Low Levels of Euro Counterfeiting for 2022

2022 saw the second lowest level of counterfeits as a proportion of total banknotes in circulation in the history of the euro (2021 being the lowest year).

Counterfeit data is presented as the number detected per million genuine banknotes in circulation. In 2021 the number was 12, in 2022 it rose to 13 – 376,000 in total.

Having peaked at 64 in 2009, the ratio has dropped steadily ever since, particularly from 2015 onwards with the introduction of the second series.

The percentage increase, 8.4%, is attributed to the recovery of economic activity and cash usage post pandemic. 96.6% of counterfeits were found in the euro area, 2.7% in non-euro European Union member states, and 0.7% elsewhere. The €20 and €50 were most counterfeited at 23.6% and 40% of the total respectively.

Round-up of counterfeits per some member states

Belgium – Counterfeit notes withdrawn from circulation in 2022 were down 24% compared with 2021, with 12,016 seized by authorities.

Finland – Counterfeiting down from 523 in 2021 to 469 in 2022. The €20 was the most counterfeited note with 229 counterfeits, followed by the €50 and €10.

France – The number of counterfeits rose by 8% compared with 2021, with the €20 and €50 most counterfeited. This increase is just under the European average of 8.4%. The central anti-counterfeiting agency l’Office Central de Répression du Faux-Monnayage (OCRFM) suggested that ease of access was behind the increase, ‘They simply order them via social networks or on the dark net.’ 

A cybersecurity firm, cybersixgill, reports an increase of approximately 91% in deep and dark web market listings advertising counterfeit banknotes, which supports OCRFM’s statement. The number of unique actors selling these fake notes increased by 82%, but a few big players account for 80% of the counterfeit listings. Quality seems to be improving since a 53% decrease in feedback about listings suggests fewer complaints.

Germany – The Bundesbank registered just over 44,100 counterfeit euro banknotes with a nominal value of €2.7 million, representing a 5.2% increase on the year. Significant increases were recorded in the number of counterfeited €100 and €200 banknotes. The majority of counterfeits were so-called ‘movie money’, namely basic printed counterfeits without security features, for use in film and theatre.

Netherlands– De Nederlandsche Bank (DNB) explained the 47% increase in the number of counterfeit euro banknotes in 2022, 38,200, was mainly €100 and €200 counterfeits which accounted for two thirds of the total. The quality was low. The DNB also made the point that in 2020 and 2021 the pandemic saw counterfeit numbers drop to 26,000 as people went out less and used less cash. The 2019 figure was 39,000.

Counterfeit euro banknotes 2002-2022.

Counterfeit coins

Whereas the ECB publishes counterfeit banknotes statistic promptly one month after the year end, the figures for euro coin counterfeits are less timely.

Coins are the competence of the national authorities of each member of the eurozone. Responsibility overall for quality, standards and security lies with the Directorate-General for Economic and Financial Affairs (DG ECFIN), under which sits the EU’s European Technical and Scientific Centre (ETSC). Its primary mission is technical and scientific analysis and classification of counterfeit euro coins. It coordinates the activities of the Counterfeit Coin Experts Group (CCEG) and assists the Coin National analysis Centres of the member states.

The latest report on euro coin counterfeiting was published last October and covers 2021. The total number of counterfeit euro coins removed from circulation in 2021 was 220,314, an increase of 4.7% compared to 2020. Only 50 cent and €1 and €2 coins are included.

The majority of counterfeits (88%) were the €2 coin. The number of counterfeits rose by 7.25%, compared with a 0.59% decrease in counterfeit €1 coins and a 20.73% decrease for the 50 cents. As a result, the number of counterfeit €1 coins overtook those of the 50 cent for the first time.

Overall, 3.13 million counterfeit euro coins have been removed from circulation since their introduction in 2002.

Counterfeit euro coins detected in circulation, 2017 – 2021.