Gresham's Law Still Applies?
Oct. 6th, 2006 10:16 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
ltmurnauCBC tells me:
***
RCMP bust fake coin ring near Montreal
Last Updated: Friday, October 6, 2006 | 10:02 AM ET
CBC News
The RCMP and Quebec police have broken up a highly sophisticated counterfeit ring that was manufacturing fake loonies and toonies — a first in Canada, officials say.
RCMP Corporal Luc Bessette told CBC that the quality of the counterfeit $1 and $2 coins is astounding.
"The complexity of the operations and the end product that came out of that factory is the first time [we've seen] in Canada," Bessette.
In early September, police in Repentigny, a city northeast of Montreal, accompanied Revenue Quebec officials to a metal token manufacturing factory, to carry out a search warrant for tax evasion.
When officials entered the plant, they discovered coin-making equipment, a pile of coins almost ready for circulation, and raw materials. Officials contacted RCMP.
Bessette said he doesn’t know how many of the $1 and $2 coins have made it into circulation, but said the fake money can easily be mistaken for the real thing.
Police have arrested one person so far but expect to make more arrests in coming weeks. Officials say more arrests are expected in the coming weeks.
***
So, I guess we can expect to see more arrests in the coming weeks.
The question for me is, how much can it cost to make a fake dollar coin? They are mostly nickel, 91.5% Ni, with 8.5% bronze electroplated on (88% Cu, 12% Sn). Toonies are pretty much the same composition, with the bronze left off on the outside ring. I couldn't find any direct estimate of the cost to mint a real dollar coin; anyway, it's obviously a small fraction of its actual value, but certainly realized by the economies of scale at the Mint in Winnipeg, where they strike over a billion coins a year.
And if the fake coins are really good quality, what can it matter? It's almost a public service, folks spending their own money to make more coins almost indistinguishable from the real ones that don't have to be produced with public funds (though probably they used uncollected tax money, since that's why the plant was raided, so the loop is in effect closed).
I mean, if you want to fool a parking meter, the British tuppenny coin will do as a loonie...
In other news, the Reign of Error is almost over - only half a day remains in my tenure as Acting Acting Manager for my unit. W00T!
***
RCMP bust fake coin ring near Montreal
Last Updated: Friday, October 6, 2006 | 10:02 AM ET
CBC News
The RCMP and Quebec police have broken up a highly sophisticated counterfeit ring that was manufacturing fake loonies and toonies — a first in Canada, officials say.
RCMP Corporal Luc Bessette told CBC that the quality of the counterfeit $1 and $2 coins is astounding.
"The complexity of the operations and the end product that came out of that factory is the first time [we've seen] in Canada," Bessette.
In early September, police in Repentigny, a city northeast of Montreal, accompanied Revenue Quebec officials to a metal token manufacturing factory, to carry out a search warrant for tax evasion.
When officials entered the plant, they discovered coin-making equipment, a pile of coins almost ready for circulation, and raw materials. Officials contacted RCMP.
Bessette said he doesn’t know how many of the $1 and $2 coins have made it into circulation, but said the fake money can easily be mistaken for the real thing.
Police have arrested one person so far but expect to make more arrests in coming weeks. Officials say more arrests are expected in the coming weeks.
***
So, I guess we can expect to see more arrests in the coming weeks.
The question for me is, how much can it cost to make a fake dollar coin? They are mostly nickel, 91.5% Ni, with 8.5% bronze electroplated on (88% Cu, 12% Sn). Toonies are pretty much the same composition, with the bronze left off on the outside ring. I couldn't find any direct estimate of the cost to mint a real dollar coin; anyway, it's obviously a small fraction of its actual value, but certainly realized by the economies of scale at the Mint in Winnipeg, where they strike over a billion coins a year.
And if the fake coins are really good quality, what can it matter? It's almost a public service, folks spending their own money to make more coins almost indistinguishable from the real ones that don't have to be produced with public funds (though probably they used uncollected tax money, since that's why the plant was raided, so the loop is in effect closed).
I mean, if you want to fool a parking meter, the British tuppenny coin will do as a loonie...
In other news, the Reign of Error is almost over - only half a day remains in my tenure as Acting Acting Manager for my unit. W
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
Conterfeit coins
Date: 2006-10-07 12:37 am (UTC)Re: Conterfeit coins
Date: 2006-10-10 05:42 pm (UTC)