Only one in every 10,000 bills of all denominations is a fake, according to the US Secret Service. But the criminals are gaining. "The old traditional methods required a high degree of skill," said Jean Mitchell, a spokeswoman for the US Secret Service. "We see that diminishing."
As technology becomes more sophisticated, counterfeiters now have easy access to fast and inexpensive digital printers and scanners. In 1995, digitally produced bills accounted for only 1 percent of counterfeit bills; last year, that share was nearly 40 percent, including some dashed off with printers in college dorms to pay pizza delivery men.
To stay ahead of counterfeiters, the US Treasury Department plans to make changes to the currency every seven to 10 years. That may seem like a lot of effort to guard something that most Americans use less and less each year.
Last year, Americans used cash for just 19 percent of their US$5.4 trillion in purchases, versus 25 percent in 1990, according to the Nilson Report. By 2020, as little as 10 percent of payments will be in cash, Robertson said.
There is still plenty of cash around, of course: US$2,178 for every man, woman and child, according to the Federal Reserve. And the number could get a little bump once the new colorful money appears. The Fed says it will print millions of new bills for the holiday season, in anticipation of a peach-and-blue Christmas.
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