to judge the potency of molecules in a solution, PPM in the counterfeit sense refers to the number of fake banknotes found in circulation for every one million genuine notes. In 1990, Canada's counterfeit ratio was just 4 PPM, ranking its currency among the most secure in the world. By the late 1990s, the rise of powerful and affordable home computers, store-bought graphics software, easy-to-use scanners and colour ink-jet printers were breeding a new generation of counterfeiters. The number of fake Canadian bills rose as high as 117 PPM by 1997. In 2004 Canada's counterfeit rate had ballooned to 470 PPM. In 2012, the counterfeiting rate had fallen to its lowest point, at 28 PPM. It has since started modestly rising to 36 PPM in 2014. The Bank of Canada's medium-term planning target is to stay below 30 PPM. Most G20 nations used 50 PPM as their benchmark to stay below. History The first paper money issued in Canada denominated in dollars were British Army notes, issued between 1813 and 1815 in denominations between $1 and $400. These were emergency issues due to the War of 1812. The first banknotes were issued in 1817 by the Montreal Bank. Chartered banks Large numbers of chartered banks were founded in the 1830s, 1850s, 1860s and 1870s, although many issued paper money for only a short time. Others, including the Montreal Bank (later called the Bank of Montreal), issued notes for several decades. Until 1858, many notes were issued denominated in both shillings/pounds and dollars (5 shillings = $1 therefore 1 pound = $4). A large number of different denominations were issued, including $1, $2, $3, $4, $5, $10, $20, $25, $40, $50, $100, $500, $750 and $1,000. After 1858, only dollar denominations were used. The Bank Act of 1871 limited the smallest denomination the chartered banks could issue to $4, increased to $5 in 1880. To facilitate purchases below $5 without using Dominion notes, some charted banks issued notes in unusually domesticated denominations, such as the $6 and $7 notes issued by the Molsons Bank in 1871. Colonial governments Before Canadian Confederation, dollar-denominated notes were issued by the governments of the Colony of British Columbia, the Province of Canada, Nova Scotia, and Prince Edward Island. Of these, the Province of Canada, established in 1841, was the most prolific issuer of paper money. Notes were produced for the government by the Bank of