Warning issued to public as counterfeit €2 coins enter circulation 5 days ago

Warning issued to public as counterfeit €2 coins enter circulation

Don't get caught out.

Be warned – fake money is out there, waiting for you to be tricked into using it.

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Gardaí have issued a warning to the public following an investigation into the circulation of counterfeit €2 coins that saw a number of searches carried out in Dublin at the end of July.

During the course of this investigation, €2 coins with an apparent face value of €2,920 were seized. The coins were subsequently examined and confirmed to be counterfeit currency. It represents the first large seizure of counterfeit coins in the Raheny jurisdiction.

One person was charged following the seizure and has appeared in court. Assets to the value of €73,986 have been frozen in related bank accounts.

Gardaí would like to advise the public on the following:

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How do I Check if my Coin is a Counterfeit?

To examine suspect coins the following techniques could be used:

Visual inspection (possibly with a magnifying glass). As compared with a known genuine coin, the suspect coin will have:

  • Poor quality image detail.
  • Different colour ring and/or core.
  • Edge lettering missing, incorrect spelling or font (using similar country coin).
  • Different sizes.
  • Thickness, diameter.
  • Different sized ring or core.
  • Different weight.
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Hardness Test

Some counterfeits bend, try bending the coin.

Magnet Test

Genuine €2 and €1 coins are slightly magnetic. Using a magnet you should be able to lift the coin up, but with the weight of the coin and the slight magnetism you should be able to shake the coin off the magnet with ease.

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Most counterfeit €2 and €1 coins are either very magnetic, non-magnetic, or just the ring is magnetic due to the materials used. Genuine 50 cent coins are non-magnetic.

You could also compare the suspect note or coin with a known genuine specimen.

What to do if you Suspect you Have a Counterfeit Banknote or Coin?

If you believe you are in possession of a suspect counterfeit you are obliged to submit it to your local financial institution, the Gardaí, or the Central Bank’s National Analysis Centre (NAC) or Coin National Analysis Centre (CNAC).