United States Secret Service’s Role in Currency Counterfeit Prevention
Monday, December 15th, 2008
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Most ordinary U.S. citizens might not associate the Secret Service with our Nation’s currency. In fact, perhaps one of the best known services of the United States Secret Service is protecting our nation’s leaders, especially the President. However, the Secret Service plays a vital role in protecting our currency and in turn, our economy. Currently a division of the United States Department of Homeland Security, the Secret Service is responsible for two very distinct areas of responsibility. First, and notably the most well-known, Secret Service Agents serve in protective roles as to preserve the safely of our nation’s leaders and their families. Second, and less publically noted, the Secret Service is responsible for the prevention and investigation of crimes involving US currency and treasury bonds.
In 1865, the U.S. Secret Service was first established for the specific purpose of combating the counterfeiting of money. At the time, it was reported that one-third to one-half of all the currency in circulation in the U.S. was counterfeit. In fact, in the midst of the Civil War, with somewhere around 7,000 different bills in circulation, it became almost impossible to detect a counterfeit bill from a legitimate one. Therefore, the United States Secret Service was born in order to prevent any further damage to the nation’s struggling economy.
In 1967, the agency took on additional responsibilities which included investigating those suspected of perpetrating frauds against the government and also served other role of investigating a broad range of crime areas including everything from robberies, murders, the Ku Klux Klan, non-conforming distillers, land fraud, smugglers all the way to illegal gambling.
Today, the Secret Service is now a division of the Department of Homeland of Security and although the roles assumed by the Secret Service in its early days have since been passed on to other agencies including the FBI, ATS, and IRS, the Secret Service retains primary jurisdiction over all areas of counterfeit U.S. currency and treasury notes as well as its special duty of protecting the president, first lady, and other U.S. dignitaries. The agency also tracks suspicious individuals and steps in to access local crimes when necessary.
One of the oldest crimes in our nation’s history is counterfeit money. Although today’s money has many more preventative measures in place to protect our currency, counterfeiting remains a very real danger for our nation’s economy. In fact, due to modern technologies available to thieves, such as photographic and printing equipment, it has become easier and easier for thieves to commit counterfeiting fraud, therefore, requiring the Secret Service in combination with the U.S. Mint to enact more and more security features into our nation’s currency.
Due to the nature of its role, many details surrounding the Secret Service are kept “secret”. Many of the agents’ identities are kept confidential for their own protection as well as the protection of their job duties. In fact, even the wives and families of some secret service agents do not know their husbands and fathers as Secret Service Agents. Whereas, many agencies require uniforms of their agents, the Secret Service uniforms are designed to blend in with the role they are performing and can range from tuxedos to business suits to jeans.
In conclusion, the United States Secret Service plays a crucial role in the safety of our nation. It protects some of the most important persons in our nation all the way from the President and First Family, to other political figures and embassies. However, its role in protecting our currency is perhaps as crucial to our economy as any other role assumed by the agency.
