A new exhibit at the Bank of Canada’s Currency Museum takes aim at counterfeiting — a crime that costs our economy millions of dollars each year.
The Good, the Bad and the Fake is comprised of wall-sized cartoon panels that tell the story of two teenagers who find a bag stuffed with what proves to be counterfeit money. The exhibit also includes a series of hands-on displays that teach visitors to identify counterfeit bills.
According to the Royal Canadian Mounted Police, many criminal organizations engage in counterfeiting to finance illegal activities. In 2010, police across Canada seized a total of approximately $2.6 million worth of counterfeit currency — a significant drop from the 2004 peak of $13 million. Experts attribute this remarkable drop to several factors, including the introduction of more secure banknotes and stepped-up enforcement and education efforts.
The RCMP operates dedicated anti-counterfeiting squads in Toronto, Montreal and Vancouver. In 2006, the Toronto-based squad made a series of arrests and seized nearly 400,000 bank notes with a combined face value of $6.7 million.
The Bank of Canada introduced the current series of banknotes — complete with sophisticated security measures — in 2004. The bills feature raised ink, watermarks, holographs and metallic striping to hinder counterfeiters. These features represent a small but important part of the Bank of Canada’s effort to combat counterfeiting.
“Ultimately, security measures on a bill have little impact if the general public doesn’t recognize them,” says Louise-Anne Laroche, the Museum’s coordinator of public research and evaluation. “Education, outreach and training are also important.”
The Currency Museum is well worth a visit, particularly for families, and admission is free. Visitors will catch a glimpse of the incredible variety of materials used as currency through the ages — from salt in the Roman Empire, to playing cards in New France — and gain a new appreciation of money as a cultural artifact.
The Currency Museum is in the Bank of Canada on the Sparks Street Mall between Kent and Bank streets. Open Monday to Saturday 10:30 a.m. to 5:00 p.m. and Sunday 1:00 p.m. to 5:00 p.m.
