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03
Jun

Currency Counting Machines Battling Counterfeiting Since 1980

Written by admin. Posted in Case management solution, Cheque or check, What is a cash recycler

Currency counter machines

Counterfeiting is a crime that has been around for centuries — if not longer. You could argue that counterfeiting has been around since, well, money itself! In modern times, especially beginning in the 19th century when banks printed their own money, counterfeiting has been a huge problem. Did you know, for instance, that the famous United States Secret Service was created in 1865, just months after the American Civil War ended, to go after counterfeiting operations? Though the Secret Service has since expanded its operations, it still investigates counterfeiting crimes today, as do many other government agencies in the U.S., Canada, and countries throughout the world. Just a few days ago, an American in Pennsylvania was sentenced to four years in prison for creating fake $100 notes!

One way governments and financial institutions have combated the counterfeiting issue in recent times is using currency counter machines. Commercial coin counting machines are electronic pieces of equipment that automatically count, sort, and identify bills and coins. Around since 1980, currency counting machines are one of the more popular cash management solutions available today. These machines use high speed scanners to instantly identify currency. Once identified, the machines quickly sorts them into organized stacks, making the transfer of the money much easier.

Although these machines are mainly used by commercial institutions (such as banks) and government agencies (such as Canada’s Treasury Board), they have recently been seen by everyday people outside of the financial industry. Many ATMs have installed smaller versions of these machines to accept cash and cheque deposits. Now, bank customers can simply deposit their hard-earned money into the ATMs themselves, which use currency counting technology to properly record the transaction. Depositing money and cheques has never been easier with currency counter machines.

For more information about commercial coin counting machines, feel free to leave a comment or question at the bottom.

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