Circulating fake €2 coins seized by officials in Ireland
- Published: Aug 16, 2022, 11 AM
A large-scale seizure of counterfeit coins in Ireland netted nearly $3,000 U.S. worth of fake €2 coins.
The Central Bank of Ireland and An Garda Síochána, the nation’s police service, announced Aug. 3 that the fakes were discovered after a joint investigation in late July.
Multiple reports of suspicious €2 coins in circulation near Raheny (a northern suburb of Dublin) led to a number of searches, which uncovered 1,460 suspected counterfeit coins with an apparent face value of €2,920 ($2,978 U.S.).
These coins have been examined and confirmed to be counterfeit.
As a result of this operation one person was charged and brought before the courts, at the end of July 2022, and assets to the value of €73,986.62 ($75,449 U.S.) have been frozen in bank accounts, according to the joint announcement, which did not disclose the suspect’s name or the disposition of the case.
Both the police agency and the central bank pointed to information at the latter’s website to help identify fake euro coins, at www.centralbank.ie/consumer-hub/notes-and-coins/suspect-counterfeits.
Tips to identify fakes
Holders of suspect coinage should visually inspect the coins, possibly with a magnifying glass, to compare the suspect pieces with known genuine coins.
The bank recommends the following checklist for a suspect coin:
➤ Poor quality image detail
➤ Different color ring and/or core
➤ Edge lettering missing, incorrect spelling or font (when comparing coins of a specific country)
➤ Different sizes
➤ Thickness, diameter
➤ Different sized ring or core
➤ Different weight
➤ Some counterfeits bend; try bending the coin.
➤ Genuine €2 and €1 coins are slightly magnetic.
➤ Using a magnet you should be able to lift the coin up, but with the weight of the coin and the slight magnetism you should be able to shake the coin off the magnet with ease.
➤ Most counterfeit €2 and €1 coins are either very magnetic, nonmagnetic, or just the ring is magnetic due to the materials used.
➤ Genuine 50-cent coins are nonmagnetic.
➤ Compare the suspect coin with a known genuine example.
According to the bank, someone in possession of a suspect counterfeit is obliged to submit it to the local financial institution, the Gardaí, or the Central Bank’s National Analysis Centre or Coin National Analysis Centre.
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