By Chris King • Updated: 08 Aug 2023 • 21:20
Image of one-euro coins lying on salt. Credit: Benreis/Creative Commons Attribution-Share Alike 4.0
Coins are a very important part of almost everybody’s day-to-day activity in Spain.
Of the ones in circulation, one-euro coins are arguably, probably one the most commonly used ones in Spain. They are in circulation in greater quantity and are said to be the coins that move the most throughout Europe.
However, many of them are going to come to an end and we will not be able to use them any more. Several problems involving these coins have caused important organisations to make key decisions for their future.
There is currently thought to be a large number of counterfeit euro coins in circulation, a number that is said to be increasing every day and which must be stopped, hence this decision.
On June 22, 2023, an authorisation was published in the Official State Gazette (BOE) for the Bank of Spain to withdraw some one-euro coins.
Specific guidelines were introduced that will help to decide which ones are withdrawn and which ones can continue in circulation. This new measure has been in force in Spain since July 1, with the clear objective of avoiding possible scams and fighting against counterfeiting.
From now on, the Bank of Spain follows a new classification for the one euro-coins, with three different types:
• Suitable: Coins which can circulate without problem since there is nothing in them that makes one suspect that they may be false.
• Presumably counterfeit: Coins which in their shape, texture or design, show that they are not original.
• Unsuitable: Coins which will be rejected in an authentication process, or that may have been altered. This includes deteriorated or badly damaged coins that cannot be determined to be authentic.
As a result of this problem, it is important for everybody to check the one euro coins that they have in their possession and discard those that cause any doubt.
These coins can be taken to a bank where staff will check that they meet all the guidelines to continue in circulation. It is also recommended that from now on, people should review all the one-euro coins that come into their hands, refusing to accept those that may be thought not to be suitable.
As for all the coins that are going to be withdrawn, the Bank of Spain will be in charge of destroying them. The material will reportedly later be reused by the Fábrica Nacional de Moneda y Timbre, as reported by okdiario.com.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com
What are the criteria to determine a fake 1€ coin from a real one? The official guidelines shown in your article above are hugely open to interpretation.
So how will this work in practice? With millions of coins in circulation and them being passed from one person to another every day how can the banks cope if everyone suddenly decides to get their change checked? And will each bank that makes the checks offer good ones in return for the fakes or damaged ones?
Not a hope in hell of this working in my view.
Regards
Iain Chester
Iain, basically what will happen is that banks will from time to time return old coins which they consider no longer fit for purpose or possibly counterfeit to the Bank of Spain which will arrange their destruction. Now what isn’t clear is what will happen to the é1 coins issued by the other 23 countries who issue them (although é1 coins from Andorra, Monaco, San Marino and Vatican City are rare as hen’s teeth) which circulate widely throughout the eurozone states. Considering the Spanish Government has had to tell banks to make it easier for the elderly to make personal appointments as banks prefer online communication, the idea of them welcoming queues of customers armed with é1 for checking is to say the least amusing.
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