Jamaica, New York - On Sunday, CBP officers encountered a passenger arriving from Seoul, Korea who was in possession of two counterfeit $100,000 bills.

The rare 1934 U.S. notes, which date back to the Great Depression, were originally produced to be circulated between the Federal Reserve Banks and never circulated among the general public. Historically, counterfeit U.S. currency has been used for illegal activities such as drug trafficking, arms sales, and terrorist activity.

The 1934 Woodrow Wilson Gold certificate is the largest denomination of U.S. currency printed. The bills, originally printed as a means for the U.S. Treasury to account for gold that was turned over from Federal Reserve Banks, were never intended for public circulation. According to the Smithsonian Institute, the printing on the bill includes the phrase, "This is to certify that there is on deposit in the Treasury of the United States of America One Hundred Thousand Dollars in Gold payable to bearer on demand as authorized by law."

The passenger, who remains unnamed for privacy reasons, declared that he was carrying money over $10,000 on his CBP declaration. The passenger, who is a Korean national, was referred for a secondary baggage exam in order to complete the required documentation for compliance with currency reporting laws.

During the interview, the passenger told CBP officers that he was carrying two $100,000 notes. When asked how he acquired the uncirculated bills, the passenger stated that he found them in one of his father’s old books and intended to travel to the Bureau of Printing and Engraving in Maryland to exchange the notes for smaller denominations.

The $100,000 bills were deemed counterfeit, and turned over to the Secret Service for further investigation into the origin of the bills. “U.S. Customs and Border Protection enforces currency reporting requirements for money entering and leaving the United States in order to stem illicit criminal activity,” said Robert E. Perez, director of field operations for CBP in New York. “In this case, however, it appears that the passenger believed that the currency was legitimate, declared it upon his entry to the U.S. as required by law, and as a result, will not face criminal charges in this case.”

It is legal to transport any amount of currency or other monetary instruments into or out of the United States, however, U.S. currency reporting laws require you to report any money equivalent to $10,000 or more to U.S. Customs and Border Protection. This simple one page form is known as the FinCEN Form 105, and is available online or at any port of entry. For more information on Currency reporting laws please visit the CBP Travel Web site.
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The next time you get handed an $100,000 bill be sure to have a counterfeit detector. In many reports such as this, the victim isn’t even aware that they have a counterfeit bill, but you can’t blame him for not checking. Who wouldn’t want such a big bill on their hands?

Business owners and store clerks should be on the lookout for fake $20 bills that are popping up in the Madison area.

The most recent incident of bogus money being used was Wednesday night when someone tried to buy items at a Kelley Williamson Mobil mart with a counterfeit $20 bill.

The store is at 3019 E. Washington Ave., and the attempted fraud happened about 11 p.m.

Madison police said a man entered the store, selected a bag of chips and a cigar and wanted to pay for the items with a $20 bill.

“The clerk immediately could tell the bill was a fake and told the customer so,” said police spokesman Joel DeSpain.

The customer agreed to put the items back and left the store.

A second man then entered the store, police said.

“He asked the clerk why he wouldn’t take the $20 bill, and the clerk told him the same thing, that the bill was a fake,” DeSpain said.

Both men got into a car and drove away.

A week ago, Maurice Holt was arrested on the city’s north side for allegedly using a counterfeit $20 to make purchases at a PDQ store, and items found in his car may have been used to manufacture counterfeit money.

“There have been many reports from different areas of Madison involving perpetrators trying to buy items using counterfeit money,” DeSpain said. “The police urge clerks and business owners to be alert to the crime trend.
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Counterfeit money is still going strong. Fake bills are becoming more common with the times we are in. We highly urge you to get yourself a counterfeit detector in these tight economic times. One swipe of the pen is all it takes to insure that the money you are getting is real, and to help the fight against counterfeit money.