Fight against counterfeiting
The euro is respected as a stable currency, not just in Europe but worldwide. As a result, it receives some unwelcome attention from counterfeiters. Although the security features of the euro make it among the best protected currencies in the world, counterfeits are detected every day. However, the number of counterfeits detected represents a very small proportion of genuine currency (banknotes and coins) in circulation.
A counterfeit coin cannot be exchanged by a genuine coin. Therefore, receiving counterfeit coins implies a loss of the corresponding value. For this reason, it is important to know if a coin is genuine when received.
Most counterfeits detected in circulation can be identified using a small magnifying glass and a magnet. The “comparative analysis” methodology by itself makes it possible to detect the vast majority of counterfeit coins.
Therefore, when a euro coin is suspected of being counterfeit, it must be assessed as follows:
- Compare the suspect coin with one of the same denomination and national side that you know to be genuine
- Look for differences rather than similarities;
- Analyse several security features rather than just one.
In order to assess a suspect coin, 3 basic authentication procedures must be followed:
- Assessment of the design / relief
- Assessment of the edge
- Test to magnetic properties
By following these guidelines, it is possible to make a preliminary analysis of a suspect counterfeit coin. If doubts persist about the coin’s authenticity, it should be taken to a counter of Banco de Portugal or a credit institution, where all due clarifications will be given.
If you receive a counterfeit coin as payment or change, you should:
- Write the particulars of the person that gave you the counterfeit/suspect coin, as well as the circumstances of that transaction, given that this information shall be vital for the intervention of police authorities;
- Consult Polícia Judiciária (criminal police), Banco de Portugal or any credit institution. These entities are qualified to assess if the coin is genuine and, if it is counterfeit, they are legally liable to retain it;
- Report the circumstances in which the counterfeit/suspect coin was given to you.
In case counterfeit, false or suspect banknotes or coins are retained when presented at the counter of a credit institution, the following procedures should be observed:
- issue of a receipt specifying the object of retention;
- ensuring that information is collected under Instruction of Banco de Portugal No. 1/2010;
- identification of the holder by name and address, record of identification document and telephone for further contact;
- ensuring that there is written record of all relevant information for further police investigation, among other data, identification of the person who handed the counterfeit banknotes to the applicant, the date, place and circumstances in which such action took place.
Following retention, Polícia Judiciária (the criminal police) should be informed as soon as possible, within a maximum period of 5 working days, counting from the date of retention. The withheld forms of payment should be passed on to it, together with the dully filled-in forms, which shall also be digitally forwarded to Banco de Portugal, to the following email address: cncontrafaccoes@bportugal.pt.
Assessment of the design / relief
In genuine coins, the relief contrasts strongly with the rest of the coin surface. The design of counterfeit coins is often poorly defined and executed. The surface is often slightly raised, bearing irregularities in the form of spots, lines or grooves. In particular, the outer part of many coins often has poor precision and details.
The relief of a counterfeit coin is usually too smooth and the surface is often irregular. The design may also be distorted.
Assessment of the edge
The edge finish of genuine coins is denomination-specific.
The edge milling of genuine coins is raised, well defined and uniform. As a result, the edge of a suspect coin must be carefully compared with that of a genuine coin.
Edge lettering must also be compared.
Test to magnetic properties
€1 and €2 coins have special magnetic properties, due to the pure nickel three-layered inner part. The outer part of €1 and €2 coins and also the 10, 20 and 50 cent coins have no magnetic properties. Consequently, genuine €1 and €2 coins will respond weakly to a magnet. Genuine 1, 2 and 5 cent coins, made of copper-covered steel, are magnetic.
Steel and/or nickel counterfeit coins or with magnetic components will respond strongly to a magnet.
Coins of alloys with no magnetic components, such as lead or tin, will not respond to the magnet.