Euro Coin Counterfeiting Figures For 2007 Released

by Carla Johnson, Investors Offshore.com, London

11 January 2008

The European Commission reported on Thursday that in 2007 the total number of counterfeit euro coins removed from circulation was 211,100. This represented a significant increase from 2006, but is still marginal compared to the 75 billion genuine euro coins in circulation.

According to the EC, the competent authorities intensified and better co-ordinated their efforts in fighting counterfeiting while, at the same time, law enforcement continued successful action.

In 2007, a total of 211,100 counterfeit euro coins were removed from circulation. This represents an increase of around 29% compared to 2006. The rate of increase slowed down compared to 2006, when figures were 63% higher than the preceding year.

The Commission has stated that these counterfeit euro coins are, however, not a significant cause of concern for the public.

The number of detected counterfeits is also lower than the sum of counterfeit coins in the euro area countries before the euro.

These counterfeit coins, while increasingly sophisticated, should generally be rejected by properly adjusted vending and other coin-operated machines.

The EC went on to reveal that the most counterfeited euro coin denomination continues to be the 2-euro, accounting for over 85% of the total counterfeits in 2007. Overall, around 585,000 counterfeit euro coins have been removed from circulation since the introduction of the euro coins in 2002.

In addition, according to the competent national authorities, two more illegal mints were dismantled in 2007, in Italy and Spain.

This brings to 14 the total number of illegal mints discovered since the introduction of the euro in 2002. In these and other operations by law enforcement, around 90,000 counterfeit euro coins were seized in 2007 before coming into circulation.

The rise in the number of counterfeit coins recorded in 2007 reflects, to a large extent, stronger efforts by the competent authorities to remove counterfeits from circulation, in line with the relevant Commission Recommendation of 27 May 2005.

As far as counterfeit euro banknotes are concerned, around 561,000 pieces were withdrawn from circulation in 2007, as announced recently by the European Central Bank.

In protecting the euro against counterfeiting the Commission collaborates closely with its partners: the European Central Bank (ECB), Europol, Interpol and the national competent authorities.

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