Fake Money, or counterfeit currency, is a serious financial crime with significant legal repercussions in the United States. Producing, possessing, or using fake money is not a victimless act; it undermines the integrity of our financial system and can lead to severe penalties, including lengthy prison sentences and hefty fines. This article from money-central.com, your trusted source for financial expertise, delves into the specifics of currency counterfeiting as defined by law, ensuring you understand the gravity of this offense.
What Actions Constitute Counterfeiting?
The law clearly outlines several actions that are considered counterfeiting. These are broadly categorized into manufacturing, possessing the means to counterfeit, and using or possessing counterfeit currency.
Manufacturing Fake Money
It is illegal to falsely create, alter, print, scan, image, or copy any U.S. postal money order, U.S. currency, Federal Reserve Note, or any other obligation or security of the United States with the intention to defraud. This includes making it appear genuine or changing its terms or provisions from those issued by the U.S. Postal Service or U.S. Treasury. Essentially, any act of creating fake money for fraudulent purposes falls under this category.
Possessing Counterfeiting Tools
Even possessing the tools for creating fake money is a crime. It is illegal to make, engrave, possess, or transfer any plate, instrument, computer, printer, camera, software, paper, cloth, fabric, ink, or other material intended for the false reproduction of U.S. postal money orders, U.S. currency, Federal Reserve Notes, or other U.S. obligations or securities, again, with the intent to defraud. This section targets those who are equipped to produce fake money, even if they haven’t yet circulated any.
Uttering or Possessing Fake Money
Using or possessing fake money with the intent to defraud is also a serious offense. “Uttering” counterfeit currency means using it as genuine. It is illegal to utter or possess with the intent to utter any counterfeit U.S. postal money order, U.S. currency, Federal Reserve Note, or other U.S. obligation or security, if you have reason to believe it is fake, forged, altered, or falsely made. Simply knowing you have fake money and attempting to use it is enough to be charged with this crime.
Penalties for Counterfeiting: A Breakdown
The penalties for counterfeiting are severe and vary depending on the specific offense and the value of the fake money involved.
Penalties for Manufacturing and Tool Possession
Those convicted of manufacturing fake money or possessing counterfeiting tools face substantial consequences. The law allows for imprisonment for up to 20 years, a fine of up to $100,000, or both. This reflects the seriousness with which the law views the act of creating counterfeit currency, as it strikes at the heart of the financial system.
Penalties for Uttering or Possessing Fake Money
The penalties for uttering or possessing fake money are tiered based on the value of goods or services obtained or attempted to be obtained using the fake money, or the aggregate face value of the counterfeit currency itself.
- High Value Cases: If the fake money is used to obtain property or services worth more than $35,000, or if the face value of the fake money exceeds $35,000, the penalty can be imprisonment for up to 20 years, a fine of up to $100,000, or both.
- Mid-Range Value Cases: For values exceeding $5,000 but not more than $35,000, the penalty can be imprisonment for up to ten years, a fine of up to $20,000, or both.
- Lower Value Cases: For values exceeding $1,000 but not more than $5,000, or in certain cases of repeat offenses even for values up to $1,000, the penalty can be imprisonment for up to five years, a fine of up to $10,000, or both.
- Lowest Value Cases: For cases involving values of $1,000 or less, the penalty can be imprisonment for up to 364 days, a fine of up to $3,000, or both.
It’s important to note that the law also allows for the aggregation of values over a six-month period in prosecutions, and allows prosecution across multiple counties where offenses occur.
Protecting Yourself from Fake Money
Understanding the laws surrounding fake money is crucial not just to avoid criminal activity, but also to protect yourself from becoming a victim. Being vigilant and knowing how to identify counterfeit currency are essential skills in today’s world. Stay tuned to money-central.com for further articles on how to spot fake money and safeguard your finances. The risks associated with fake money are real, and awareness is your first line of defense.
