The Central Bank has advised how to check if your €2 coin is fake as gardai seized thousands in Dublin.
Circulation of the fake €2 coins in Raheny sparked a garda investigation. A number of searches were carried out at the end of July and 2,920 fake coins were seized and later confirmed to be fake.
It is the first time a large amount of counterfeit coins have been seized in Ireland. One person has been charged in relation to the seizure and cash worth more than €70,000 has been frozen in bank accounts.
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The Central Bank's advice on how to recognise a fake coin are listed below:
How do I check if my coin is counterfeit?
Signs of a fake coin could become apparent in a visual inspection 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.
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.
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 are in possession of a fake 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).
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