The Bundesbank publishes the number of counterfeit euro banknotes every year. picture alliance/dpa | Arne Dedert
The Bundesbank removed almost 56,600 counterfeit euro banknotes from circulation last year – significantly more than in 2022.
Individual large cases of fraud in 2023 are responsible for an increase of 28 percent.
Across Europe, the number of Euro flowers seized rose by 24.2 percent to 467,000 last year.
The Bundesbank removed almost 56,600 counterfeit euro banknotes from circulation last year – a good 28 percent more than in the previous year. The German central bank based in Frankfurt announced this on Monday. Its board member Burkhard Balz explained: “The increase in the number of counterfeit money is due to a few larger cases of fraud, primarily with counterfeit 200 and 500 euro banknotes.”
Major fraud cases drove up counterfeit money numbers
Despite the increase, Balz emphasized that the risk for ordinary citizens of coming into contact with counterfeit money remains low. On average, there were seven counterfeit banknotes for every 10,000 inhabitants in Germany in 2023. “The numbers are far away from the all-time high of 2015,” said Balz. At that time, 95,400 flowers were taken out of circulation in Germany.
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Major fraud cases last year, in which counterfeit 200 and 500 euro banknotes entered circulation, drove the numbers up. The amount of damage almost doubled from 2.7 million euros in 2022 to 5.1 million euros last year. Counterfeit money caused the highest mathematical damage in Germany in 2004 at 6.1 million euros. The production and issuance of the 500 euro banknote was stopped in 2019. But the purple notes still in circulation are still legal tender.
With almost 56,600 counterfeit banknotes in circulation, 2023 was a far cry from the all-time high of approximately 95,000 euro notes in 2015. picture alliance/dpa/dpa Graphic | dpa-infografik GmbH
Flowers are guaranteed more and more frequently
The Bundesbank also recorded a significant increase in counterfeit coins in 2023. Almost 115,900 pieces were removed from circulation, compared to just under 73,400 the year before. This is primarily due to the fact that some companies collected suspicious hard money over a long period of time and only submitted it to the Bundesbank last year. The authority also registered an increasing number of counterfeit 2 euro coins.
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Across Europe, the number of Euro flowers seized rose by 24.2 percent to 467,000 last year. On average, there were 14 counterfeit notes per 10,000 residents. The volume of damage increased from 21.5 million euros to 25 million euros year-on-year.
dpa