The taxman says three and a half million people are due a refund, but two million will have to fork out for underpaid tax.
How to spot a fake note or coin
Tips to ensure you never end up with counterfeit cash
Image: Peter Byrne - Press AssociationShow Thumbnails
1 of 14
Starting this summer, retailers will be allowed to refill cash machines from the notes in their tills, rather than waiting for a new delivery of banknotes.
While these shops will be required to put anti-counterfeit measures in place, there remains a possibility that fake notes will worm their way into circulation.
So you need to be more vigilant than ever when accepting cash. To help you spot a fake, we reveal the tell-tale signs of fake currency.
related stories on msn
72Comments
15/12/2011 16:37
although its illegal to pass on a dodgy bank note i think its worth considering the outcome of what and if. if you take £10 note to a bank and ask them if its a fake they will take that note off you and say yes your not aloud it back, "next customer please", now your £10 out of pocket. what if you pass it on to an unknowing shop keeper and you pay for the goods and walk away with your change. What do you think you would do. i have had 2 ten pound notes given to me by a cash machine to which i went and had one of them looked at it was confiscated and i was £10 out of pocket do you know what i did with the other one. Yes you can probably guess, BUT THIS IS WHY THERE ARE SO MANY FAKE NOTES OUT THERE NONE OF US WANT TO LOSE ANY AMOUNT OF CASH WE SIMPLY CAN NOT AFFORD TO.
15/12/2011 22:25
I am not well off and if I received a dodgy note I would not hesitate to spend it. As long as someone accepts it, it is worth what it says on the note. The forger has the stolen funds from his work. I have my 310 from a piece of paper that I received in good faith. Sorry if someone else further down the line loses out, but I am not going to lose because I cant afford to. Perhaps genuine people should be reimbursed by the government simply because they turned in a dodgy note and removed it from circulation.
15/12/2011 19:48
15/12/2011 23:50
william i am glad you have no problems with scottish notes and glad you would not give business to any who refused a scottish note
on the subject of forgeries-----i really beleive that most people who end up with them in their wallets are people who cant afford to lose that money---so there should be some system where decent honest hard working people who end up with a forged note should be compensated
WHERE are the fakes coming from someone suggested india---well that does not surprise me as it seems most scams--- e mail telephone etc seem to originate in india---but lets be honest--they have guys working from locations here in the uk---- it is time the government and related departments really crack down on these scammers
WOULD I PASS ON A KNOWN FORGED NOTE----- yes in all honesty if i did not know where i got it from yes i would--- I cant afford to lose the money
14/03/2012 19:04
I got a fake £20 from my bank before not out the machine from the bank itself when I said to her this looks fake she said you probly swapped it. they did ring the police after I did argue for about 30 minutes about checking the CCTV which they said was turned off....in the end they did find out it wasnt me as I asked for £100 and only had £80 with the faked note...
when we pass notes the shops always hold it too the light why dont we when we get our change? I do now always check notes and coins...
when we pass notes the shops always hold it too the light why dont we when we get our change? I do now always check notes and coins...
15/12/2011 18:39
15/12/2011 15:33
Diddy Luvva - actually the article is about British coin and notes, not English. The coins and notes spoken of are the legal currency throughout the British Isles. We do see the occasional Scottish bank note in Lancashire, being so close to the border, but we don't refuse it so why are you making such a fuss over nothing much? England deserves better too.
15/12/2011 18:52
14/03/2012 18:40
15/12/2011 15:38
Oh please take a pill Mr Scotsman! The currency detailed covers the whole of the union and as this is MSN UK maybe this is why it chose a currency that would be pertinent to all readers!! Scottish currency though used occasionally in stores in England, Wales and Northern Ireland isn't actually legal tender in those countries and it is up to the recipient store as to whether or not they accept it. Maybe when Mr Salmond gets his way and all things Scottish stay north of the border, you can read a Scottish version of this again on MSN Scotland and it will cover only the Scottish pound and it's various notes! Though once you're no longer getting massively subsidised by Westminster what your currency will be worth is another matter!
14/03/2012 17:51
You know that you can get those 'coins' for putting in shopping trolleys so that you can release it and then get it back when you have finished with it? Well I have one or should I say had, as I have a sneaking suspicion that I have accidentally given it to a shop when paying for something all in £1 coins. If so, then to whichever shop I have done this, I am most terribly sorry. However, to quote a sign put up in many shops "Please examine your change as mistakes cannot be rectified afterwards" works both ways. Just use it for the next time you're at the supermarket with my compliments.
15/12/2011 16:05
15/12/2011 18:31
I've read a few peoples opinion on this subject, Its nothing to do with Mr salmon the bulk of sensible Scots cant stand the man. It hurts when we get ripped off with fake notes, banks should not be dishing them out at all. Money is tight and wont get any easier as there is not enough jobs for everyone so although its wrong to pass on the forgery many will need to, it doesn't mean there dishonest they just need to survive. I'm Scottish and run a business the only forgeries I've had are Bank of England notes. Police say there made in Pakistan.
14/03/2012 20:10
Here in scotland there are loads of fake pound coins. I try to bite on them as they say the fakes are a softer metal. On doing this i have now lost all my top teeth and can't afford a top denture due to being ripped off with fake coins...Does any one know where they sell second hand dentures? 
14/03/2012 17:32
14/03/2012 19:56
16/12/2011 12:59
15/12/2011 22:54
there are a lot of fake notes, not just english version of the pound, but of all 4 members of the union versions of the pound! scammed by crooks and anyone in britain could land up with a fake, note or coins, i have seen english, scot, welsh and north ireland notes and all of them have been targeted by the scammers, so all need to watch out for them, if you know where you got the note or coin take it back to the shop where you got it, i landed up with a fake and i taken it back to the shop that give me it, and they give me the right note in a refund! but it is a pain when you find yourself with one. no matter where you are in britain.
15/12/2011 18:59
15/12/2011 15:09
"Decorative swirls under the Queen's portrait spell out the value of the note in alternating letters and numerals. These are impossible to decipher with the naked eye, so a magnifying glass is needed. The swirls of text on the £10 note are shown above."
Incorrect - I can read the smallest print on all of the notes. But that wasn't the point being made, obviously.
Report
Are you sure you want to delete this comment?
latest money videos
more on msn money
Fed up with low savings rates and high borrowing rates? As Dave Fishwick and his Bank of Dave has demonstrated, there are other options out there.
US couple have found an innovative solution to the problem of sky-high house prices.
The two banks have now joined the Post Office's banking network, meaning customers can make withdrawals and deposits at branches around the UK.
Get 5p off per litre of fuel at Shell, broadband from £2 a month and more in our latest discount and freebie round-up.
Lifestyling is supposed to mean that your pension pot becomes more secure the nearer you get to retirement. Yet your pension provider might be switching you to overpriced and therefore riskier investments.
If you want to borrow a larger sum of money and repay it over time, a conventional personal loan is not always your best option.
Look out for these warning signs when house-hunting
Analysts at Barclays calculate Co-op – whose debt has been downgraded to junk – could need £1.8bn in worst case scenario
Government measures responsible for pickup in demand that has yet to be matched by increase in supply, says Rics
Majority of Brits feel no more optimistic about their finances despite economic revival
![Travellers often face hefty fees while abroad [Image © PA] Image © PA](http://db2.stb.s-msn.com/i/22/63AFC34E4B2C59772D8A39F7E616DB_h85_w116_m4.jpg "Travellers often face hefty fees while abroad [Image © PA] Image © PA")
The two banks charge the highest fees for withdrawing money overseas using their debit cards.
