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Hong Kong Battles Counterfeit $10 Coins
 | By Richard Giedroyc, World Coin News
April 17, 2009 |
China may be seeking higher denomination bank notes, but politicians in the Chinese special economic zone of Hong Kong are busy defending Hong Kong's highest denomination circulating coin.
Once again, however, Hong Kong's citizens have been recently assured the circulating $10 coin will continue in use despite police having seized 58,601 counterfeits during 2008. The number of detected counterfeits has actually declined in recent years. There were 147,169 bogus $10 coins detected in 2005, 92,988 in 2006, and 72,550 in 2007.
This isn't the first time the question of the future of the $10 coin has been raised, but to date the Hong Kong Monetary Authority is standing by its coin, saying public demand for the distinctive ringed bimetal issue outstrips any problems being experienced due to the number of bogus coins appearing in circulation.
Hong Kong's current coinage consists of $10, $5, $2, $1, 50 cents, 20 cents, and 10 cents denominations. The $10 is comprised of a silver color nickel alloy outer ring and a yellow color brass center plug. The coin has an interrupted reeded edge, further distinguishing the denomination. The coin depicts a bauhinia flower on one side, with the denomination on the other. This design was introduced in 1993 when the People's Republic of China replaced Great Britain as the governing authority for the city-state. Coins depicting Queen Elizabeth II technically remain legal tender, although they seldom circulate.
The current interest in the future of the $10 coin began with a March 18 question posed to Secretary for Financial Services and the Treasury Caejar Chan Ka-keung (K.C. Chan) from legislator Albert Chan Wai-yip in the Legislative Council. Albert Chan's concern regarded recent complaints regarding counterfeit $10 coins that have caused what he phrased as a "huge economic loss."
Albert Chan continued that, "It is learnt that such counterfeit coins are of a very high degree of resemblance to genuine ones, making it difficult for the general public to tell if they are counterfeit coins." He then asked if the Secretary would consider alleviating the problem by replacing the coin with a bank note of the same denomination.
K.C. Chan replied that "The police have been liaising closely with the local banking industry as well as other relevant sectors (such as public transport operators), and law enforcement agencies on the mainland and overseas, and conducting prompt and targeted investigation through intelligence-led operations."
Banks are now required to authenticate $10 coins in their possession received from the public before the coins are released once more into circulation he noted.
K.C. Chan defended the coin, saying: "According to the Hong Kong Monetary Authority, the market demand for the $10 coin as a means of exchange in day-to-day retail transactions has increased over the past few years, in particular in wet markets and other small-value transactions. [It] has no plan to withdraw the $10 coins."
Most of the bogus $10 coins have a different weight from the real thing. A Hong Kong government Web site is available through which counterfeit $10 coins can be identified. According to the site: "Look in particular for the following: the color and shininess of the two metals&the bonding (or joins) between the two metals&the wording&the bauhinia&the milling around the edge&the feel and weight."
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