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FAKE COUNTERFEITING NEWS AFFECTS INDIAN COINSOn Friday April 27, 2018 The Wall Street Journal reported on a problem India is having with coins due to fake reports of counterfeiting. -Editor
Across India, where 10 rupees - about 15 U.S. cents - can buy a meal, people are stuck with money they can't spend because no one will take it. The problem stems from the large variety of 10-rupee coins in circulation. More than 5 billion coins, worth over $775 million, have been minted since 2010. With 14 versions of the coin, including one marking Yoga Day, confusion has spread and reports that claimed to tell people ho to spot fakes proliferated. As the fake news spread, coins have piled up across India, and merchants don't know what to do. The central bank has tried to turn things around, sending hundreds of millions of text messages, in 13 languages: "Accept them without fear." In some areas the coins simply aren't being used anymore as people have given up on trying to figure out what to believe. What a nightmare. The U.S. and U.K. also have quite a number of different coin designs in circulation, but so far I've not heard of any similar fake news reports. The Royal Mint recently upgraded the
security of its one pound coin, which had indeed been heavily counterfeited. -Editor
To read the complete article, see: For more information on the coins, see: Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum All Rights Reserved. NBS Home Page Contact the NBS webmaster 
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