Federal law, primarily Title 18 of the United States Code, provides for the punishment of counterfeiting the securities and current coin of the United States.
Specifically, 18 U.S. Code § 471 addresses obligations or securities of the United States. It makes it a federal crime to falsely make, forge, counterfeit, or alter any obligation or other security of the United States with the intent to defraud.
- Prohibited Activities: It is illegal to make, forge, alter, or counterfeit United States currency or securities with intent to defraud. This also includes holding, passing, publishing, selling, or attempting to pass counterfeit currency with fraudulent intent, as well as buying, transferring, receiving, or delivering counterfeit currency intended to be passed as genuine. Possessing equipment like plates, images, or dies with the intent to use them for counterfeiting is also prohibited. The law extends to counterfeiting acts committed outside the United States.
- Intent to Defraud: A conviction requires proving the defendant acted with the intent to defraud; simple possession without this knowledge or intent is insufficient.
- Definition of Counterfeit: Counterfeit money must be similar enough to genuine currency to potentially deceive an ordinary person.
- Penalties: Penalties can be severe, including up to 20 years in federal prison and a fine of up to $250,000 for making, using, or dealing in counterfeit currency with fraudulent intent. Possessing tools for counterfeiting foreign currency can result in a fine up to $250,000 and up to 25 years in prison.
Note: While primarily a federal crime, some states also have laws addressing counterfeiting.
What does it mean to provide for the Punishment of counterfeiting the Securities and current coins of the United States?
The power conferred upon Congress by the fifth and sixth clauses of the eighth section of the first article of the Constitution of the United States, viz., “1 To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures “; “To provide for the punishment of counterfeiting …
Which branch provides Punishment for counterfeiting?
Thanks for asking. Article I, Section 8, Clause 6: [ The Congress shall have Power . . . ] To provide for the Punishment of counterfeiting the Securities and current Coin of the United States; . . .
What is Article 1 Section 8 Clause 6 in simple terms?
Article I, Section 8, Clause 6 is known as the counterfeiting clause. The Supreme Court has interpreted it to mean that Congress prohibits the creation of counterfeit coins or money. However, clause 6 does not ban the use of counterfeit money in financial transactions. (Fox v.