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Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...)

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A £5 note (White fiver) forged by Sachsenhausen concentration camp prisoners

Operation Bernhard was an exercise by Nazi Germany to forge British bank notes. The initial plan was to drop the notes over Britain to bring about a collapse of the British economy during the Second World War. The first phase was run from early 1940 by the Sicherheitsdienst (SD) under the title Unternehmen Andreas (Operation Andreas). The unit successfully duplicated the rag paper used by the British, produced near-identical engraving blocks and deduced the algorithm used to create the alpha-numeric serial code on each note. The unit closed in early 1942 after its head, Alfred Naujocks, fell out of favour with his superior officer, Reinhard Heydrich.

The operation was revived later in the year; the aim was changed to forging money to finance German intelligence operations. Instead of a specialist unit within the SD, prisoners from Nazi concentration camps were selected and sent to Sachsenhausen concentration camp to work under SS Major Bernhard Krüger. The unit produced British notes until mid-1945; estimates vary of the number and value of notes printed, from £132.6 million up to £300 million. By the time the unit ceased production, they had perfected the artwork for US dollars, although the paper and serial numbers were still being analysed. The counterfeit money was laundered in exchange for money and other assets. Counterfeit notes from the operation were used to pay the Turkish agent Elyesa Bazna—code named Cicero—for his work in obtaining British secrets from the British ambassador in Ankara, and £100,000 from Operation Bernhard was used to obtain information that helped to free the Italian leader Benito Mussolini in the Gran Sasso raid in September 1943. (Full article...)

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The one hundred euro note (€100) is one of the higher value euro banknotes and has been used since the introduction of the euro (in its cash form) in 2002. The note is used in the 25 countries (and Kosovo) that have adopted the euro as their sole currency, representing some 350 million people. In July 2024, there was an estimated 3,987,000,000 hundred euro banknotes in circulation in the eurozone. The note is the third most widely-circulated denomination, accounting for 13.3% of the total banknotes.

The design of the Europa series 100 euro banknote was revealed on 17 September 2018 and launched on 28 May 2019. (Full article...)

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In the news

5 March 2025 –
The U.S. Attorney's Office for the District Court of Vermont indicts and charges 25 Canadians for conspiracy to defraud elderly people in the United States out of US$21 million and charges five of those 25 with conspiracy to commit money laundering. (NPR)
27 February 2025 –
The prosecutor's office in Paris, France, closes a criminal complaint case by the Democratic Republic of the Congo (DRC) against technology company Apple for alleged money laundering and deceptive business practices related to the purchase of minerals in the DRC from armed militias. It is one of the DRC's two lawsuits, with another in Belgium. (Reuters)

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