In his celebrated paper "Conjugate Coding" (written around 1970), Stephen Wiesner proposed a scheme for quantum money that is unconditionally impossible to counterfeit, assuming that the issuing bank has access to a giant table of random numbers, and that banknotes can be brought back to the bank for verification. In Wiesner's scheme, each banknote consists of a classical "serial number" $s$, together with a quantum money state $|\psi_s\rangle$ consisting of $n$ unentangled qubits, each one either

$$|0\rangle,\ |1\rangle,\ |+\rangle=(|0\rangle+|1\rangle)/\sqrt{2},\ \text{or}\ |-\rangle=(|0\rangle-|1\rangle)/\sqrt{2}.$$

The bank remembers a classical description of $|\psi_s\rangle$ for every $s$. And therefore, when $|\psi_s\rangle$ is brought back to the bank for verification, the bank can measure each qubit of $|\psi_s\rangle$ in the correct basis (either $\{|0\rangle,|1\rangle\}$ or ${|+\rangle,|-\rangle}$), and check that it gets the correct outcomes.

On the other hand, because of the uncertainty relation (or alternatively, the No-Cloning Theorem), it's "intuitively obvious" that, if a counterfeiter who *doesn't* know the correct bases tries to copy $|\psi_s\rangle$, then the probability that *both* of the counterfeiter's output states pass the bank's verification test can be at most $c^n$, for some constant $c<1$. Furthermore, this should be true regardless of what strategy the counterfeiter uses, consistent with quantum mechanics (e.g., even if the counterfeiter uses fancy entangled measurements on $|\psi_s\rangle$).

However, while writing a paper about other quantum money schemes, my coauthor and I realized that we'd never seen a rigorous proof of the above claim anywhere, or an explicit upper bound on $c$: neither in Wiesner's original paper nor in any later one.

So, *has* such a proof (with an upper bound on $c$) been published? If not, then can one derive such a proof in a more-or-less straightforward way from (say) approximate versions of the No-Cloning Theorem, or results about the security of the BB84 quantum key distribution scheme?

**Update:** In light of the discussion with Joe Fitzsimons below, I should clarify that I'm looking for more than just a reduction from the security of BB84. Rather, I'm looking for an *explicit upper bound* on the probability of successful counterfeiting (i.e., on $c$)---and ideally, also some understanding of what the optimal counterfeiting strategy looks like. I.e., does the optimal strategy simply measure each qubit of $|\psi_s\rangle$ independently, say in the basis

$$\{ \cos(\pi/8)|0\rangle+\sin(\pi/8)|1\rangle, \sin(\pi/8)|0\rangle-\cos(\pi/8)|1\rangle \}?$$

Or is there an entangled counterfeiting strategy that does better?

**Update 2:** Right now, the best counterfeiting strategies that I know are (a) the strategy above, and (b) the strategy that simply measures each qubit in the $\{|0\rangle,|1\rangle\}$ basis and "hopes for the best." Interestingly, *both* of these strategies turn out to achieve a success probability of (5/8)^{n}. So, my conjecture of the moment is that (5/8)^{n} might be the right answer. In any case, the fact that 5/8 is a *lower* bound on c rules out any security argument for Wiesner's scheme that's "too" simple (for example, any argument to the effect that there's nothing nontrivial that a counterfeiter can do, and therefore the right answer is c=1/2).

**Update 3:** Nope, the right answer is (3/4)^{n}! See the discussion thread below Abel Molina's answer.

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