Clippers and Counterfeiters
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Monetary Forgery in the Digital Age: Will Physical-Digital Cash Be a Solution?1
Monetary Forgery in the Digital Age: Will Physical-Digital Cash Be a Solution?1 N ICOLAS CHRISTIN2, ALESSANDRO ACQUISTI3, BRYAN PARN04 AND ADRIAN PERRIG5 Abstract: Despite cryptographic breakthroughs in the area of digital cash and the rapid advance of information technology, physical cash remains the dominant currency: it is easy to use and its exchanges are largely independent of computing devices. However, physical cash is vulnerable to rising threats such as high quality, government-mandated forgeries. Can a hybrid of physical and digital cash protect more effectively against these threats? We discuss the rise of high-quality counterfeits and review technological solutions to thwart such threats. Specifically, we study mechanisms to combine physical cash with digital cash to remove their respective shortcomings and obtain their combined advantages. The mechanisms range from cryptographic signatures embedded in 2-D barcodes to online verification systems assisted by physical one-way functions. Notably, we compare these different proposals by looking at them through the prism of economics, and examining their cost and benefit trade-offs. 1 A preliminary, abbreviated version appeared in the Proceedings of the Twelfth International Conference on Financial Cryptography and Data Security (FC'oS). Cozumel, Mexico. January 2S-31, 200S. 2 Carnegie Mellon University, Information Networking Institute 3 Carnegie Mellon University, Heinz School of Public Policy and Management 4 Carnegie Mellon University, Department of Electrical and Computer Engineering & Microsoft Research 5 Carnegie Mellon University, Department of Electrical and Computer Engineering & Carnegie Mellon University, Department of Engineering and Public Policy 172 I/S: A JOURNAL OF LAW AND POLICY [Vol. 7:2 1. -
THE NATIONAL CENTER on INSTITUTIONS and ALTERNATI'ves 'I33'122nd ST., N.W., WASHINGTON, D.C
If you have issues viewing or accessing this file contact us at NCJRS.gov. I' I~~~~----~~~~~--'_'_'~------~--~--~ 7i'---..I> ', SENTENCED PRISONERS UNDER 18 YEARS OF AGE I IN ADULT CORRECTIONAL FAeILITIES: I A NATIONAL SURVEY I I I I I I I I I I I I I I N .. C..... A" .. tiE NAtIONAL CENTER ON INS1/'ITUTIONS AND ALYJi:iRNAl'IVr=S I 13:!J1 2~t1d ST., U.W./ WASHINCTON, Q.C. :ZOb31 I------------~........----..------------- I I H.C.I.A. THE NATIONAL CENTER ON INSTITUTIONS AND ALTERNATI'VES 'I33'122nd ST., N.W., WASHINGTON, D.C. :;:0037 202/659-4'156 I I Jerome G. Miller President I Advisory Board Members Severa Austin John McKnight Human Services Planner Center/or Urban Affairs Nortbwestern Universi~y I Madison, Wirconsin Loren Beckley UOydOtlUn Cbief, Juvenile Probnt;;", Cent.r for Cnrninol Justice San Mateo County, California Hart'ar;) Law Seboo! Lou Brin Milton Rector I Department ofSociology National Council on Crime University of Massacbus~tts and Delinquency Hackensack. New Jersey AI Bronstein National Prison Project David Rothenberg Fortune Society I Washington. D.C. New York, New York Larry Brown Action Agency David Rothman Washington, D.C Center for Social Policy Columbia University JohnM.Burns I Vice President Andrew Rutherford Westingbor;.re Corporation University 0/ Birmingham New York. New York Birmingham, England Ro~rt Drinan Peter Sandmann Representative, U.S. Congress Yout/) Law Cenler I Wasbington, D.C. Sa" Francisco, California Erving Goffman Peter Schrag Department 0/ Sociolligy Journalirl University 0/ Penn~ylvania Berkeley, California I Jay Haley Joseph Sorrentino Family Tberapy Institute Author, Juvenile Court Judge Cbevy Chase, Maryland Los Angeles. -
Recent Trends in Banknote Counterfeiting
Recent Trends in Banknote Counterfeiting Meika Ball[*] Photo: Reserve Bank of Australia Abstract Law enforcement intervention has shut down several large counterfeiting operations and led to a decline in counterfeiting rates over the past couple of years. At the same time, the increased availability of low-cost, high-quality printing technology has meant that the quality of counterfeits has improved. This article discusses trends in banknote counterfeiting in Australia and the impact of counterfeiting on different stakeholders. RESERVE BANK OF AUSTRALIA BULLETIN – MARCH 2019 1 Introduction As Australia’s banknote issuing authority, the Reserve Bank of Australia (the Bank) aims to prevent counterfeiting and maintain public confidence in the security of Australian banknotes. Counterfeiting is a crime and amounts to theft; since counterfeits are worthless, if an individual or business unknowingly accepts a counterfeit in exchange for something of value, they have been stolen from. More broadly, counterfeiting can erode public confidence in physical currency, which carries social and economic costs. Counterfeiting is prosecuted under the Crimes (Currency) Act 1981, which prescribes a number of offences. These include: • making, buying or selling counterfeit money • passing counterfeit money • possessing, importing or exporting counterfeit money • possessing, importing or exporting materials used to counterfeit money • sharing information about how to counterfeit money • wilfully damaging genuine money. Penalties for counterfeiting can be severe, including fines of up ot $75,000 and/or up to 14 years imprisonment for responsible individuals. The Bank assists in preventing counterfeiting by ensuring that Australia’s circulating banknotes are secure and of high quality, and by raising public awareness of banknote security features. -
