During the second year of circulation of the euro currency, 26.191 counterfeit euro coins were detected in circulation and removed, mainly by National Central Banks. These counterfeits were of 50c, 1€ and 2€ denominations. This compares with 2.339 counterfeits detected in circulation in 2002. The total number of counterfeit euro coins found in circulation is still by far lower than the overall number of counterfeit coins of legacy currencies before the introduction of the euro.

The breakdown of counterfeit euro coins found in circulation in 2002 and 2003:

No. of counterfeit coins	50 cent	1 €	2 €	Total
2002	28	1.281	1.030	2.339
2003	185	6.318	19.688	26.191

According to announcements of the competent national authorities, three illegal coin workshops were dismantled in 2003, two in Italy and one in Portugal and about 5800 counterfeit 1-euro coins were seized by the Greek police.

The quality of counterfeit coins has globally improved, especially for the 2-euro, as compared to the situation in 2002 but their small number, compared to the 49 billion circulating (genuine) euro coins, is not a cause of concern for the public. Moreover, these counterfeit coins should generally be rejected by properly adjusted vending and other coin-operated machines.

The European Central Bank announced today that 551.287 counterfeit euro banknotes were removed from circulation during 2003. This is also lower than the number of counterfeit banknotes of legacy currencies before the introduction of the euro currency.

Background

In line with Regulation (EC) 1338/2001, the European Technical & Scientific Centre (ETSC) carries out the analysis classification of new stamped counterfeit euro coins. The Council decided, in December 2003, that the Commission ensures the functioning of the ETSC and the co-ordination of the activities of the competent technical authorities to protect the euro coins against counterfeiting.

The Commission is also responsible for the implementation of the "Pericles" programme for training and technical assistance for the protection of the euro banknotes and coins against counterfeiting. The Commission prepares legislative initiatives and monitors the implementation of the relevant legislation.

In carrying out its responsibilities regarding the protection of the euro against counterfeiting, the Commission (OLAF) collaborates closely with the European Central Bank (ECB), Europol and the National Competent Authorities.

[EuroTracer's Comment: The last statistics on euro coin counterfeits was reported in this article.]

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