture of the bill, you should also check for raised images. Similarly, the text and numerical value at the bottom should be raised as well as they are engraved.

4. You Can Also Try Damaging the Bill

Damage it by rubbing some water on the paper bill. If the color distorts and the bill starts shredding, it could be an indication that the money you have is fake. Another way is try to scratch the bill. It could be counterfeit, if the printing smudges or shows any sign of damage.

5. You Should Check for the Watermark

The watermark is one of the security features that Philippine paper bills accept. So try putting the white space of the peso bill against a light source, and check for the watermark. If there is, check if it matches the image on the right side. It is also much better if you can check it using ultraviolet light. If your paper bill meets this necessity, then it’s real. If it doesn’t, then it’s most likely forged.

6. You Need to Check Security Thread

Important thing you should pay attention to is the security thread. The thread of the latter also changes color when you tilt the peso bill. All Philippine paper bills have them in varying measurements. PHP 20 and PHP 50 bills have a 2mm wide thread, while PHP 100, PHP 200, PHP 500, and PHP 1000 bills have 4mm.

7. Watch Out the Hologram

Check if there is a circular hologram patch on the front left of the PHP 500 and PHP 1000 bills. Also make sure it changes colors when you tilt it. Since it is an OVD or an optically variable device, one cannot imitate or make a replica it precisely by any means.

8. You Must Look at the Serial Number

The serial number should consist of two alphabetical digits and six numerical digits. Also check the serial number–the characters in print should be ascending in size. The Parallel below the serial number, you can see characters in Baybayin when you hold the bill against the light.

9. You Should Consider the Changes in Design

The BSP have updated the design of the current Philippine bills we have in transmission, also known as New Generation Currency (NGC) Banknotes. You might want to be alert of the modifications below:

PHP 200 – updates in the images in the front part of the banknote specifically those depicting the Declaration of Philippine Independence and Opening of the Malolos Congress.

PHP 50 – revision of text from “Leyte Landing” to “Leyte Landing October 1944”

PHP 1000 – removal of the image of the Order of Lakandula Medal and the phrase “MEDAL OF HONOR” in the front part of the banknote

All paper bills – changes in the format of the scientific names and bigger font size of the year mark of the banknotes.

Things Need to Do If You Receive Fake Peso Bills

If any chances you experienced any fraud-like receiving fake bill, you will think first what you will do with the fake bill? According to the Banknotes and Coins primer released by the BSP on January 2018, here is how one should handle counterfeit money:

-Give temporary receipt to the owner/holder specifying the name, address, community tax certificate.
-If one is a foreigner, he or she must indicate his or her passport number as well.
-Provide more details like the date of receipt, denomination, serial number in the note or series in case of coins;
-Ask the one who owns or holds fake peso bills to countersign the receipt.
-If he or she refuses, the reason must be provided in writing.
-Forward such fake peso bills for examination/due action. One must do this within five working days after the receipt to the CIIO, BSP, East Avenue, Quezon City.

In the event that personal delivery to CIIO is not likely, one can deliver the fake bills through the BSP’s regional offices/branches. Any banking institution under the supervision of the BSP will also suffice. Finally, report to the CIIO-BSP, the Philippine National Police (PNP) or other law enforcement agencies, so that the necessary criminal charges based on the relevant articles in the Revised Penal Code can be filed.

Hope you find this article helpful and remember that be mindful always when receiving any amount of paper bill by checking the list that mentioned above. Spread the awareness!
Source: MoneyMax