Report on the Legal Protection of Banknotes in the European Union Member States
ECB EZB EKT BCE EKP REPORT ON THE LEGAL PROTECTION OF BANKNOTES IN THE EUROPEAN UNION MEMBER STATES November 1999 REPORT ON THE LEGAL PROTECTION OF BANKNOTES IN THE EUROPEAN UNION MEMBER STATES November 1999 © European Central Bank, 1999 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper are those of the author and do not necessarily reflect those of the European Central Bank. ISBN 92-9181-051-7 2 ECB Report on the legal protection of banknotes • November 1999 Contents EXECUTIVE SUMMARY 5 I. LEGAL PROTECTION OF EURO BANKNOTES 7 A. THE CRIMINAL APPROACH: COUNTERFEITING 7 1. The legal situation in the Member States 7 2. The desired legal situation 9 3. The risk of increased counterfeit activity 11 4. The possibilities of prevention – co-operation and co-ordination 12 5. The harmonisation of sanctions 18 6. The detention of counterfeit banknotes 18 B. THE CIVIL APPROACH: COPYRIGHT PROTECTION (COMPLEMENTARY TOOLS AND SETTING CRITERIA FOR LEGAL REPRODUCTIONS) 20 1. Copyright protection for euro banknotes 20 2. The use of the © sign on euro banknotes 22 3. The enforcement of copyright 23 4. The reproduction of euro banknotes 24 C. THE MATERIAL APPROACH: ANTI-COPYING DEVICES FOR REPRODUCTION EQUIPMENT 26 II. LEGAL ASPECTS OF FIDUCIARY CIRCULATION 28 A. -
The Ionian Islands in British Official Discourses; 1815-1864
1 Constructing Ionian Identities: The Ionian Islands in British Official Discourses; 1815-1864 Maria Paschalidi Department of History University College London A thesis submitted for the degree of Doctor of Philosophy to University College London 2009 2 I, Maria Paschalidi, confirm that the work presented in this thesis is my own. Where information has been derived from other sources, I confirm that this has been indicated in the thesis. 3 Abstract Utilising material such as colonial correspondence, private papers, parliamentary debates and the press, this thesis examines how the Ionian Islands were defined by British politicians and how this influenced various forms of rule in the Islands between 1815 and 1864. It explores the articulation of particular forms of colonial subjectivities for the Ionian people by colonial governors and officials. This is set in the context of political reforms that occurred in Britain and the Empire during the first half of the nineteenth-century, especially in the white settler colonies, such as Canada and Australia. It reveals how British understandings of Ionian peoples led to complex negotiations of otherness, informing the development of varieties of colonial rule. Britain suggested a variety of forms of government for the Ionians ranging from authoritarian (during the governorships of T. Maitland, H. Douglas, H. Ward, J. Young, H. Storks) to representative (under Lord Nugent, and Lord Seaton), to responsible government (under W. Gladstone’s tenure in office). All these attempted solutions (over fifty years) failed to make the Ionian Islands governable for Britain. The Ionian Protectorate was a failed colonial experiment in Europe, highlighting the difficulties of governing white, Christian Europeans within a colonial framework. -
Gladstone and the Bank of England: a Study in Mid-Victorian Finance, 1833-1866
GLADSTONE AND THE BANK OF ENGLAND: A STUDY IN MID-VICTORIAN FINANCE, 1833-1866 Patricia Caernarv en-Smith, B.A. Thesis Prepared for the Degree of MASTER OF ARTS UNIVERSITY OF NORTH TEXAS May 2007 APPROVED: Denis Paz, Major Professor Adrian Lewis, Committee Member and Chair of the Department of History Laura Stern, Committee Member Sandra L. Terrell, Dean of the Robert B. Toulouse School of Graduate Studies Caernarven-Smith, Patricia. Gladstone and the Bank of England: A Study in Mid- Victorian Finance, 1833-1866. Master of Arts (History), May 2007, 378 pp., 11 tables, bibliography, 275 titles. The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone’s measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone’s measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard’s Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time. -
Act on Measures to Prevent Money Laundering and Financing of Terrorism
