Levels of Euro Counterfeiting Remain Low in 2023

467,000 counterfeit euro banknotes were withdrawn from circulation in 2023, according to the European Central Bank. This is one of the lowest levels ever since the introduction of the euro in 2002 in proportion to total banknotes in circulation (over 30 billion), representing a ratio of 16 ppm.

The figure is higher than in the preceding three years, but this is attributed both to counterfeiting and economic activity being suppressed during COVID, with 2023 figures reflecting a return to normality. In 2019, the figure was 559,000 and a counterfeit ratio of 23 ppm.

As in previous years, the most counterfeited denominations were the €20 and €50, accounting for 70% of the total (compared with 63% in 2022). 97.2% of the counterfeits were found in euro area countries, 1.9% in non-euro area EU member states and 0.9% in other parts of the world.

Some, although by no means all, national central banks (NCBs) have also reported the levels of euro counterfeiting in their respective countries, and the picture from those that have is a mixed one.