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Replies: 18 / Views: 3,742 |
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Valued Member
United States
453 Posts |
I just saw a post about thos recently. What an odd thing to counterfeit!
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Bedrock of the Community
United States
17884 Posts |
Not odd at all. About the time the Sac came out Ecuador (or El Salvador I don't remember which) adopted the US dollar and imported a lot of the Sac dollars. (Paper notes don't hold up well in the tropical weather) Now a dollar isn't much to us but it was a significant sum down there so it was definitely worth their while to counterfeit them. Sometimes they wander up here to the US.
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Pillar of the Community
United States
4901 Posts |
They are easily available from China for .80-$3.50 per 100 coins (dependent on quantity ordered) .
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Pillar of the Community
 United States
1391 Posts |
I was looking for one as my own "black cabinet" curiosity. I would like one the circulated as a contemporary counterfeit.
Steve, you said you found one in a bank tray, what do you think my chances are of finding one through coin roll hunting?
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Pillar of the Community
United States
2589 Posts |
There are also counterfeit suzy b dollars as well, counterfeit dollar coins circulate heavily in ecuador and el salvador which have eliminated their own currencies and use the US dollar. Panama and ecuador produce their own circulating coins but not $1 denominated ones so american $1 coins circulate quite heavily there.
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Moderator
 United States
189654 Posts |
Just something else to look out for.
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Pillar of the Community
United States
1796 Posts |
Quote: Steve, you said you found one in a bank tray, what do you think my chances are of finding one through coin roll hunting? Slim to none, unfortunately. The counterfeits circulating down in South America are rejected by most modern counting machines. You'd have to find some customer-wrapped rolls from Ecuador or the likes. The only reason I found it was because it was dropped in a drive-thru deposit mixed in with a fist full of genuine Sacs rather than turned in through the counter and the tellers were not trained to identify fake coins (they only get training with fake bills).
Edited by SteveCaruso 02/09/2015 11:57 am
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Valued Member
United States
327 Posts |
As Steve says, the tellers are not trained to detect fake $1 coins...and most people aren't either, as you might expect. The Dollar bill is living on borrowed time, as I'm sure most folks here realize. The U.K did away with one Pound Notes years ago, switching to coins. Pound coins are heavily faked there, not uncommonly found in circulation. Seems like a ridiculous idea, till you realize they were being counterfeited by the 55 gallon drum load . It's not a big profit idea per unit, but once you do it *literally* a million times or so, it adds up. http://www.telegraph.co.uk/news/ukn...-1-coin.html30 million pounds is about 60 million dollars, more or less...even a profit margin of 25% yields them 15 million dollars...
Edited by SPQR 02/11/2015 08:00 am
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New Member
United States
7 Posts |
Interesting thread. My thought is, why not just mint their own 'dollar', tied at par to the USD? Then make 'foreign' currency illegal to use, as in some countries.
Or maybe our 'friends' and 'allies' don't give a darn if our coinage is counterfeired, so long as they benefit.
And, the Secret Service should be just as interested in this as the recent rash of bogus $100 bills printed overseas. You didn't think they kept redesigning them for art's sake, didja?
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Moderator
 United States
189654 Posts |
Quote: My thought is, why not just mint their own 'dollar', tied at par to the USD? Then make 'foreign' currency illegal to use, as in some countries. Cheaper to import ours than mint their own, especially if we are buying stuff from them (Ecuador has a lot of oil).
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Pillar of the Community
United States
4901 Posts |
Ecuador no longer has its own currency. It was replaced by the US dollar around 15 years ago...
Panama does have its own currency but it is tied 1:1 to the US dollar. Both are used throughout the country together at par
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Pillar of the Community
Canada
2805 Posts |
These countries do mint their own coins. Panama has been minting American-alike "balboas" for more than a century, at America's request (imperalism ain't easy). Ecuador has been making centavos to the same specifications of American coins since 2000 - but the Ike-sized "sucre" is really uncommon, so I assume they use Sacagaweas instead. And these countries have (proportionally) a lot more Native American heritage than the USA does, so they find the designs appealing too.
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Pillar of the Community
United States
4901 Posts |
I did say Panama minted their own currency... Re: Ecuador I did some searching and found: Quote: The Ecuadorian Sucre (ECS) is obsolete. It was replaced with the United States Dollar (USD) on September 15, 2000. Quote: The United States Dollar is the currency in American Samoa (AS, ASM), British Virgin Islands (VG, VGB, BVI), El Salvador (SV, SLV), Guam (GU, GUM), Marshall Islands (MH, MHL), Micronesia (Federated States of Micronesia, FM, FSM), Northern Mariana Islands (MP, MNP), Palau (PW, PLW), Puerto Rico (PR, PRI), United States (United States of America, US, USA), Turks and Caicos Islands (TC, TCA), Virgin Islands (VI, VIR), Timor-Leste, Ecuador (EC, ECU), Johnston Island, Midway Islands, and Wake Island. The United States Dollar is also known as the American Dollar, and the US Dollar. Maybe it's incorrect...
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Pillar of the Community
United States
6130 Posts |
Actually, I think the Balboa is made in the US mint branches, or at least was in the not so distant past. Just like San Francisco made most of the Peso and Centavo coins for the Philippines from 1906-45, it just made more economical sense to use the multi-million dollar machinery to handle the brunt of the minting.
As for the cointerfeits, I can totally see the viability there. A $1 Sac coin has about 12 cents' worth of raw material. There would be a huge cost associated with getting your equipment set up, but as others have said, when you counterfeit millions of coins at $.25-.50 profit per coin, it wouldn't be hard to turn a tidy profit.
My question is, if they were able to make the coins of solid manganese brass, would they be able to circulate here in the US? Coin counters probably use surface conductivity as the basis for rejection of small US dollars (that's why manganese brass was used in the first place), so I imagine a solid coin would be only marginally outside of Mint tolerances for weight?
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Bedrock of the Community
United States
17884 Posts |
Quote: These countries do mint their own coins. Panama has been minting American-alike "balboas" for more than a century, I don't know who makes them now, but from 1966 to 1980 we made Panama's coins. And we used the same plachets as our own coins.
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