While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Act no. 442 of 11 May 2007. Only the Danish document has legal validity. July 2007, GlobalDenmark Translations Act on Measures to Prevent Money Laundering and Financing of Terrorism Act no. 442 of 11 May 2007 This is an Act to consolidate the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism, cf. Act no. 117 of 27 February 2006 with amendments consequential upon section 6 of Act no. 108 of 7 February 2007 and section 8 of Act no. 542 of 8 June 2006. Part 1 Scope etc. 1.-(1) This Act shall apply to the following undertakings and persons: 1) Banks. 2) Mortgage-credit institutions. 3) Investment companies. 4) Investment management companies. 5) Life assurance companies and lateral pension funds (nationwide occupational pension funds). 6) Savings undertakings. 7) Electronic money institutions. 8) Insurance brokers, when they act in respect of life assurance or other investment-related insurance activities. 9) Foreign undertakings' branches in Denmark, carrying out activities under nos. 1-8. 10) Investment associations and special-purpose associations, collective investment schemes, restricted associations, innovation associations and hedge associations. 11) Undertakings and persons that commercially carry out activities involving currency exchange or transfer of money and other assets. 12) Other undertakings and persons that commercially carry out one or -
Royal Mint Trading Fund
Royal Mint Trading Fund Annual Report and Accounts 2014-15 Royal Mint Trading Fund | Annual Report and Accounts 2014-15 2 Royal Mint Trading Fund Annual Report and Accounts 2014-15 Presented to Parliament pursuant to section 4(6) of the Government Trading Funds Act 1973 as amended by the Government Trading Act 1990 Ordered by the House of Commons to be printed on 16 July 2015 HC 161 © Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government- licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@ nationalarchives.gsi.gov.uk. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/ publications Any enquiries regarding this publication should be sent to us at the Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey TW9 4DU or email: [email protected]. Print ISBN 9781474120913 Web ISBN 9781474120920 ID 04061511 06/15 Printed on paper containing 75% recycled fibre content minimum Printed in the UK on behalf of the Controller of Her Majesty’s Stationery Office Contents 05 Accounting Officer’s Statement 06 Report of the Chief Executive of The Royal Mint Limited 08 Management Commentary 18 Sustainability Report 22 Financial Summary 23 Key Ministerial Targets 24 The -
Palestrina in Hastings’, the Georgian Group Journal, Vol
Richard Morrice, ‘Palestrina in Hastings’, The Georgian Group Journal, Vol. XI, 2001, pp. 93–116 TEXT © THE AUTHORS 2001 PALESTRINA IN HASTINGS RICHARD MORRICE he development of Hastings as a resort had, by Secretary of State for Ireland ( –) and Home T , been noted in London. Secretary ( –), and rewarded his father with an This fashionable summer retreat bids fair soon to rival earldom in . From to he was Joint Brighton and other hitherto more noted places of Postmaster-General and from to his death in July fashionable resort. The situation, both in point of he held that post on his own. Thomas Pelham scenery and mildness of the air, certainly exceeds any succeeded his father as nd Earl of Chichester in . place of the kind on the southern coast; and what is of He it was who involved Joseph Kay ( – ) in the great consequence to the invalid, the bathing which is scheme, presumably because he had turned to Kay excellent can be accomplished at any time of the tide, without the slightest risk or inconvenience. for works at Stanmer Park, his principal seat, in , the same year that Kay was appointed architect to the Hastings’s reputation was growing, as was its Post Office. population, which doubled in the fifteen years after Hastings was not amongst the very earliest of the end of the Napoleonic Wars. Hastings was above south-eastern seaside resorts, but had certainly all more picturesquely set than other south-eastern followed the lead of Brighton and Margate by the bathing places and, for the Earl of Chichester and his later years of the eighteenth century. -
The Gold Metallurgy of Isaac Newton
