The history of counterfeiting is almost as extensive as the history of money itself.
It’s said that even the first electrum coins in Lydia were regularly faked, and coming across counterfeit coins in Ancient Rome was a daily occurrence. Roman Emperors, like other rulers, also famously did their own counterfeiting, debasing the metal in coins and trying to pass them off as having higher value.
The problem of funny money remained an issue for society even thousands of years later. For example, at the start of the U.S. Civil War in 1861 – when banks still issued their own currencies – it was estimated that half of the banknotes in circulation were forgeries.
Banknote Security Features
And as we move towards a more digital world, the cat and mouse games between authorities and counterfeiters continues.
Today’s infographic comes to us from TitleMax and it details 10 popular banknotes from around the world, including the anti-counterfeiting measures that have been taken for each note.
Through centuries of collective experience, advances in technology, and many episodes of trial and error, the latest fiat banknotes have impressive security features that blow previous generations out of the water.
Common Security Features Used
Many national mints have adopted similar anti-counterfeiting technologies for their banknotes:
Plastic money: In Canada, authorities were starting to find 470 counterfeits for every one million legitimate banknotes that existed – a rate almost 10x as high as other G20 countries. In light of this problem, the Bank of Canada recently introduced polymer notes that make counterfeiting considerably more difficult.
Polymer banknotes were pioneered in Australia in 1988, and like Canada, many countries have made the switch to polymer including the United Kingdom, Malaysia, Chile, New Zealand, and Mexico.
Holograms: More than 300 denominations in 97 currencies use holograms for protection, making them one of the most common security features globally. They can be incorporated into designs by the way of security threads, stripes, patches and window features.
Watermarks: One of the most common security features, watermarks are created by using different thicknesses of paper in the printing process. When hit with light, an image will be illuminated.
Microtext: Tiny text, which can only be read with a magnifying glass, is a common safety feature on many bills globally.
Color-changing features: Roughly 42% of banknotes issued since 2011 use color-changing features in which parts of the note change color to the viewer depending on the angle.
Security thread: Many notes use this security feature, which consists of a thin ribbon that is threaded through the note’s paper.
Invisible marks: Notes can also incorporate ink or markings that are only visible in fluorescent or infrared light, making them invisible to the naked eye.
Visualizing U.S. GDP by Industry in 2023
Services-producing industries account for the majority of U.S. GDP in 2023, followed by other private industries and the government.
Visualizing U.S. GDP by Industry
The U.S. economy is like a giant machine driven by many different industries, each one akin to an essential cog that moves the whole.
Understanding the breakdown of national gross domestic product (GDP) by industry shows where commercial activity is bustling and how diverse the economy truly is.
The above infographic uses data from the Bureau of Economic Analysis to visualize a breakdown of U.S. GDP by industry in 2023. To show this, we use value added by industry, which reflects the difference between gross output and the cost of intermediate inputs.
The Top 10 U.S. Industries by GDP
As of Q1 2023, the annualized GDP of the U.S. sits at $26.5 trillion.
Of this, 88% or $23.5 trillion comes from private industries. The remaining $3 trillion is government spending at the federal, state, and local levels.
Here’s a look at the largest private industries by economic contribution in the United States:
|Industry||Annualized Nominal GDP |
(as of Q1 2023)
|% of U.S. GDP|
|Professional and business services||$3.5T||13%|
|Real estate, rental, and leasing||$3.3T||12%|
|Educational services, health care, and social assistance||$2.3T||9%|
|Finance and insurance||$2.0T||8%|
|Arts, entertainment, recreation, accommodation, and food services||$1.2T||4%|
|Other private industries||$2.6T||10%|
Like most other developed nations, the U.S. economy is largely based on services.
Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP. In comparison, goods-producing industries like agriculture, manufacturing, mining, and construction play a smaller role.
Professional and business services is the largest industry with $3.5 trillion in value added. It comprises establishments providing legal, consulting, design, administration, and other services. This is followed by real estate at $3.3 trillion, which has consistently been an integral part of the economy.
Due to outsourcing and other factors, the manufacturing industry’s share of GDP has been declining for decades, but it still remains a significant part of the economy. Manufacturing of durable goods (metals, machines, computers) accounts for $1.6 trillion in value added, alongside nondurable goods (food, petroleum, chemicals) at $1.3 trillion.
The Government’s Contribution to GDP
Just like private industries, the government’s value added to GDP consists of compensation of employees, taxes collected (less subsidies), and gross operating surplus.
|Government||Annualized Nominal GDP |
(as of Q1 2023)
|% of U.S. GDP|
|State and Local||$2.1T||8%|
Figures may not add up to the total due to rounding.
State and local government spending, largely focused on the education and public welfare sectors, accounts for the bulk of value added. The Federal contribution to GDP amounts to roughly $948 billion, with 52% of it attributed to national defense.
The Fastest Growing Industries (2022–2032P)
In the next 10 years, services-producing industries are projected to see the fastest growth in output.
The table below shows the five fastest-growing industries in the U.S. from 2022–2032 in terms of total output, based on data from the Bureau of Labor Statistics:
|Industry||Sector||Compound Annual Rate of Output Growth (2022–2032P)|
|Computing infrastructure providers, data processing, and related services||Information||3.9%|
|Wireless telecommunications carriers (except satellite)||Information||3.6%|
|Home health care services||Health care and social assistance||3.6%|
|Oil and gas extraction||Mining||3.5%|
Three of the fastest-growing industries are in the information sector, underscoring the growing role of technology and digital infrastructure. Meanwhile, the projected growth of the oil and gas extraction industry highlights the enduring demand for traditional energy sources, despite the energy transition.
Overall, the development of these industries suggests that the U.S. will continue its shift toward a services-oriented economy. But today, it’s also worth noticing how services- and goods-producing industries are increasingly tied together. For example, it’s now common for tech companies to produce devices, and for manufacturers to use software in their operations.
Therefore, the oncoming tide of growth in service-based industries could potentially lift other interconnected sectors of the diverse U.S. economy.
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