The E-Sylum:  Volume 8, Number 7, February 13, 2005, Article 18

BOGUS 500 YEN COINS APPEAR IN JAPAN

An article in The Japan Times February 4, 2005 reports
that counterfeit 500 yen coins have appeared. The
perpetrators deposited the coins in an account via an
automatic teller machine.

"Since late January, 5,583 500 yen coins that are believed
to be counterfeit have been discovered in Tokyo, Fukuoka
and Kumamoto prefectures, the Finance Ministry said Thursday.

The coins were found among some 15,565 500 yen coins
that were deposited in an undisclosed number of savings
accounts at post offices in the three prefectures between
Jan. 22 and 27, the ministry said.

Records show that all the deposited money has since
been withdrawn in bank notes, according to the ministry.

Police said they suspect a large-scale coin counterfeiting
operation. Later Thursday, they put a man on a wanted
list on suspicion of depositing some of the fake coins at
a post office in Kumamoto."

"They are made of an alloy comprising copper, nickel and
zinc, but their component percentages are different from
authentic coins, it said.

Japan Post later took 38 of these coins to the Bank of Japan,
which in turn asked the Japan Mint, an affiliate of the Finance
Ministry, to probe their authenticity. Japan Mint announced
Thursday that five of the 38 coins are fake."

"The fake coins found in the recent incidents are basically the
same as the ones discovered among mail parcels from China
processed by Tokyo Customs in April and May, the Finance
Ministry said."

To read the full article, see: Full Story

  Wayne Homren, Editor

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