Written question asked by Lord Myners (Labour), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Tuesday, 27 March 2012.

Money: Forgeries

Question: To ask Her Majesty's Government , further to the Written Answer by Lord Sassoon on 12 March (WA 19), what is the estimated value of current forged notes and coins in circulation.

Answer: During calendar year 2011, the number of counterfeit Bank of England banknotes taken out of circulation was around 374,000 with a face value of £6.3 million. Details of the number of counterfeit Bank of England notes taken out of circulation are published on the Bank's website. Although, the Bank does not estimate the value of forged notes in circulation, the Bank's annual report notes the percentage of counterfeits found compared to the number of genuine notes processed by the banking system each year. In 2010, this figure was 0.0024%. Most counterfeits, which are of the £20 denomination, are used only once and then identified and removed during the banking process, so the number of counterfeit notes in circulation is extremely small. The Royal Mint conducts twice-yearly surveys to estimate the level of counterfeit £1 coins in circulation. The November 2011 survey estimated this rate to be 3.09%. No other denomination of coin is believed to be under significant threat from counterfeiting.

Secondary information

Type: Written question
Reference: 16421; 736 c240WA
Session: 2010-12
Related items: Money: £50 Notes
Monday, 12 March 2012
Written questions
House of Lords
Subjects: Bank notes Coinage Forgery
Link: View this Written question on www.publications.parliament.uk