EC reports significant increase in the number of fake euro coins

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The European Commission has today released its report on counterfeit euro coins for 2023.The report mentions a 62% increase in the number of counterfeit euro coins that were found in circulation in 2023, compared to 2022.

Most counterfeit coins were found in circulation in Germany (115,000 pieces), Italy and Greece (both 75,000 pieces), while a significant amount was also found in circulation in Kosovo and Montenegro (70,000 pieces in total). The highest increase was found in Austria which seized 45,000 counterfeit coins, a 360% increase compared to the previous year.

In its report, the European Commission mentions that many fakes are being made by 2 specific counterfeiting rings that are currently being investigated by law enforcement.

Despite the increase in counterfeit coins, the report does not mention plans for the introduction of more advanced security features.

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As long as they are actually on the trail of the counterfeiters (the figures seem to indicate a Balkan country source), there is no need to incur the expense of introducing a new design with different security features. However, the design is now some 25 years old. Some designs are much older, but the case for a design overhaul, at least for the one and two euro, will grow stronger every year.

Peter