Ukrainians are increasingly facing refusals from banks and exchangers to accept hundred-dollar bills due to the rise of counterfeit American currency on the market.
Counterfeit statistics are rising
The National Bank records an increase in the number of counterfeit dollars. In the first half of 2024, 3.4 counterfeits were identified for every million genuine banknotes. Criminals predominantly counterfeit 100-dollar bills, especially during exchanges in unofficial places.
Counterfeits concern specifically hundred-dollar bills, which have become the main target for counterfeiters with a rate of 3.4 for every million genuine bills.
Authenticity signs of the bill
The authenticity of a hundred-dollar bill can be checked by several criteria:
- Watermark of Franklin's portrait (visible when held to the light)
- Holographic security ribbon, embedded in the paper
- 'Bell in the inkwell' feature with color change (only on notes issued after 2013)
- Quality paper with tactile relief
- Microtext across the surface
The most reliable way to exchange currency is to contact official banking institutions, which use professional equipment to detect counterfeits.
Additionally, the NBU explained that the dollar constitutes 83% of Ukraine's gold and foreign currency reserves and, despite volatility in global markets, will remain a significant part of the country's reserves. Experts do not recommend storing dollars in books, as banknotes may retain traces of printing ink, which can deteriorate their appearance.
Counterfeit dollars worry Ukrainians due to their growing numbers in the currency market. The most important thing is to remember the signs of authenticity of dollar bills and to approach only official institutions when exchanging currency. Use only verified sources to avoid counterfeit money.