The notes, with a face value of £53,000, were found after an intelligence-led operation.
Two men aged 35 and 39 and a woman aged 43 are being held by police before appearing in court in connection with the raids.
Detectives searched three addresses - two in Glasgow and one in Ayrshire.
They found the suspected fake Royal Bank of Scotland notes at addresses in Queens Crescent, St George's Cross and Mavisbank Gardens in Glasgow, and at Ardfin Road in Prestwick.
Police urged people to check any notes that they are given and to contact police if they think any are counterfeit.
A spokeswoman said: "Counterfeit bank notes can be readily distinguished from genuine bank notes by carefully checking them."