Madrid (EFE) .
According to a 1975 law, the Bank of Spain withdraws from circulation the coins that enter its boxes -in many cases because they are sent by the entities- and do not pass the authentication process or are not considered suitable, that is, the supposedly false ones. and the deteriorated.
The institution chaired by Pablo Hernández de Cos has detected an average of around 36,000 counterfeit coins each year in the last seven years, although with large variations between the close to 49,500 counterfeit coins in 2018, for an amount greater than 97,000 euros, and the 26,175 of 2022, which were equivalent to 49,472.5 euros.
However, these coins were accumulating because no destruction procedure had been established for counterfeit coins and after so many years it was considered necessary to regulate this aspect, which has finally been done.
Fate of counterfeit coins
And this Saturday an order signed in mid-June by the First Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, on the final destination of the counterfeit coins, comes into force, which completes the procedure that was already established for the destruction of damaged coins.
This is a rule addressed to the Bank of Spain and the Fábrica Nacional de Moneda y Timbre, the only entities together with the Treasury involved in the process. Consequently, the procedures for public consultation and hearing and public information have been dispensed with.
The general interest pursued is to establish what should be the final destination to be given to coins unfit for circulation (false and damaged coins), that is, their destruction.
This new regulation only affects the final destination of the coins withdrawn from circulation because they are false, but it does not change anything for users.
The Bank of Spain will continue to verify that the euro coins that pass through its boxes are authentic and fit for circulation.
Authentic coins that are in a good state of use may continue to circulate.
Those that do not obtain the approval of the supervisor will be classified as unfit for circulation -deteriorated-. These coins will be delivered to the Fábrica Nacional de Moneda y Timbre, which will carry out a destruction process through physical and permanent deformation, so that they cannot be reintroduced into circulation or delivered for reimbursement.
defective euro coins
The Bank of Spain will deliver to the Fábrica Nacional de Moneda y Timbre on the dates, places, manner and amount agreed upon by the two entities, both the defective and counterfeit euro coins for their demonetization and destruction.
Deliveries will be documented by signing receipts or delivery certificates, which, in addition to collecting the date, will reflect the nominal or face value of the coins, the list of affected faces, the number of containers, the number of coins and the amount total for each denomination.
In addition, the Bank of Spain will report quarterly to the General Directorate of the Treasury and Financial Policy on counterfeit euro coins delivered to the National Currency and Stamp Factory for destruction.
And the Fábrica Nacional de Moneda y Timbre will be in charge directly or by hiring third parties for the demonetization of defective coins and the destruction of false ones. It may also, with prior authorization from the Treasury General Directorate, use the materials obtained from them for successive minting.
In the event that any of said materials is not suitable for this, it will proceed to its sale through the call for public auctions.
The expenses derived from the demonetization or destruction operations carried out by the Fábrica Nacional de Moneda y Timbre will be reimbursed by the General Directorate of the Treasury.