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The E-Sylum:  Volume 8, Number 4, January 23, 2005, Article 12

EURO COINS BEING COUNTERFEITED

>From the Sidney Morning Herald:
"Germany's vending machine industry has suggested a
rethink on the design of euro coins after the European
Union said it found nearly 75,000 counterfeits in 2004,
three times the number found in 2003.

Olivier Louis, a technical expert from the EU anti-fraud
office, said 50-cent coins were even faked for use in
developing countries.

The number of fake coins is still minuscule compared
with the 55 billion genuine coins in circulation. But
Germany's vending machine industry said more than
twice as many counterfeit euro coins were being found
as fake deutschmarks previously, and the EU might
want to rethink its policy that allows national designs
on one side of the currency."

"He noted there were already 120 different euro coins in
the 12 euro-zone countries; this could climb to 300 over
the next decade as new EU member states joined the
currency area. And from 2008, euro-zone countries
could change their national designs.

"Vending machine technology can respond flexibly, but
many citizens will be overwhelmed," Mr Trenner said.

The VDAI says the number of fake 2 coins (the
highest denomination euro coin) discovered in Germany
alone has soared to 22,000 - 20 times the number just
two years ago."

Full Story

  Wayne Homren, Editor

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