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These are the one-euro coins that will disappear from circulation in Spain in July

These are the one-euro coins that will disappear from circulation in Spain in July

Certain coins will be withdrawn from circulation in an effort to remove counterfeits from the market

Alberto Flores

Granada

Friday, 30 June 2023, 07:40

The last modification that allowed Spain's Central Bank to withdraw coins in circulation was in 1983. At that time, the withdrawal from circulation was allowed for coins that, due to the passage of time, showed signs of deterioration. Now a new regulation aimed at putting an end to the counterfeit business, will come into force on 1 July.

According to the regulations, the Bank of Spain will be responsible for the collection and withdrawal from circulation of one-euro coins which are considered to be unfit.

Since the entry into force of the euro, certain criminals and fraudsters have been generating a large volume of counterfeit euro coins, so many that they are very difficult to quantify. "This order establishes the final destination to be given to euro coins unfit for circulation and counterfeit euro coins," the new law states.

The new regulation also clarifies what is meant by counterfeit coins and coins unfit for circulation. After an analysis of the coins, they are classified into the following categories: suitable euro coins, suspected counterfeit euro coins and euro coins unfit for circulation.

Unfit euro coins are genuine coins that have been rejected in the authentication process or have been altered. While counterfeit coins are euro-looking coins manufactured for fraudulent purposes. In both cases, a physical process of destruction of the coins will be carried out.

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