Published: 01.04.2025
Aleksandrs Antiņš
Aleksandrs Antiņš
Head of the Cash Technology Division of the Cash Department, Latvijas Banka

In 2024, 1304 counterfeit euro banknotes and coins were detected in Latvia, including 593 and 711 counterfeit banknotes and coins respectively. Although the number of detected counterfeits has grown by 4% in comparison with 2023 (1248 counterfeits were detected in 2023, including 655 and 593 counterfeit banknotes and coins respectively), the value of counterfeits has decreased significantly (by 30%). In 2023, the value of all counterfeits totalled 39 920 euro, whereas in 2024, it was 27 802 euro. Both those values should be considered insignificant, and the chances of ever coming across a counterfeit are low.

 

The decline in the value of counterfeits is attributable to a notably lower number of counterfeit banknotes, with a particularly steep fall reported for the number of detected 20 and 500 euro banknote counterfeits.

2 euro coins remain the most commonly counterfeited in Latvia (663 and 544 counterfeit coins in 2024 and 2023 respectively), followed by 50 euro banknotes (243 and 224 counterfeit banknotes in 2024 and 2023 respectively) and 20 euro banknotes (149 and 212 banknotes in 2024 and 2023 respectively). 8 counterfeit 500 euro banknotes were detected in 2024 (35 in 2023).

Overall, 554 000 counterfeit euro banknotes were withdrawn from circulation in the euro area in 2024, of which 75% were 20 and 50 euro denominations. 18 counterfeits were detected per million genuine banknotes in circulation, which remains lower than before the pandemic (23 counterfeits per million genuine banknotes were detected in 2019; the historical low was registered in 2021, when 12 counterfeits per million genuine banknotes were detected).

Overall, the number of euro counterfeits has increased, and the European Central Bank's experts explain this increase by the low numbers of counterfeits observed during the pandemic. Nevertheless, the total number and proportion of counterfeits remain low and so do the chances of ever coming across a counterfeit.

For more details about developments in counterfeits in the euro area, see https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr250221~c0d1113d2c.en.html.

A survey conducted by SIA Latvijas Fakti in February 2025 shows that 59% of the respondents consider euro to be a secure and difficult-to-counterfeit currency, while 25% believe in the opposite. In August 2024, 57% of the respondents claimed that euro was a secure currency, while 24% thought the opposite.

Although the number of euro counterfeits remains low, timely preparations to introduce cash improvements are underway in the euro area countries. Currently, work is ongoing on the designs of the next, third series of the euro banknotes, and the population of the euro area, including that of Latvia, will be invited to express their opinion. The final designs will be selected and the decision as to when to produce and issue the new banknotes will be taken in 2026.


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