The Bank of Spain has received authorization to withdraw these coins as of July 1, 2023, in order to combat counterfeiting and prevent fraud.
The recent Order ETD/647/2023, published in the BOE last Thursday, establishes a legal framework that allows the Bank of Spain to collect and destroy coins that do not meet the established requirements.
The order classifies euro coins into three categories: fit, suspected counterfeit and unfit for circulation.
The latter group includes genuine coins that have been rejected during the authentication process or that have been altered.
Legislation supporting the exit of the 1 euro coins
According to Law 10/1975, on the Regulation of Metallic Coins, the Banco de España is authorized to withdraw from circulation those coins that do not pass the authentication process or that are considered unfit.
In addition, the bank, as the competent national authority under Regulation number 1210/2010 of the European Parliament and of the Council, will receive suspected counterfeit coins and euro coins unfit for circulation from credit institutions and other entities involved in the handling and distribution of banknotes and coins.
Order ETD/647/2023 also establishes that the Ministry of Economic Affairs and Digital Transformation is responsible for issuing the necessary provisions to regulate the withdrawal process and the destination of the metal resulting from demonetization.
Until now, the Order of May 2, 1983 regulated the withdrawal from circulation and subsequent treatment of deteriorated coins, but did not include any procedure for the withdrawal and destruction of counterfeit coins.
Counterfeit coins
Over time, the Banco de España has accumulated a significant volume of counterfeit euro coins, so it was necessary to regulate their destruction.
According to the new order, once destroyed, the resulting material will be reused at the Mint or disposed of by the State.
This measure seeks to maintain the integrity of the euro currency and protect citizens from possible scams.
From July onwards, it is important to be vigilant and exchange the 1 euro coins that are no longer suitable for valid coins.
It is advisable to go to the banking entities to make the change and make sure that our transactions are safe and reliable.
This measure helps to combat counterfeiting and protect confidence in the euro currency. The best thing to do is to take out of circulation unusable coins such as damaged or counterfeit euros.
As citizens, it is important to be informed and, if you have them, to change them before they go out of circulation.
