Counterfeit Money Increasing
According to the “CashEssentials” website, “In 2024, Canadians paid with cash for one in five purchases, and almost four out of five held cash on hand in their wallets, purses or pockets.
In 2024 and 2025 there was an uptick in the prevalence of counterfeit Canadian money. Doing some back‑of‑the‑envelope calculations using the Bank of Canada website data, the increase is about 30% to 50%. However, that is from a very low base number so don’t be too alarmed. The BoC aims to keep counterfeiting levels below a maximum target of 30 counterfeit notes per million notes in circulation (parts per million, or PPM). In 2021, the level of counterfeit notes was 7 PPM and remains well below the target.” (That’s the latest year for which I could find that data.)
The more concerning fact is that the quality of counterfeit bills is increasing.
The BoC website offers the following tips for spotting counterfeit bills:
- Feel the smooth, unique texture of the note. It is made from a single piece of polymer with some transparent areas.
- Touch the portrait, the large number and the words “Bank of Canada” on the front of the note. You should find they are raised to the touch.
- Slide a finger over the word “Canada” in or around the large transparent window. It should feel slightly raised.
- Look at the metallic portrait in the large transparent window. It should match the large portrait on the front of the note.
- Verify that the numbers in and around the large transparent window match the value of the note.
- Tilt the top of the note toward you. You should see colour changes in the metallic portrait and other holographic features on both the front and back.
- Flip the note over and make sure the metallic portrait in the transparent window matches the large portrait on the front of the note.
Now you’re not likely to do that every time you accept a cash note from someone or a business, but you should focus on high‑risk transactions. Buying on Market Place or social media is a higher risk as is accepting cash for the sale of your car. A few quick things to look for in those situations are:
- Are the serial numbers all the same.
- The holographic band should be clear on both sides and should change colour when you tilt it (this is a good test).
- Check if you can remove the holographic band by scratching with your fingernail.
Then there is the interesting case of the Camel Toe Toonie. I can’t believe someone went to all this trouble for two bucks… but they did. It all started with a coin collector in the Toronto area finding high‑quality camel toe toonies in his change. “Since then, collectors from across the country have been on the hunt for these spurious bimetallic coins. While the fake toonies are being found easily in major cities such as Ottawa, Montreal and elsewhere, the highest concentrations are in the Greater Toronto Area with multiple reports of entire rolls or even multiple entire rolls of counterfeit coins being obtained from banks.”
From the BWJM website, “Doing the math with the most conservative of these numbers, one could estimate that there are 5 million counterfeit coins in circulation. This assumes an overall saturation rate of 0.5% against a cumulative mintage of genuine toonies by the Royal Canadian Mint of 1 billion pieces since 1996.” Now who would go to all that trouble of finding bimetallic blanks to make far less than $2.00 on every one?
And how exactly do you pass off all of these millions of toonies? If someone offers you a 20 lb. bag of toonies for a private purchase, aren’t you going to get suspicious? I guess if it was an 80‑year‑old lady with a cane and a sweet smile you might.
They are relatively easy to spot, since as the name “Camel Toe Toonie” suggests, the right front foot of the polar bear has a camel toe foot. The toes on the other feet aren’t very well defined either and there are extra lines on the ice flow behind the bear’s back leg. You can visit the BWJM.ca website for visual comparisons of an authentic toonie and a counterfeit coin.
Check your change, you just might have one.
Dave Schroeder
HCRCWA Board Member
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