Cut Rate Counterjeiters

Cut Rate Counterfeiters

Most U. S. counterfeiters do not pass the money they manufacture. Their profit comes from selling it at bargain prices to "distributors" for an average price of $25 for every $100 of bad bills. The "distributors" sell the counterfeits at varying profit to honest men & women in desperate need of money, and to crooks, to swindlers. Last week in Manhattan secret service agents exposed a ring of counterfeiters who had been selling their bills at a cut rate of $15 per $100. The sleuths crept toward a loft building, dashed up stairs, smashed down a door to find four counterfeiters with their pockets stuffed with their own product. They also found an offset press, several thousand counterfeit $5 Chase National Bank notes, steel and copper plates for $5 notes. The Press was told that the ring had circulated more than a million $1 bills in the last six months.

To prevent its clerks from accepting these and other bogus bills, the U. S. Post Office Department last week described a method of detecting counterfeits--a method that every shrewd passer of the "queer" already knew. The method: divide the serial number on every bill (except a national banknote) by six. Compare the remainder with the tiny letter in the lower right corner. If the remainder is

1. the letter should be A or G 2. " " " " B or H 3. " " " " C or I 4. " " " " D or J 5. " " " " E or K 0. " " " " F or L

If the letter is not correct, the note is counterfeit. But even if it is, the bill may still be counterfeit.

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