The United States Secret Service would like you to Know Your Money!
http://www.secretservice.gov/know_your_money.shtml
A recently aired American Greed (
http://www.cnbc.com/id/40535918 ) covered a modern counterfeiter. It was actually pretty interesting. They figured out that phone book paper passes the pen test, and that it's half thickness so you can put two sheets together and it is just perfect. Which also means you can sandwich between those sheets fake USA 100 plastic bands and portrait outlines to fool the watermark test. And he figured out how to do the red+blue threads. And while you can't purchase the exact shades of color shifting ink the US uses on currency, you can buy stuff that's very close--as the counterfeiter stated, people aren't looking for specific colors, they're just looking to see if the color changes. (And North Korea, as it happens, purchased the rights to use a color shifting ink that is almost identical to that used on US currency from the same company the US gets it from--we only bought exclusive rights to our exact colors, not all those a hair's difference from it.)
What the guy never figured out how to do was the microprinting. But nobody ever checks that--when was the last time you saw someone pull out a jeweler's loop to check your $100?
I've never been too happy with the hot-potato theory of counterfeit law. Whoever ends up holding the bill when it's figured out to be a counterfeit is the loser. There is 0-benefit to turning in a suspected counterfeit--you simply lose the money and will probably get your name in a Secret Service file. And it's hard to figure out whom you are harming by continuing to pass bills you think may be fake--and after all, it's not YOUR job to detect these. So the bills just keep going from person to person even when people become suspicious of them.