Introduction

In this point in time where society has become more dependent on technology, the world the more connected in ways that are once thought to be a very distant future. With these advances in technology, the need for resources has become more demanding. For this reason, unscrupulous individuals and organizations find ways and means of creating counterfeit or fake items. In recent years this form of criminal activity has been steadily growing. Thus damaging countries’ economies and the society at large. Counterfeit notes can be authenticated using various methods including; the feel of the Paper, tilt of the note, performing a check with light and also, checking not with UV light.

Counterfeit currency varies from the low quality color scanner/printer-based notes to high quality counterfeits whose production is sponsored by hostile states. Due to their harmful effect on the economy, detecting counterfeit currency notes is a task of national importance. However, automated approaches for counterfeit currency detection are effective only for low quality counterfeits; a manual examination is required to detect high quality counterfeits. Furthermore, no automatic method exists for the more complex – and important – problem of identifying the source of counterfeit notes (Sarkar et al, 2013).

Jamaica originally adopted their monetary system from the United Kingdom where the currency was known as the “Sterling Exchange Standard”. At this time Jamaica was a dependent territory to the British. (Analyst, 1953) After independence in 1952, the Sterling was exchanged for the Jamaican Dollar (sign: $, code: JMD).

To mitigate counterfeit currency notes, various distinguishing security features have been put in place. The Bank of Jamaica currency notes are issued in Five (5) denominations namely Fifty Dollar ($50) Currency Note, One Hundred Dollar ($100) Currency Note, Five Hundred Dollar ($500) Currency Note, One Thousand Dollar ($1000) Currency Note and Five Thousand Dollar ($5000) Currency Note.

This paper will focus on the examination of the Bank of Jamaica Five Thousand Dollar ($5000) Currency Note, which was introduced in the year 2009. It is the highest value currency used in Jamaica and bears the portrait of The Rt. Honourable Hugh Shearer at the front of the note. The Rt. Honourable Hugh Lawson Shearer who was Jamaica’s third Prime Minister was born on May 18, 1923, in the parish of Trelawny, Jamaica. Shearer served as Prime Minister from April 11, 1967, to March 2, 1972.

He was appointed Assistant General Secretary of the Bustamante Industrial Trade Union in 1947, then in 1953, he was appointed Island Supervisor, Vice President in 1969 and President in 1977. In 1992, Shearer was elected as the Chairman of the Joint Trade Unions Research Centre. He received The Order of Jamaica twice in 1990 and 2002 respectively. (jis.gov.jm).