According to Olivier Louis, a technical expert of the European Union's anti-fraud committee, 50 euro cent coins were counterfeited even for use in developing countries. However, the number of counterfeit coins is still very small compared to the 55 billion genuine coins in circulation.
Meanwhile, according to the German vending machine industry VDAI, the number of counterfeit euro coins is twice the number of counterfeit German marks when it was in circulation. VDAI representatives proposed that the European Union reconsider the design policy for the common European currency and allow national designs on one side of the euro.
“The vending machine industry needs reliable money,” said VDAI head Christian Trenner. According to VDAI, Reuters reports, the number of counterfeit 2 euro cent coins in Germany alone grew 20-fold in two years, to 22,000.
Well-tuned vending machines cannot be fooled by inserting counterfeit coins, but people may not distinguish fake money from genuine. For instance, tourists give euro cents, including counterfeit ones, as tips in developing countries. The counterfeits are then exchanged for paper banknotes.
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