Last updated on May 2nd, 2024 at 03:33 pm
Last Updated on May 2, 2024 Posted by Colonial Acres Coins
If you purchase rolls of Canadian two-dollar coins at your local bank, up to 2% of the coins you purchase could be counterfeit. According to an Ontario-based numismatics expert, suspected counterfeit toonies have been circulating since at least November of last year. Though the Royal Canadian Mint incorporates security features into the coins it produces, the alleged fakes have been showing up in the cash registers of unsuspecting businesses and in rolls of coins sold by local banks.
Counterfeit Canadian coins are worthless copies. It is important for you to be able to recognize fake coins to protect your investment or collection.
How Many Suspected Counterfeit Toonies Are in Circulation?
It should first be pointed out that it has not yet been confirmed that the toonies in question are counterfeit. However, numismatics expert Mike Marshall has been identifying counterfeit coins for 15 years. Since last summer, he has identified a significant number of coins out of the tens of thousands he has examined that appear to be fake.
A few months ago, Marshall was accompanied by a reporter for his local newspaper doing a story about the alleged fake toonies as he bought six rolls of 25 toonies, a total of 150 coins, from the bank for $300. He went through the rolls in the presence of the reporter and found three alleged fakes, representing 2% of all the coins. That may not sound like a lot, but when thinking about possibly thousands of fake $2 coins in circulation, it can add up to a significant amount of money.
What Is the Royal Canadian Mint Doing About the Alleged Counterfeiting?
The public relations director for the Mint stated in March that it was alerted to suspected counterfeit toonies on February 10th. The statement went on to say that the Royal Canadian Mint would assist with investigations into the alleged counterfeiting by law enforcement according to an established process. The Royal Canadian Mint does not have the authority to enforce the law by itself.
How Can You Identify the Suspected Fakes?
Investigation into the allegations of counterfeit toonies is ongoing, but as an investor or collector, it is a good idea for you to examine your money closely for suspicious signs. Marshall has identified toonies that he believes to be counterfeit bearing the following dates:
- 1996
- 2002
- 2004
- 2005
- 2006
According to Marshall, one of the biggest markers of the allegedly fake toonies is the right paw of the polar bear. On the authentic coins, the four toes are all side by side. If you see a toonie with the toes of the polar bear’s right paw splayed out from one another, it could be counterfeit. Compared to genuine toonies, the appearance, typeface, and weight are all different as well. Marshall said that counterfeit coins in a roll of supposedly circulated toonies purchased from a bank had a mint-bright finish instead of the usual dulling from handling.
What Security Measures Does the RCM Build Into Its Coins?
Starting in 2012, the RCM started incorporating more advanced security features into its one-dollar and two-dollar coins. Some are these are visible upon inspection:
- Edge lettering reading “CANADA” and “2 DOLLARS.”
- A shifting virtual image of two maple leaves in the ring above the polar bear
- Laser mark micro-engravings of maple leaves in the circles flanking the “2” below the polar bear
There is another security feature that, while invisible, is just as important to the identification of counterfeit coins: the electromagnetic signature. Waves of energy are reflected off the surface of a coin in a distinctive pattern. This pattern is the electromagnetic signature. During the minting process, authentic coins are designed with a specific electromagnetic signature so that coin-operated machines will recognize them as legal tender and not foreign coins or slugs.
As the investigation into the alleged counterfeit Canadian coins continues, it is important for you to be proactive in protecting your investments. At Colonial Acres Coins, we want to be your partner in this process, and for you to feel that you can buy with us with confidence. All our brilliant uncirculated two-dollar pieces come from original Royal Canadian Mint rolls, never loose or from re-wrapped rolls, so there is no risk of counterfeits. Take a look at our selection today!
