Thursday. June 7,1979

Hie Herald And The Lantern

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COUNTERFEIT SEMINAR WARNS BUSINESSPEOPLE Over 200 area business people and Wildwood High School students were alerted to look for things on currency that could prove it to be counterfeit. The two day seminar sponsored by the Marine National Bank and with the aid of Jack Callaghan of the Federal Reserve Bank in Philadelphia showed many side by side comparisons of genuine U.S. Currency and counterfeit bills. "Always look at the portrait, and never at the corners,” was Mr. Callaghan's advice to everyone who accepts money

from the public.

Bogus Bills vs. Real McCoys

WILDWOOD - Could you tell the difference

between

Currency

it?

real U.S. and a coun-

terfeit?

Over 200 people were asked that question last week during a seminar for counterfeit detection held in the Cape May County Library Wednesday evening and in the Wildwood High School auditorium Thursday

morning.

The seminar was sponsored by the Marine National Bank, and was hosted by Joseph Jackson, Assistant Cashier and Middle Township Office Manager. Jack Callaghan of the Federal Reserve Bank of Philadelphia was the guestspeaker. Callaghan had a slide presentation showing the minute details to look for in detection of counterfeit money. One trick, most often done by lawbreakers is to ••raise*' a dollar bill with the aid of a portion of a ten dollar bill. Using the corners which many money handling people look at during the busy

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summer months, this allows a person to get change for a ten dollar bill while passing only onfe dollar. "That’s why we stress, look at the portrait". Callaghan con-

tinued.

The spinoff of counterfeiting from the Atlantic City casinos is the concern of the U.S. Secret Service and the Federal Reserve Banks who circulate all U.S. currency. The people working in the Atlantic City Casinos who handle money are skilled money handlers and can spot a counterfeit bMl immediately. "Again, look at the portrait" was the advice Mr. Callaghan gave the audiences since this is the best give-away for a counterfeit bill. The counterfeiters usually fall apart in reproducing the portrait, making it appear blotchy and spotty. Whoever gets caught holding the counterfeit bill looses credit. and therefore, it was Mr. Callaghan's advice to get the person to give another bill in place of a questionable one. Banks, cannot give credit, because they will not be given credit for the bill, and the Secret Service will be notified of the possible counterfeit bills. The bank will send the bill in question to the nearest office of the Secret Service, who will examine the bill and if. found good, will notify the bank who will give credit to the account. "I've seen this happen several times, when a bUk really appeared to be % counterfeit, and was judged by the Secret Service to be a good bill" said Joseph Jackson. We then credited the customer's account with the amount of the bill!" Callaghan also informed the audience that one of the best deterents for counterfeit bills is a blacklight detection device. It’s effective. however, according to Mr. Callaghan a skilled counterfeiter can treat his paper so that it will show up under a blacklight device as being a good bill. What is important is that

the person THINKS that his counterfeit bill will be detected and will thus be given second thoughts before passing the bill in an establishment. '-One jx)int brought up by Callaghan was that most counterfeit "passers are not the people who actually print the money, they like drug producerspever enter into the cifculalion field.

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