A taxi driver in Nottinghamshire recently spotted counterfeit banknotes by their look and feel, highlighting how even modern polymer notes can sometimes be faked. Counterfeit notes are rare, making up just a tiny fraction of 1% of all banknotes in circulation, according to Rhys Phillips, chief cashier of the Bank of England. In 2025, only 200,000 counterfeit notes with a notional face value of £3.97m were discovered, a significant drop from the 747,000 fake notes worth £13.73m found in 2012.
Phillips emphasizes that polymer notes are difficult to counterfeit due to their substrate, but some fake notes still slip through. Key security features to check include the hologram, which should switch between the note's value and the word "Pounds," and the see-through window, which should appear gold on the front and silver on the back. If these features look incorrect, the note is likely counterfeit.
Counterfeit notes often originate from overseas and are distributed through social media or online platforms. Phillips advises rejecting any suspicious notes and contacting local police, who may use them as evidence. The Bank of England will analyze the notes and reimburse individuals if the note turns out to be genuine. However, counterfeit notes are valueless and cannot be reimbursed.
The Nottingham taxi driver acted correctly by alerting the police, though Phillips cautions against risking personal safety. Counterfeiting remains a serious issue, but advancements in polymer notes have made it much harder for criminals to produce convincing fakes.