Counterfeiting of money

Ø 1) Read the text and say what the most adequate summary of the text is:

a) The text is about counterfeiting, the skill of making illegal copies of banknotes, products and tickets to trick people, and the ways of punishing for it.

b) The text deals with counterfeiting, which is making illegal copies of money, both paper and metal, and how this crime was punished in Europe and the USA. It is mentioned that counterfeiting should not be mixed with money art.

c) The text is about illegal making of banknotes, called counterfeiting, and the way of punishing this crime, which is very strict. All counterfeits are burned alive.

Counterfeiting is probably as old as money itself. Before the introduction of paper money, the main way of doing it was to mix base metals in what was supposed to be pure gold or silver. Also, individuals would “shave” the edges of a coin so that it weighed less than it was supposed to, a process known as clipping. This is not counterfeiting but the exponents could use the precious metal clippings to make counterfeits. A fourré e is an ancient type of counterfeit coin, in which a base metal core has been plated with a precious metal to look like its solid metal counter part.

Kings often dealt very harshly with the perpetrators of such deeds. In 1162, Emperor Gaozong of Song had promulgated a decree to punish the counterfeiter of Huizi to death and to reward the informant. The English couple Thomas Rogers and Anne Rogers were convicted on 15 October 1690 for “clipping 40 pieces of silver” (in other words, clipping the edges off silver coins). Thomas Rogers was hanged, drawn and quartered and Anne Rogers was burnt alive. The gruesome forms of punishment were due to the two acts being construed as “treason, ” rather than simple crime.

In America, counterfeiting also used to be punishable by death; for example, paper currency printed by Benjamin Franklin often bore the phrase “to counterfeit is death.” The theory behind such harsh punishments was that one who had the skills to counterfeit currency was considered a threat to the safety of the state, and had to be eliminated. Far more fortunate was an earlier practitioner of the same art, active in the time of the Emperor Justinian, who got the nickname Alexander the Barber. Rather than being executed, when he was caught the Emperor decided to employ his financial talents in the government’s own service.

A subject related to that of counterfeiting is that of money art, which is the art incorporating currency designs or themes. Some of these works of art are similar enough to actual bills that their legality is in question. While a counterfeit is made with deceptive intent, money art is not - however, the law may or may not differentiate between the two. JSG Boggs, the American artist, is best known for his hand-drawn, one-sided copies of US banknotes which he spends for the face value of the note.

Ø 2) Answer the questions:

a) Could you give examples of punishment for counterfeiting?

b) How old is counterfeiting?

c) What process is known as clipping?

d) What type of counterfeit is called “a fourree”?

e) Was Alexander the Barber punished for counterfeiting?

f) What is JSG Boggs?

6.10 QUIZ “ARE YOU A SPENDER OR A SAVER? ”

This simple quiz activity will let you know whether you are a spender or a saver by nature, or somewhere in between. Go through the quiz and mark the choice that you feel best describes how you spend and handle money.

1) When you go grocery shopping, do you write a shopping list?

a) never, b) sometimes, c) mostly always, d) always

2) How often do you go socializing?

a) 3-4 times a week, b) 1-2 times a week, c) once a month, d) hardly ever

3) If you have any spare money do you like to spend it:

a) on yourself, b) on your home, c) on children, d) save it for the future?

4) If you have lots of change, how do you get rid of it?

a) You spend it, b) You give it to someone as a tip, c) You give it to your children, d) You save it in a piggy bank to let it build up.

5) Which of the following best describes your feelings about money?

a) If you’ve got it you spend it. b) Your outgoings are always more expensive than your income. c) You try to save a little money each week but usually end up having to spend this money on unexpected bills. d) You save a little each week or month regularly.

6) If your cooker breaks down, what will you do?

a) Go without - I don’t have money to buy a new one. b) Buy one on credit. c) Get help from social security. d) Buy one – you always have money for emergencies.

7) You inherit $1000. What do you do with this money?

a) Treat yourself. b) Buy presents for your friends and family. c) Save it. d) Pay off your debts.

8) How many of the following do you owe: a pension, investments, shares, credit cards, a savings account, a cheque account, household insurance?

a) You have 0-2, b) You have 3-4, c) You have 5-6, d) You have 7.

KEYS TO THE QUIZ “ARE YOU A SPENDER OR A SAVER? ”

Mostly a’s. If you fall into this group you find money tends to disappear as quickly as it appears. You like to treat yourself and think that life is for living, so whilst you can afford it or have no commitments you will enjoy yourself. However, be careful that too much living for the moment doesn’t mean getting into debt.

Mostly b’s. People in this group like to spend some money on themselves and family but sometimes the money just won’t go round. It might be worth thinking about how you could reduce your outgoings and perhaps be a little less generous to others and save this money instead.

Mostly c’s. You are normally OK with money and have got quite a good balance between saving and spending, although at times you can be caught out. However, you do think about saving and have at times got some money you can fall back on when you need to.

Mostly d’s. You are very good with money. You may not have thousands of pounds stashed away in the bank but you do try to put some money aside for middle and long term plans. However, you sometimes may feel as if you are saving for the future and not enjoying the here and now. Sometimes a little enjoyment does us all good and perhaps balancing this out a little more may make saving feel much more worth it in the end.