Rogers was burnt alive. The gruesome forms of punishment
were due to the two's 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."[2] 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.
Modern counterfeiting begins with paper money. Nations have used counterfeiting
as a means of warfare. The idea is to overflow the enemy's economy with
fake bank notes, so that the real value of the money plummets. Great Britain
did this during the Revolutionary War to reduce the value of the Continental
Dollar. Although this tactic was also employed by the United States during
the American Civil War, the fake Confederate currency it produced was of
superior quality to the real thing.
A form of counterfeiting is the production of documents by legitimate
printers in response to fraudulent instructions. An example of this is
the Portuguese Bank Note Crisis of 1925, when the British banknote printers
Waterlow and Sons produced Banco de Portugal notes equivalent in value
to 0.88% of the Portuguese nominal Gross Domestic Product, with identical
serial numbers to