ST. CROIX -- Lieutenant Governor Osbert Potter, who also serves as chairman of the Virgin Islands Banking Board, is warning the territory's residents, specifically on this island, to be mindful of counterfeit bills currently in circulation, according to a recent press release issued by Mr. Potter's office. The Virgin Islands Police Department has issued multiple releases this year warning residents of the fake bills. However, local banks have reported to the Division of Banking and Insurance an increase in the circulation of those bills.
The counterfeit bills are being presented in $10, $20, $50 and $100 notes, according to the release, drawing similarities to former warnings issued by the government. On a single note, the serial numbers are the same, on multiple notes, the serial numbers are different, the release added. For example, all $20 notes will have the same serial numbers, and all $50 notes will have a different serial number.
The release made known that local banks adhere to strict policies and operational procedures when counterfeit bills are turned in by customers. This includes retaining the bills and submitting them to the United States Secret Service. Individual banks have implemented an educational process with their staff about the proper procedures for handling counterfeit bills, it added. When a customer presents a counterfeit bill at a local bank, the bank accepts the bill, customers are informed that the bill cannot be exchanged; however a receipt for the retention of the bills is issued to the customers.
“The circulation of counterfeit bills in the territory is a very serious matter. It is illegal to possess, produce, or use counterfeit money," Mr. Potter said. "The public is urged to be cognizant of counterfeit bills and to report immediately to the Virgin Islands Police Department any bills that may be suspicious."
The following methods can be used to help you identify counterfeit money:
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