An Ontario man has been charged after approximately 10,000 counterfeit $2 coins were found circulating in Canada.
An investigation was reportedly launched in the summer of 2021 after the Royal Canadian Mint discovered an “ongoing counterfeit currency issue through its random sampling process,” CTV News reported Monday.
RCMP said they arrested Daixiong He, a 68-year-old man from Richmond Hill, who was charged with uttering counterfeit money and possessing counterfeit money.
Police said the RCMP seized about 10,000 counterfeit coins, but there may still be fake coins in circulation.
Small details of the bear’s paws were altered on the counterfeit coins, according to police. Their main characteristic defect is having a “split toe” on the polar bear’s right front paw, which resembles a “claw”.
“The unique characteristics of Canadian circulation coins make them some of the most secure in the world and have made it possible to quickly identify and remove these counterfeit coins from circulation,” said James Malizia, vice president of security at company at the Royal Canadian Mint, in a statement on Monday. The Royal Canadian Mint will continue to work closely with financial institutions and the RCMP to ensure the integrity of Canada’s coinage supply.”