Financial Crime World

Counterfeit Currency Detection in Ireland: What You Need to Know

In a bid to combat counterfeiting and protect the value of euro banknotes and coins in circulation, the Central Bank of Ireland has launched a nationwide initiative to educate the public on how to detect suspect counterfeit currency.

National Analysis Centre (NAC)

The National Analysis Centre is responsible for examining and analysing suspect counterfeit banknotes and coins submitted by members of the public, financial institutions, and law enforcement agencies. The centre provides training to professionals in cash handling, An Garda Síochána, customs officials, and other bodies on counterfeit detection techniques.

How to Check if Your Banknote is a Counterfeit

To ensure the authenticity of euro banknotes, use the Feel-Look-Tilt test:

Feel

  • Hold the note against a light source. Genuine notes have crisp, firm paper with raised ink areas on the front.
  • The texture should be smooth and even.

Look

  • Examine the note under a light source to detect:
    • Watermarks: Architectural designs similar to the main design of the note, a number watermark underneath, a barcode watermark in the centre (Euro Series 1), or an Europa portrait (Euro Series 2).
    • Security thread: A strip down the centre with perforations showing the denomination.
    • Perforations in holographic foil: Displaying the denomination, euro symbol, and Europa portrait (Euro Series 2).

Tilt

  • The holographic stripe or patch changes images and colours. Iridescent stripes shine and fade on lower denominations (Euro Series 1). Opti-variable ink covering the numeral changes colour on higher denominations (Euro Series 1).

How to Check if Your Coin is a Counterfeit

To examine suspect coins, use visual inspection with a magnifying glass or compare with a genuine coin:

  • Poor image detail
  • Different colour ring and/or core
  • Edge lettering missing, incorrect spelling, or font (using similar country coin)
  • Different sizes
  • Thickness, diameter, different sized ring or core
  • Different weight

You can also perform hardness and magnet tests. Genuine €2 and €1 coins are slightly magnetic, while counterfeit ones may be very magnetic, non-magnetic, or only the ring is magnetic.

What to Do if You Suspect a Counterfeit Banknote or Coin

If you believe you have a suspect counterfeit, submit it to your local financial institution, An Garda Síochána, or the Central Bank’s National Analysis Centre (NAC) or Coin National Analysis Centre (CNAC). Obtain a receipt for submission as no refund will be given at this time.

What Next?

If the banknote or coin is deemed genuine, value will be given through your local institution where you received the receipt of lodgement. If sent to the Central Bank, a letter will be issued acknowledging the submission. If the suspect item is subsequently deemed genuine, the Central Bank will contact you to arrange reimbursement.

For further queries, please contact us at the National Analysis Centre, Currency Centre, Sandyford Road, Dublin 16,D16 K280.