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 Replies: 25 / Views: 8,331 |
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Pillar of the Community
United States
4867 Posts |
I find it interesting that Canada has put security features on the loonie and toonie. Are those counterfeited a lot? The US doesn't even have security features on our dollar coins. And there really isn't room on them either.
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Pillar of the Community
Canada
5324 Posts |
There was only one instance in 2005 of the twoonie being counterfeited, my guess the RCM created the security loonies and twoonie in 2012, was more of a make work project, because of the smaller size and weights of the two coins the mint is slowly culling the old coins. A lot of effort to counterfeit 1 and 2 dollar units hard to distribute, unlike currency. |
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Pillar of the Community
Canada
2845 Posts |
Yes aside from the counterfeit ring busted in Quebec, I agree the new design was primarily a make work project and opportunity to produce even cheaper coin. Globe and Mail article from 2012: "The Canada Gazette says the current coins cost about 30 cents each to produce, while Mr. Lockie says he's been told the new loonies and toonies will cost between four cents and six cents apiece." http://www.theglobeandmail.com/repo...ticle534398/ |
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Pillar of the Community
 United States
4867 Posts |
I never realized the composition was changed again. It's interesting to see Canada is proactive about saving money by using cheaper alloys. The US seems quite resistant on that front. All I've heard is idle talk and no action.
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Pillar of the Community
Sweden
1078 Posts |
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Pillar of the Community
 Canada
9864 Posts |
"Dipping" is not considered cleaning...
-from PCGS website
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New Member
Canada
44 Posts |
I remember a story about .50 cents coins that was being counterfeited, it was back in the mid-70's or so. this guy was using a drill press in his basement, when he was caught at the end his work was so good that they could not tell the real coins from his, and to this day some are still out there. the cops said looking at how he was doing and the detail that he put into his work it costed him .49 cents for each coin he made.
I guess that's "a penny eared is a penny saved."
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Pillar of the Community
Canada
2845 Posts |
Quote:
It's interesting to see Canada is proactive about saving money by using cheaper alloys. The US seems quite resistant on that front. All I've heard is idle talk and no action. This 2012 National Post article suggests that Canada actually makes more money off circulated coins similar to a secret tax because people are not as apt to spend coin as quickly as dollar bills (US). And because your country has gotten so good at making banknotes, it would cost to convert. http://news.nationalpost.com/news/c...dollar-bills |
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Pillar of the Community
Canada
705 Posts |
Speaking of counterfeit toonies. I found a fake 2005 toonie today in my till at Walmart X.x Considering the thousands of coins I see on a daily basis these are really rare. They definitely jump out at me when I see them because the thick outer rim. I paid $2 to buy the slug and cull it from circulation. Into the black cabinet it goes. Edited by wilsonwu89
10/25/2015 11:22 pm
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Bedrock of the Community
Australia
21786 Posts |
I note that engrailled edge coins are not much being minted these days, (if at all).
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Pillar of the Community
Canada
693 Posts |
I think part of the reason the RCM includes security features on our coins is it's a marketing feature. Several foreign countries are adopting latent image security features & I'm sure the RCM likes to be able to win those contracts. Plated-steel coins with security marks seems to be a developing trend. |
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Moderator
 Canada
10458 Posts |
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There was only one instance in 2005 of the twoonie being counterfeited Nope, someone in Calgary tried making counterfeit loon dollars. Most I have seen are dated 1990. The funny think is that a certain error/variety expert (who shall remain unnamed) published in the Canadian Coin News that it might be a true variety...  Mike posted a photo of one some time ago, here it is. The eye and detached bill are a giveaway...  "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
2366 Posts |
The British 1 pound coin has been heavily counterfeited since it entered circulation. Estimate for 2015 is 2.55% of those in circulation are counterfeit down from 3.03% in 2014 which are still quite high percentages http://www.royalmint.com/discover/u...-pound-coins. I expect the RCM looks at that and tries to stay ahead of the game. Edited by kuh_85
10/26/2015 3:32 pm
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Pillar of the Community
Canada
514 Posts |
Quote:john100There was only one instance in 2005 of the twoonie being counterfeited SPP-Ottawa Nope, someone in Calgary tried making counterfeit loon dollars. Most I have seen are dated 1990. The funny think is that a certain error/variety expert (who shall remain unnamed) published in the Canadian Coin News that it might be a true variety... Mike posted a photo of one some time ago, here it is. The eye and detached bill are a giveaway... Not that it really matters, but as I recall the counterfeiter was based out of Edmonton; Finding them in Calgary was quite rare - most were spent in the Edmonton area. I do not believe they were circulated for very long, I believe vending machines were what lead to them being noticed, and the case being opened by the RCMP; IIRC the guy was eventually busted by trying to spend rolls of them. I was looking for an archived article, but couldn't find anything. The detached bill is a giveaway, but the loon all together has a "mickey mouse" air about it - the detail is downright terrible; Also the Queen is made to look substantially worn; Either side, should be easily distinguishable by collectors as a fake because of the lack in detail... Think of it as a higher quality (foil covered) chocolate dollar. :D Edited by unruhjonny
10/26/2015 5:14 pm
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Pillar of the Community
Canada
2845 Posts |
Quote:
Think of it as a higher quality (foil covered) chocolate dollar.
 Perfect description! |
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New Member
Canada
8 Posts |
Check out the 2016 uncirculated set from the RCM. No security features on the two dollar coin nor the loon |
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Replies: 25 / Views: 8,331 |
Posted 10/25/2015 11:22 am
