Likelihood of receiving counterfeit euro cash remains low

The likelihood of receiving a euro counterfeit when using cash in Slovenia remains low. Working with the police, we find that the number of counterfeit banknotes and coins withdrawn from circulation last year was again up on the previous year. But the number of counterfeits remains very low compared with the total number of euro banknotes and coins in circulation in Slovenia. There is a similar finding with regard to the total face value of counterfeit euros detected in Slovenia, which rose last year but remained low.

Banka Slovenije should reiterate that the likelihood of receiving counterfeit euro cash remains low. The number of counterfeits compared with the total number of euro banknotes and coins in circulation in Slovenia remains very low, and down on its pre-pandemic level. It should be also be noted that passing counterfeits for payment is a criminal offence. 

A total of 1,108 counterfeit euro banknotes and 7,690 counterfeit euro coins were withdrawn from circulation last year in Slovenia. The number of counterfeit banknotes was up 16% on the previous year, while the number of counterfeit coins was up 22%. The most commonly counterfeited coin remains the 2-euro (95% of the total number), while there are increasing numbers of euro banknotes of higher denominations (the 100-, 200- and 500-euro) being withdrawn. The total value of counterfeit euro cash detected is also rising in consequence: it amounted to EUR 99,565 (up from EUR 60,040 in 2022).

Together with the ECB and the other national central banks in the euro area, Banka Slovenije reminds consumers that they can quickly check the authenticity of euro banknotes using the simple feel, look and tilt method, as described in detail on the Banka Slovenije and ECB websites. If you are given a suspicious banknote or coin, compare it directly with one that you know is genuine. If your suspicion is confirmed, inform the police without delay.

The number of counterfeits in the euro area as a whole remains very low compared with the number of authentic banknotes. There were just 16 counterfeits detected for every million banknotes in circulation in 2023, one of the lowest rates since the introduction of the euro.

Figure: Number of counterfeit euro banknotes withdrawn from circulation

Source: Banka Slovenije