Decrease recorded in euro coins removed from circulation

Investors looking to make a currency exchange online may be interested to hear the number of counterfeit euro coins removed from circulation has decreased.

The European Commission has released the latest figures from its 2011 report into fake denominations, revealing 157,000 coins were seized last year.

This is down 15 per cent from 186,000 in 2010, with the two euro coinage found to remain the most counterfeited euro at almost two-thirds of the total detected.

It is claimed the low level of fake money found in 2011 is down to the combined efforts of the member states, the Commission's anti-fraud office and other European institutions.

EU commissioner responsible for Anti-Fraud Algirdas Semeta commented: "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."

The specialist added the euro is "well protected" through the commission's combined efforts and claimed the various bodies will continue to "detect illegal money and root out these illegal activities across Europe".

With the overall number of counterfeit coins coming in at less than 200,000, this was noted as a small percentage of the 16 billion genuine euro coins in circulation.

This mean a fake denomination accounts for one in every 100,000 real offerings.

Initiatives including the introduction of new legislation, technical analysis and cooperation, as well as law enforcement coordination and judicial cooperation were cited as reasons why the fight against counterfeit money has been increasingly successful.

In addition, the adjustment of vending and other coin-operated machines has been widely encouraged as these will then reject fake euros.

The news comes after the European Central Bank recently warned the public to be on alert as dozens of counterfeit banknotes are thought to still be in circulation.

Posted by Thomas Smith

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