Euro Counterfeits (Coins and Notes)

Started by chrisild, January 21, 2011, 01:53:01 PM

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chrisild

Fewer counterfeit euro notes were found and taken out of circulation in the euro area last year (more precisely, in the second half of 2010). According to the European Central Bank, "a total of 364,102 counterfeit euro banknotes were withdrawn from circulation. This is a decrease of 5.9% on the quantity recovered in the previous six months." http://www.ecb.europa.eu/press/pr/date/2011/html/pr110117.en.html

The number of found counterfeit euro coins went up in 2010. The European Commission said it "increased by 8% compared to the year before, with a total of 186,000 coins seized." http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/47&format=HTML&aged=0&language=EN&guiLanguage=en

* The 2-euro coin remains by far the most affected by this criminal activity, representing almost 3 out of every 4 counterfeit coins.
* The number of seized counterfeit coins is very small compared to the total number of around 16 billion genuine euro coins of the three highest denominations currently in circulation: The ratio is 1 counterfeit for every 86 000 genuine coins.

Christian

FosseWay

I find it interesting that the 2 euro coin is apparently counterfeited more than the £2, despite both being bimetallic. I've never seen a counterfeit £2 in circulation, but have amassed huge numbers of fake £1s.

Is the difference between the 2 euro and £2 caused by some inherent difference in the two coins (i.e. the £2 is harder to forge for some reason), or is it because the forgers can still make a decent profit by concentrating on the much easier £1 in the UK, but couldn't in the eurozone because it would mean dropping down to the 50c, as the 1 euro is also bimetallic?

I wonder whether, if we change our £1 to something harder to forge, we'll see more £2 forgeries as a result?

Bimat

Some Indian morons counterfeit 5 Rupees coins (worth 8 euro cent or 6 pence) so I'm not surprised to see European morons doing the same with 2 euro coins ;D But how easy and affordable it is to counterfeit a bimetallic coin, I wonder?  ???

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

FosseWay

I have in my collection a counterfeit 1908 UK penny made of lead. I've often wondered about the intelligence of the person who made it, since (a) even back then 1d wouldn't buy you a whole lot, and (b) you might as well make a half-crown out of only slightly more metal and get 30 times the return.

Figleaf

I think the 2 euro coins are more attractive to forgers because they occur very often in circulation. A a consequence, people will examine them less carefully.

I also wonder whether some of the imitations we find were meant to be spent. Maybe some of them were used as toys made by crafty fathers, as props for magicians or as placeholders for poor collectors.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

chrisild

Just checked the figures for Germany and the Netherlands. As far as notes found in NL are concerned, the number has gone down too - for the first time in three years. http://www.dnb.nl/nieuws/nieuwsoverzicht-en-archief/persberichten-2011/index.jsp (For details, notes only, see the "Vervalsingen in cijfers" link.) In Germany it is the other way round: More counterfeited notes were found in 2010 but fewer fake coins. http://www.bundesbank.de/download/presse/pressenotizen/2011/20110117.falschgeld.php

Christian

Bimat

#6
Counterfeit euro coins down by 15%

by di-ve.com - editorial@di-ve.com
Local News -- 27 January 2012 -- 12:00CEST

The number of counterfeit euro coins removed from circulation has decreased by 15 per cent, down to 157,000 coins compared to 186,000 the year before.

The 2-euro denomination remains by far the most counterfeited euro coin, representing almost two thirds of all counterfeit euro coins detected. The low levels of counterfeit euro coins are the result of the combined efforts of the Member States, the Commission/OLAF (the EU's anti-fraud office) and the other European institutions.

The overall number of counterfeit coins is very small by comparison to the total number of around 16 billion genuine euro coins put into circulation of the three highest denominations (50c, 1€, 2€). This corresponds to 1 counterfeit for every 100,000 genuine coins.

Algirdas Šemeta, EU Commissioner responsible for Anti-Fraud said: "Shopkeepers, small businesses and citizens are particularly at risk of receiving fake coins and notes. Fighting counterfeit money is therefore crucial to protect honest taxpayers. I am very happy that the euro is well protected through the work of OLAF. We will continue our efforts to detect illegal money and root out these illegal activities across Europe."

Source
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

chrisild

Uh-oh. I can already see the headlines in the British press. "Even counterfeiters are ditching the euro!" ;D

Christian

chrisild

Two more texts (both in English) about euro counterfeiters - one is an ECB press release, the other one is an article from the Italian newspaper "La Repubblica".

Biannual information on euro banknote counterfeiting
(16 January 2012) In the second half of 2011 a total of 310,000 counterfeit euro banknotes were withdrawn from circulation. This means that the overall quantity of counterfeits withdrawn from circulation in 2011 was 19.3% lower compared with the figures for 2010. At the same time, there was an increase of 4.7% as regards the quantity recovered in the second half of 2011 compared with the previous six months. http://www.ecb.europa.eu/press/pr/date/2012/html/pr120116.en.html

A glut of fake euros
(La Repubblica, 23 March 2012) The region around the city of Giugliano, a strong-hold of the Neapolitan mafia, provides nearly half of the counterfeit euros in circulation. The network, whose international ramifications could destabilise the single currency, has distributed over a billion euros worth of notes since 2002. http://www.presseurop.eu/en/content/article/1678671-glut-fake-euros

Christian

Figleaf

"Another blow for the euro! Mafia productivity down!"

:D

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.