Fraudsters change focus from notes to coins...

Check your change!!

Following an investigation into the circulation of counterfeit €2 a number of searches were carried out at the end of July 2022 according to An Garda Siochana.

During these searches, €2 coins with an apparent face value of €2,920 were seized. These coins have been examined and confirmed to be counterfeit currency. This is the first large seizure of counterfeit coins in this jurisdiction.

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 €73986.62 have been frozen in bank accounts.

Gardai are advising members of the public that information on counterfeit currency is provided on the Central Bank Website:

How do I Check if my Coin is a Counterfeit?

To examine suspect coins the following techniques could be used:

Visual inspection (possibly with a magnifying glass).

As compared with a known genuine coin, the suspect coin will have:

Poor quality image detail.

Different colour ring and/or core.

Edge lettering missing, incorrect spelling or font (using similar country coin).

Different sizes.

Thickness, diameter.

Different sized ring or core.

Different weight.

Hardness Test

Some counterfeits bend, try bending the coin.

Magnet Test

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, non-magnetic, or just the ring is magnetic due to the materials used.

Genuine 50 cent coins are non-magnetic.

You could also compare the suspect note or coin with a known genuine specimen.

What to do if you Suspect you Have a Counterfeit Banknote or Coin?

If you believe you are in possession of a suspect counterfeit you are obliged to submit it to your local financial institution, the Gardaí, or the Central Bank’s National Analysis Centre (NAC) or Coin National Analysis Centre (CNAC).