2023-08-23 18:25:00
The Bank of Spain is immersed in a battle against counterfeits of coins with the overall goal of prevent scams. For this, the BOE published in June the orders ETD/647/2023 which authorizes the national central bank to remove counterfeit or damaged coins of one euro from July 1st. In addition, the aforementioned text creates a legal framework for collect and destroy money that does not meet the established requirements.
Los scams and deceit are the order of the day thanks to the ‘art’ of falsification. Since they are the most used, the €1 coins can easily reach the pocket of a citizen without knowing about the scam.
The order establishes the following classification among the euro coins: fit, presumed false and unfit for circulation. Within this last section it includes those authentic coins rejected during an authentication process or that have been altered.
The Bank of Spain will deliver to the National Factory of Coin and Stamp (FNMT) the coins that it takes out of circulation for its demonetization and destruction. It will do so “on the dates, places, manner and amount agreed upon by the two entities,” the order says.
New order for many years
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The previous order to withdraw coins from circulation dated from 1983. Repealed by the current one, it constituted the regulatory support for demonetization and reuse or sale of material resulting from unfit pesetas. However, it did not establish any procedure for the withdrawal and destruction of money.
“Over time, it has accumulated a large volume of coins false euro denominations in the Bank of Spain, whose destruction is necessary to regulate”, argues the order. For this reason, the ETD/647/2023 standard allows the Bank of Spain to collect them and destroy them. After that, the material to which they will be reduced will be reused by the Mint or will be disposed of by the State.
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