Euro Counterfeits: Fraudsters Increasingly Target Commemorative Coins
By Sebastian Wieschowski
The European Commission has released new figures on counterfeit currency in circulation across Europe—and the outlook is far from reassuring. On the contrary, the number of detected counterfeit euro coins skyrocketed in 2023. Compared to the previous year, there was a 62% increase in counterfeit coins identified—amounting to a total of 480,371 pieces. Between 2019 and 2021, the annual number of detected fake euro coins remained around 200,000. However, in 2022, this figure rose to approximately 300,000, and in 2023, it is now approaching the half-million mark.
Counterfeit euro coins: An increasing issue in daily cash transactions within the Eurozone. Photo: Wieschowski.
According to the European Commission’s report, €2 coins were the most affected, accounting for 94% of all counterfeit euro coins. In contrast, €1 coins made up 4%, while 50-cent coins represented just 2% of the detected fakes. The total value of seized counterfeit coins reached €935,381.50—a concerning development that, alongside the sharp rise in counterfeit numbers, suggests an increasing level of sophistication among forgers.
Three countries were particularly active in detecting counterfeit coins in 2023: Germany, Greece, and Italy collectively removed more than 262,000 fakes from circulation. Even outside the EU, more than 68,000 counterfeit euro coins were discovered, indicating the widespread nature of the problem. Since the euro’s introduction in 2002, approximately four million counterfeit coins have been removed from circulation. However, given that more than 150 billion euro coins have been minted since 2002, this figure remains a mere drop in the ocean.
Not only the standard national sides of euro circulation coins are being counterfeited… Photo: Wieschowski.
One striking trend highlighted by the European Commission is the increasing prevalence of counterfeit €2 commemorative coins. These so-called “commemorative counterfeits” continue to make up a significant share of the seized coins, following a trend observed in recent years. Since their introduction in 2004, commemorative coins have gained popularity among collectors—unfortunately, also attracting the attention of counterfeiters.
As early as 2006, the first imitations of €2 commemorative coins were discovered, and since then, the number of counterfeit variants has steadily risen. To date, 118 “common classes” of counterfeits have been identified, along with several local counterfeiting categories specific to individual EU member states. These developments indicate that counterfeiters are deliberately focusing on collector coins to deceive unsuspecting buyers.
Of the 509 different commemorative €2 coins issued since 2004, 47 have been confirmed as counterfeited. Particularly affected are widely circulated designs, as they are less likely to be scrutinised in everyday transactions.
…but increasingly also special commemorative designs from individual countries—especially from Germany. Photo: Wieschowski
Law Enforcement Efforts and Seizures
In addition to counterfeit euro coins removed from circulation, law enforcement agencies frequently manage to seize fake coins before they enter the market. These operations are carried out through targeted investigations, often leading to the dismantling of illegal minting facilities and the confiscation of large quantities of counterfeit coins from suspects. However, since these efforts depend heavily on active investigations, the number of counterfeit coins intercepted before circulation fluctuates significantly from year to year.
No Illegal Minting Facilities Discovered in 2023
In 2023, 46,347 counterfeit euro coins were seized before they could enter circulation—a decline compared to previous years. From 2019 to 2022, multiple illegal minting facilities were uncovered each year, but in 2023, no new counterfeit workshops were detected. Despite this decrease, early detection of counterfeits remains crucial in the fight against coin forgery. By identifying and dismantling criminal networks, authorities can prevent large quantities of counterfeit coins from entering circulation and deceiving both consumers and businesses.
Most counterfeit euro coins are produced using minting techniques that, in some cases, closely resemble official coin production methods. This allows for mass production, making continuous EU-wide monitoring essential. Minted counterfeits often exhibit distinctive flaws caused by the tools used in their production. These flaws serve as key identifiers for categorising counterfeit coins into specific groups and variants, with similar defects indicating a common source of origin.
Counterfeiters Refining Their Techniques
New variations within established counterfeiting classes suggest ongoing advancements in production methods, materials, and tools used by counterfeiters. These evolving counterfeit types provide valuable insights into shifting counterfeiting strategies, aiding law enforcement agencies in analysing criminal networks.
The classification of counterfeits remains an essential investigative tool, not only for monitoring the quality of fakes but also for establishing links between previously dismantled illegal minting operations and newly emerging counterfeits.
