Number of forged euro notes hits record high

In the six months to January 354,000 notes were withdrawn from circulation, up from 312,000 in the first half of last year. The figure represents the biggest haul since euro banknotes were introduced in 2002.

However, the face value of the notes recovered fell from €19.3m ($25.9m) in the six months to June 2008 to €17.8m. The €50 banknote is usually the most counterfeited. But in the six months to January criminals switched to forging the €20 bill - a trend which accounted for the decline in the face value of the seized notes.

Of the notes seized, 43% were €20 bills, 34% were €50 bills and 17.5% of the €100 variety. Very few (about 5,310) €5 notes were seized. The ECB figures show no €500 forgeries.

The vast majority (98%) of forged notes were found in euro-area countries. 1% were found in other European Union member states and the remaining 1% in other parts of the world.

The ECB said the public should remain confident in the quality of the euro notes and their security features.

"Since the number of genuine euro banknotes in circulation is also increasing, the scale of counterfeiting remains small," the ECB said. "The eurosystem continues to invest much effort in ensuring that both the public and the professional cash-handling community are well informed about how to recognise a counterfeit banknote."

Click here to read the ECB's statement