Euro banknotes are not the only ones that suffer from counterfeiting. Either by exchanging with a foreign currency similar to the euro or directly with a fraudulent copy, when handling cash you must always be vigilant to avoid scams with currencies.
The coins, although in smaller quantities, are also a tool used by scammers to try to take advantage of consumers. According to data from the Bank of Spain, in 2022, 26,175 counterfeit coins were detected for a value of 49,472 euros. The most counterfeited was the 2-euro coin, with 23,838 seized units, for a value of 47,676 euros. It was followed by that of 1 euro, with 1,256 units, and that of 50 cents, with 1,081 and 540.50 euros in value. The possibility of finding one is low: they represent 6 for every million in circulation.
Since 2016, counterfeit coins have been registered for almost half a million euros. The peak of counterfeiting in recent years was experienced in 2018, with 49,473 counterfeit coins detected, almost double that of 2022. Again, almost all corresponded to 2-euro coins, so it is one of the most to be keep an eye out
In general, it is recommended not to accept coins that appear to have been tampered with or that are badly damaged. In order to know how to identify counterfeit coins, there is a trick that consists of the “five-step rule”, as explained by the Bank of Spain.
The first, the most logical, is to make sure that it is not a currency from a country outside the Eurosystem. In the past, there have been attempts to sneak Thai coins for 2 euros and Turkish coins for 1 and 2 euros. “In all the euro coins, on one of its faces, the common one, the number appears with the value of the coin and the word euro or euro cent and the map of Europe”, is collected in an informative video. On the other side, the national one, there is an image that identifies the issuing country and the year of minting, with the 12 stars of the EU on the outside.
The second step is to check the alignment. If the coin is held between two fingers and flipped horizontally, “the images on both sides should be correctly aligned vertically.”
The third step is to review the concordance. On the side with the map, coins from before 2007 only include the member countries of the EU, while later the entire European continent is drawn.
The fourth factor is the magnetism of the coins. Those of 1 and 2 euros are “slightly magnetic”, but only in the center. If they are attracted to each other with a magnet, when attached with a slight shake they should come off. In contrast, the 1, 2, and 5 cent coins are “strongly magnetic” and will not detach from the magnet. The rest are not magnetic.
The last step to take into account is the feel of the map of Europe. Those of 1 and 2 euros have a partially rough surface. “The quality of the minting means that the definition of the engravings does not disappear even if they are widely used,” points out José Manuel Tarifa, from the currency analysis unit of the central entity.
