The European Central Bank's latest report on euro note counterfeiting shows that "The €50 was the most counterfeited banknote in the first half of 2007, accounting for around a half of the total counterfeits found in circulation."

Total number of fake euros found in the first half of 2007 was listed as 265,000, meaning fake €50s seized numbered about 132,500 notes with a face value of €6,625,000. That's $9,138,127.50 in today's U.S. dollars.

Actually, 265,000 out of about 11 billion notes in circulation isn't bad.

Fakers' fondness for the €50 is not new. It has been the denomination of choice for counterfeiters nearly continually since the euro's introduction to circulation in January 2002. The €50 was the most counterfeited denomination until 2006, when the €20 took the lead. Now the €50 has reemerged on top, but notably the €100 fakes are coming on strong.

Altogether, these three denominations have typically made up 85-90 percent of all euro fakes seized.

The ECB reports on this twice a year. For perspective, here are the totals from previous reports:

2002/1 - 21,965 fakes removed from circulation in this six-month period
2002/2 - 145,153 "

2003/1 - 230,534 "
2003/2 - 311,925 "

2004/1 - 307,223 "
2004/2 - 287,000 "

2005/1 - 293,000 " (the €50 made up 62% of this total)
2005/2 - 286,000 "

2006/1 - 300,000 " (the €20 took the lead this period, 44% vs. the €50's 36%)
2006/2 - 265,000 " (the €20 held its lead, at 36% vs. the €50's 31%)

2007/1 - 265,000 " (the €50 reemerges at 50% vs. the €20's 15%)