The Gold Metallurgy of Isaac Newton E. G. V. Newman The Royal Mint, London The science of metals had always appealed to Isaac Newton and when, after the conclusion of his remarkable contributions to mathe- matics and physics, he was invited to take charge of the Royal Mint in London he was able not only to display his great gifts as an administrator but also to exercise his interest in metals and alloys and particularly in the metallurgy of gold. For over thirty years Isaac Newton lived the been accorded him for his scientific work despite the secluded life of a scholar. As undergraduate and later endeavours of his friends Samuel Pepys, John Locke Fellow and Professor at Cambridge he was shy and and Christopher Wren to secure for him a public post reserved, careless of his appearance and even more worthy of his stature. He returned to Cambridge and careless of his eating habits. This period came to a there busied himself with experimental work in triumphant conclusion, of course, with the publication chemistry and metallurgy. of the Principia in 1687. It was not until 1696 that an easement came about For a further period of thirty years, apparently by in the form of an appointment that was to effect a an astonishing transformation, Newton served his complete change in his way of life and his financial country as a highly able public official and also as the welfare. This came through the good offices of an leader of the scientific community. The achievements old friend from his undergraduate days at Trinity and the glory of the former period have not un- College whom he had re-encountered as a fellow naturally overshadowed the latter half of his working Member of Parliament, Charles Montagu. -
Art and Design Coins in the Classroom
Art and Design Coins in the Classroom royalmint.com/kids Fact File 2 Reverse Design Facts Coins with the definitive shield reverse designs entered circulation in 2008. The original decimal designs had been in circulation for almost 40 years and it was felt they needed to be refreshed. The competition to design the coins was a public one and The Royal Mint received more than 4,000 designs from 526 people – the largest ever response to a public competition of this type in Britain. The £1 coin was not originally part of the design brief. A first sift of the drawings was made by three members of The Royal Mint Advisory Committee and 4,000 drawings were reduced to 418 designs. The 418 designs represented 52 series of coins. This was then whittled down to 18 designs representing three series. The designs chosen had to be not just pictures but symbols of the nation. It was decided that the heraldry on some designs was ‘too 2008 Shield Design by Matt Dent Hogwarts’ or ‘Narnia-like’ or it was ‘too gothic and overbearing’. It was said by The Royal Mint Advisory Committee that the winning entry broke ‘the mould in an exciting way’ and ‘is a truly modern series at last.’ Matt Dent The winner of the competition, with the pseudonym Designer Z (as all coin design competitions are anonymous), turned out to be a young graphic designer called Matt Dent, who trained at Coleg Menai in Wales and the University of Brighton. He said about his design that “the piecing together of the elements of the Royal Arms to form one design had a satisfying symbolism – that of unity, four countries of Britain under a single monarch.” Art and Design royalmint.com/kids Fact File 3 UK Coin Design A Penny For Your Thoughts The United Kingdom 1p coin was one of three new coins that joined the 5p, 10p and 50p in general circulation on 15 February 1971 when the United Kingdom adopted a new decimal currency system. -
The Economics of Counterfeiting∗
The Economics of Counterfeiting∗ Elena Quercioli† Lones Smith‡ Economics Department Economics Department Tulane University University of Michigan January 10, 2009 Abstract This paper develops a new tractable strategic theory of counterfeiting as a competition between good and bad guys. There is free entry of bad guys, who choose whether and what note to counterfeit, and what quality to produce. Good guys select a costly verification effort. Along with the quality, this effort fixes the chance of finding counterfeits, and induces a collateral “hot potato” passing game among good guys — seeking to avoid counterfeits passed around. We find a unique equilibrium of the entwined counterfeiting and verifying games. With log-concave verification costs, counterfeiters producer better quality at higher notes, but verifiers try sufficiently harder that the verification rate still rises. We prove that the unobserved counterfeiting rate is hill-shaped in the note, vanishing at extremes. We also deduce comparative statics in legal costs and the technology. We find that the very stochastic nature of counterfeiting limits its social cost. Our theory applies to fixed-value counterfeits, like checks, money orders, or money. Focusing on counterfeit money, we assemble a unique data set from the U.S. Secret Service. We identify key time series and cross-sectional patterns, and explain them: (1) the ratio of all counterfeit money (seized or passed) to passed money rises in the note, but less than proportionately; (2) the passed-circulation ratio rises in the note, and is very small at $1 notes; (3) the vast majority of counterfeit money used to be seized before circulation, but now most passes into circulation; and (4) the share of passed money found by Federal Reserve Banks generally falls in the note, as does the ratio of the internal FRB passed rate to the economy-wide average.