|
Fantasy Euro Coins on the Rise
 | By Richard Giedroyc, World Coin News
January 13, 2009 |
The American Numismatic Association recently sent an e-mail alert to all its members for whom the organization has an e-mail address, warning them of a recent proliferation of counterfeit collector coins, including not only coins but in some cases counterfeiting of the "slabs" in which third-party certification services are encapsulating the coins as being genuine.
Collector coins are not the only coins that have recently experienced a surge in being counterfeited. Stamp collectors refer to fantasy issues as "cinderellas," these being items that appear to be stamps but are not recognized as such by any stamp issuing authority. Fantasy issues are a problem in coin circles as well, with the large increase in the number of fantasy issues mimicking European Union euro denominated coins having become big business in recent years.
The companies producing these EU euro fantasies make a good profit from the sale of the fantasies primarily to unsophisticated collectors. Typically, many of these fantasy issues are produced in the name of countries that have not issued euro denominated coins themselves. There is nothing illegal about the manufacture and sale of these items to collectors. Such activities are not considered to be counterfeiting.
The problem is not the issuance of these fantasy euros when the fantasies are sold to collectors. The problem is that many of these fantasy euros are identical in diameter, weight, and metal composition to the real thing. According to Irish Member of Parliament Eoin Ryan, there are now an estimated 10 million fake euro coins in the form of tokens and medals currently in circulation throughout the European Union!
Ryan has compiled a report dated Dec. 1 in which he calls for stricter legislation regarding the use of illegal currency.
According to Ryan, his draft before Parliament "is designed to protect against the risks associated with fraudulent or mistaken use of medals or tokens mimicking the real euro coin. We have to try to make sure that the real euro coins are protected."
Ryan added, "This regulation looks in particular at tokens and medals, which could be used for instance in vending machines. Euro coins are different from one country to another and so we have to make sure that something that may look similar to a euro coin cannot be put into circulation."
Ryan considers the problem to be with fantasy issues being used in circulation, not with counterfeit coins. He said the problem is "not with euro coins yet, but before the euro was introduced in Ireland, I came across some fake Irish coins. But they were rather crude. However, it has to be said, that with the right machinery, it is quite easy to produce coin forgeries. If this should occur, people would start asking how this could happen, so therefore I believe that it is important to have the regulation in place."
Ryan continued, "Some years ago there were big problems with 500 euro [bank] notes. It went so far that in some countries people were reluctant to accept these notes as there were so many forgeries in circulation. If you are producing a token which costs you five or 10 cents and you are getting 2 euros for it, it is still a nice mark-up. So, even though coins are worth less than bank notes. With this regulation we are making sure that the problem does not arise."
Ryan is being cautious. He said, "It appears that the counterfeit coins are being used in some countries where the euro is not in place. So I suppose it is good to have the regulation to make sure it does not become a serious problem."
Fantasy coins are nothing new. There have been non-legal tender fantasy issues struck in the name of pretenders to various thrones around the world for centuries. In more recent history there have been non-legal tender "coins" struck by private enterprises for uninhabited islands or in the name of legal entities that use the coins and bank notes of other countries.
There have also been fantasy issues struck in the name of such places as Sealand, actually a deserted oil platform off the coast of England, and in the name of Hutt River Province, actually a large farm that is legally part of Australia.
Another form of fantasy issue are so-called coins such as many of those produced in recent years in the name of such countries as Liberia and Somalia that are not legal tender in the country named on the coin, but were issued privately by an enterprise that paid a local government for the rights to strike "coins" in the name of that nation. This gives the business of issue the rights to choose any subject it wants for the coins, and to market the coins whereever that business wants. As a result there have been fantasy coins issued depicting such subjects as dinosaurs and automobile racing, making it easy to target an audience with a specific interest even though the audience may not be coin collectors.
Coin collectors don't have to look very far if they want to collect some of these fantasies.
Joel Anderson Interesting World Coins in Grover Beach, Calif., currently offers what Anderson calls "Coins that might have been." Anderson's inventory includes fantasy coins of King Arthur from Camelot, and Vinland coins issued in the name of Leif Ericsson. Anderson also offers coins that border on the fantastic but have some legitimacy such as what he calls "coins of middle earth."
This includes a 2003 1-crown Fellowship of the Ring non-circulating legal tender coin of the Isle of Man as well as a silver and bimetal kasters of Gondour.
Fairfield, Conn., world coin dealer Allan Berman not only issues fantasies for Bermania, but he holds a meeting for Bermania collectors and enthusiasts during the New York International Numismatic Convention every January. So far no one, to my knowledge, has succeeded in circulating Bermania coins in the United States.
Collectors should also be reminded of fantasy U.S. coins produced in recent years intended to mimick parts of the Statehood quarter series. Among these is an "Arkansas quarter" depicting former U.S. President Bill Clinton in a compromising position with a woman, and a "Texas quarter" depicting President George W. Bush on horseback trying to lasso terrorist Osama bin Ladin.
The problem Ryan is addressing in Ireland is when such fantasy issues begin to be used in circulation as real money.
Add to: del.icio.us digg
With this article: Email to friend Print
Something to add? Notice an error? Comment on this article. | |