hit tracker
Wednesday, June 7, 2023
HomeLatest NewsThe magnet trick given by the Bank of Spain to detect counterfeit...

The magnet trick given by the Bank of Spain to detect counterfeit coins

Date: June 7, 2023 Time: 04:15:04

Is this euro coin fake? It would not be the first time that a euro falls into our hands that gives us the impression that it weighs less, that the drawing is not the same as always or that we have simply never seen it. From the Bank of Spain Bank Client Portal they publish some recommendations to identify them and not lose money.

The BdE insists that, although it is increasingly common to pay with alternative means to cash such as debit or credit cards, physical money continues to be the preferred method for Spaniards to make purchases, especially when it comes to small items. This means that you have to be careful with the coins, since some may be false. Thus, Jose Manuel Tarifa, from the Currency Analysis Unit, presents the 5-step rule to check the authenticity of coins.

Verification of the country of origin of the euro currency

The first step is to make sure that the euro coins are not from a non-Eurosystem country. For this, it is convenient to know that the coins have two sides, the national side and the common side. In the latter is the number of the value of the coin, the map and the word Euro or Euro Cent. However, both the year the coin was minted and the image that identifies the issuing country appear on the national side. In addition, on the outside of the coin, these engravings will be surrounded by the 12 stars of the European flag.

The alignment of the countries

This second step consists of taking the coin between two fingers and rotating it, which has to result in a vertical alignment of the recorded images, which is known as ‘coin rotation’.

The concordance

This cheat refers to the layout of the map. And it is that, from 2007, the coins were minted with the entire map of the European continent, and not only with the countries belonging to the Eurosystem. So, in the coins that were minted as of this year, the entire map of Europe would have to be found.

the magnetism

The true 1 and 2 euro coins are magnetic, but only in the center. With a magnet you could check its authenticity if we see that it sticks in the center and with a slight shake it comes off. However, those of low denomination, that is, those of 1, 2 and 5 cents, are very magnetic. For their part, those of 10, 20 and 50 cents, those of medium denomination, are not magnetic at all.

The rough Europe map

Finally, it must be taken into account that the 1 and 2 euro coins will have the map of Europe engraved with a rough touch. To finish, Jose Manuel Tarifa emphasizes that “the exceptional minting quality of the euro coins means that the definition of the engravings does not disappear despite great use”. In addition, the member of the Currency Analysis Unit of the Bank of Spain advises against accepting coins that appear to have been manipulated or that are badly damaged.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments