The number of counterfeit euro coins increased in 2007 by 29% over 2006. The European Commission reported 211,000 counterfeit coins were pulled from circulation by authorities compared to 163,800 in 2006.
The coin counterfeited the most was the 2-euro, which accounted for over 85% of the total.
Overall, approximately 585,000 counterfeit coins have been take out of circulation since the use of euro coins began back in 2002. Although the numbers would seem to appear alarming, the European Commission points out several positive factors:
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Today, Jan. 7, the Numismatic Guaranty Corporation (NGC) has confirmed the existence of counterfeit replica holders.
NGC was founded in 1987 to objectively provide third party grades to coins. Coins sent to NGC are analyzed, graded, recorded and then encapsulated in tamper resistant, protective holders.
While there are several coin grading services in existence, NGC is considered to be one of the top two - PCGS being the other.
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Analyzing the effort to reward ratio of creating counterfeit coins and then successfully getting them into daily circulation would seem to forestall an attempt to actually do it. Unless you have a mint-style facility with all the necessary equipment, materials and staff at your disposal, the work required to phony up fake coins is an imposing thought.
Then, imagine trying to close "shop" and before heading home for the day, exchanging your freshly forged counterfeit coins for real cash at the local store.
Believe it or not, one man, Marcus Glindon from north London, undertook an almost similar and gigantic task. He managed to counterfeit 14 million blank coins, and 2.5 fully stamped £1 coins during a seven year period.
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The verdict isn’t in on whether counterfeit coins were used earlier this month at a local McDonald’s restaurant in Macomb, Illinois.
The boy who used them was given the four Presidential $1 Coins as a gift from his grandparents. They were special proof versions, which are made for collectors, and have a current value of at least $14.95.
Proofs usually make ideal gifts for many children due to each coin’s mirror-like shine and unmatched detail. The boy, however, was apparently less intrigued and decided to spend them.
The unfolding of the 2007 Presidential Dollar counterfeit story
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