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V10 2007 INDEX       E-SYLUM ARCHIVE




The E-Sylum:  Volume 10, Number 27, July 8, 2007, Article 20

FAKE COINS ABOUND IN CHINA

Britain isn't the only country plagued with counterfeit coins.  A
Friday article in China Daily notes that "Fake coins can now be found
in several Chinese cities.  Many convenience stores, snack bars, and
newspaper stands are buying them and giving them as change to customers,
who then spend them in other places, according to Nanfang Weekend.

"Two employees of a fake coin retailer in Guangzhou, capital of
southern Guangdong Province, who gave their names as B Zai and A Wei,
told the paper that many local convenient stores and snack bars buy
from them.

"Their boss buys fake coins, valued at 1 yuan each, from a wholesaler
and sells them to shops at 35 fen.

"Retailers stick posters on walls and lampposts, and also advertise
on the Internet.

"'Most coin identification machines cannot detect them from genuine
ones,' he said."

"'Coins are simple to copy as they do not have anti-counterfeit
safeguards,' he said.

"In the first eight months of last year, Hubei Province confiscated
more than 10.52 million counterfeit coins with 1 yuan face value."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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