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The Big Story
The hunt for millions of counterfeit toonies
Aug 11, 2024
Dive into the shadowy world of counterfeit Canadian toonies, particularly the infamous 'camel toe toonies.' Discover how millions of these fakes slipped into circulation since 2020 and the criminal networks behind them. Learn the fascinating history of counterfeiting in Canada, the techniques used, and the ongoing investigations. Tips on spotting fakes are invaluable for collectors. As society trends cashless, reflect on the enduring charm of coins as a cherished collectible.
22:44
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Quick takeaways
- The significant presence of counterfeit toonies, with estimates of five million in circulation, highlights the pressing issue of currency fraud in Canada.
- Detecting these counterfeit coins involves recognizing unique features, such as the distinct appearance of the polar bear's paw, to prevent financial loss.
Deep dives
The Rise of Counterfeit Canadian Toonies
There has been a notable increase in counterfeit Canadian two-dollar coins, known as toonies, with estimates suggesting there could be around 5 million of these fakes in circulation. Many of these counterfeits, often referred to as 'camel toe toonies' due to distinctive features, have been predominantly identified in the Greater Toronto Area since their first emergence in July 2020. Coin collectors and numismatists, such as Brent Mackey, have reported discovering a significant number of these coins in cash registers, highlighting an underground operation that successfully integrates fake currency into everyday transactions. The issue is compounded by the ease with which counterfeiters can produce these coins using methods similar to those of the Royal Canadian Mint, contributing to the growing prevalence of these fakes.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode